Sterling Investment Management LLC Acquires New Holdings in Truist Financial Corporation $TFC

Sterling Investment Management LLC bought a new position in shares of Truist Financial Corporation (NYSE:TFC) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 20,188 shares of the insurance provider’s stock, valued at approximately $923,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Aspect Partners LLC lifted its position in shares of Truist Financial by 71.5% in the 2nd quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 268 shares in the last quarter. Princeton Global Asset Management LLC purchased a new stake in shares of Truist Financial in the second quarter valued at $30,000. Capital A Wealth Management LLC boosted its position in shares of Truist Financial by 1,189.5% in the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after buying an additional 678 shares during the period. Darwin Wealth Management LLC boosted its position in shares of Truist Financial by 631.6% in the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after buying an additional 600 shares during the period. Finally, Ramirez Asset Management Inc. grew its holdings in shares of Truist Financial by 60.0% during the second quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock valued at $34,000 after buying an additional 300 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 5,160 shares of the stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the sale, the director owned 10,153 shares in the company, valued at approximately $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.14% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on TFC shares. UBS Group set a $55.00 price objective on Truist Financial in a research report on Tuesday, October 21st. TD Cowen raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research report on Tuesday, October 21st. Citigroup restated a “buy” rating on shares of Truist Financial in a report on Wednesday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a research report on Monday. Finally, Wall Street Zen lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, Truist Financial presently has an average rating of “Hold” and an average target price of $49.93.

Truist Financial Stock Down 0.9%

TFC stock opened at $49.56 on Wednesday. The firm has a market cap of $63.40 billion, a PE ratio of 13.32, a PEG ratio of 1.08 and a beta of 0.90. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $50.86. The company has a fifty day simple moving average of $46.73 and a 200 day simple moving average of $45.24. 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 (NYSE:TFC) last posted its earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.05. The company had revenue of $5.24 billion for the quarter, compared to analyst estimates 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 was up 1.9% compared to the same quarter last year. During the same period last year, the company earned $0.97 earnings per share. Sell-side analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial announced that its board has initiated a share repurchase plan 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 plans are typically an indication that the company’s management believes its stock is undervalued.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were paid a $0.52 dividend. The ex-dividend date was Friday, November 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. Truist Financial’s dividend payout ratio (DPR) is presently 55.91%.

About Truist Financial

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.