Truist Financial Corporation $TFC Shares Sold by Highland Capital Management LLC

Highland Capital Management LLC lowered its stake in shares of Truist Financial Corporation (NYSE:TFC) by 23.1% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 127,328 shares of the insurance provider’s stock after selling 38,241 shares during the period. Highland Capital Management LLC’s holdings in Truist Financial were worth $5,821,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. First Hawaiian Bank grew its position in Truist Financial by 8.6% during the first quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider’s stock valued at $493,000 after buying an additional 948 shares during the period. Brookstone Capital Management raised its position in shares of Truist Financial by 12.3% in the third quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider’s stock worth $15,366,000 after acquiring an additional 36,916 shares during the period. Hilltop National Bank purchased a new stake in shares of Truist Financial during the 2nd quarter worth about $543,000. Federated Hermes Inc. grew its position in shares of Truist Financial by 1.3% during the 2nd quarter. Federated Hermes Inc. now owns 9,632,481 shares of the insurance provider’s stock valued at $414,100,000 after acquiring an additional 120,842 shares during the period. Finally, SCS Capital Management LLC increased its stake in shares of Truist Financial by 383.7% in the 2nd quarter. SCS Capital Management LLC now owns 382,554 shares of the insurance provider’s stock valued at $16,446,000 after purchasing an additional 303,466 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 0.5%

Shares of NYSE TFC opened at $50.74 on Friday. The stock has a market cap of $64.91 billion, a PE ratio of 13.64, a P/E/G ratio of 1.10 and a beta of 0.90. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $50.86. The company has a 50-day moving average of $46.32 and a 200 day moving average of $44.96.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.05. The business had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.20 billion. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.97 EPS. As a group, sell-side analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial declared that its Board of Directors has approved 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 shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.1%. The ex-dividend date was Friday, November 14th. Truist Financial’s dividend payout ratio is presently 55.91%.

Insider Activity

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the sale, the director directly owned 10,153 shares of the company’s stock, valued at $471,606.85. This trade represents a 33.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.17% of the stock is owned by company insiders.

Analyst Ratings Changes

TFC has been the topic of a number of recent analyst reports. Robert W. Baird reiterated a “neutral” rating and set a $52.00 price target on shares of Truist Financial in a research report on Thursday, December 11th. Piper Sandler set a $48.00 target price on Truist Financial in a research report on Monday, October 20th. Evercore ISI lifted their price target on shares of Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. Morgan Stanley upped their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 17th. Finally, Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $49.93.

Truist Financial Company 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.