Capitolis Liquid Global Markets LLC Acquires Shares of 665,900 Truist Financial Corporation $TFC

Capitolis Liquid Global Markets LLC acquired a new stake in Truist Financial Corporation (NYSE:TFC) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 665,900 shares of the insurance provider’s stock, valued at approximately $30,445,000. Capitolis Liquid Global Markets LLC owned about 0.05% of Truist Financial as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in TFC. Brighton Jones LLC raised its stake in Truist Financial by 148.5% in the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after acquiring an additional 14,093 shares during the period. Woodline Partners LP boosted its position in Truist Financial by 39.5% during the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after purchasing an additional 31,454 shares during the period. Sivia Capital Partners LLC acquired a new position in shares of Truist Financial in the second quarter valued at $575,000. Clearstead Trust LLC raised its position in shares of Truist Financial by 55.0% in the second quarter. Clearstead Trust LLC now owns 2,861 shares of the insurance provider’s stock valued at $123,000 after purchasing an additional 1,015 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Truist Financial by 6.7% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 321,172 shares of the insurance provider’s stock valued at $13,807,000 after purchasing an additional 20,234 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TFC has been the subject of several research analyst reports. Barclays downgraded shares of Truist Financial from an “equal weight” rating to an “underweight” rating and lifted their target price for the stock from $47.00 to $56.00 in a report on Monday, January 5th. JPMorgan Chase & Co. raised their price objective on shares of Truist Financial from $51.50 to $57.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Morgan Stanley raised Truist Financial from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $56.00 to $69.00 in a research report on Tuesday, February 17th. Piper Sandler increased their target price on Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research note on Thursday, January 22nd. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $58.00 price target on shares of Truist Financial in a report on Tuesday, January 6th. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.47.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $43.82 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $54.73 billion, a price-to-earnings ratio of 11.50, a price-to-earnings-growth ratio of 0.75 and a beta of 0.87. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $56.19. The company has a 50-day simple moving average of $50.60 and a two-hundred day simple moving average of $47.70.

Truist Financial (NYSE:TFC) last announced its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business had revenue of $4.93 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same quarter in the previous year, the company earned $0.91 EPS. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. Analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a yield of 4.7%. Truist Financial’s dividend payout ratio is currently 54.59%.

Truist Financial announced that its Board of Directors has initiated a share repurchase program on Tuesday, December 16th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the insurance provider to purchase up to 15.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the transaction, the chief financial officer owned 74,323 shares in the company, valued at $3,725,811.99. This trade represents a 14.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the transaction, the chief accounting officer directly owned 667 shares of the company’s stock, valued at $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.17% of the stock is owned by company insiders.

Truist Financial Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.