Cynthia Powell Sells 3,500 Shares of Truist Financial (NYSE:TFC) Stock

Truist Financial Corporation (NYSE:TFC) CAO Cynthia Powell sold 3,500 shares of the business’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the sale, the chief accounting officer owned 667 shares in the company, valued at $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Truist Financial Stock Performance

NYSE TFC opened at $55.17 on Friday. The stock has a market capitalization of $70.58 billion, a PE ratio of 14.48, a P/E/G ratio of 0.93 and a beta of 0.89. The business has a 50 day simple moving average of $50.02 and a two-hundred day simple moving average of $46.63. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $55.74.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.09). The firm had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The firm’s revenue was up 3.6% on a year-over-year basis. During the same period last year, the company earned $0.91 earnings per share. On average, research analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial declared that its board has approved a stock buyback plan on Tuesday, December 16th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the insurance provider to reacquire up to 15.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a yield of 3.8%. Truist Financial’s dividend payout ratio is presently 54.59%.

Analyst Ratings Changes

Several brokerages have recently issued reports on TFC. Morgan Stanley upped their target price on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 17th. Piper Sandler upped their price objective on Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Thursday, January 22nd. Keefe, Bruyette & Woods raised their price objective on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research note on Wednesday, December 17th. TD Cowen boosted their target price on Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Truist Financial in a report on Monday, December 29th. Seven investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Truist Financial has an average rating of “Hold” and a consensus target price of $54.60.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Aspect Partners LLC boosted its holdings in Truist Financial by 71.5% during 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 during the period. Valley Wealth Managers Inc. bought a new stake in shares of Truist Financial during the third quarter worth $28,000. Princeton Global Asset Management LLC bought a new stake in shares of Truist Financial during the second quarter worth $30,000. Capital A Wealth Management LLC boosted its stake in shares of Truist Financial by 1,189.5% during the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 678 shares during the period. Finally, Darwin Wealth Management LLC grew its holdings 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 purchasing an additional 600 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

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.