Princeton Capital Management LLC Sells 27,439 Shares of Truist Financial Corporation $TFC

Princeton Capital Management LLC lessened its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 64.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,090 shares of the insurance provider’s stock after selling 27,439 shares during the period. Princeton Capital Management LLC’s holdings in Truist Financial were worth $690,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Asahi Life Asset Management CO. LTD. purchased a new position in Truist Financial during the 3rd quarter valued at about $452,000. Hillsdale Investment Management Inc. increased its stake in shares of Truist Financial by 504.0% during the third quarter. Hillsdale Investment Management Inc. now owns 1,510 shares of the insurance provider’s stock valued at $69,000 after purchasing an additional 1,260 shares in the last quarter. Bridgewater Advisors Inc. lifted its holdings in shares of Truist Financial by 9.4% during the third quarter. Bridgewater Advisors Inc. now owns 7,963 shares of the insurance provider’s stock valued at $364,000 after purchasing an additional 686 shares during the last quarter. Mcrae Capital Management Inc. boosted its position in shares of Truist Financial by 0.3% in the 3rd quarter. Mcrae Capital Management Inc. now owns 302,859 shares of the insurance provider’s stock worth $13,847,000 after purchasing an additional 780 shares in the last quarter. Finally, King Luther Capital Management Corp grew its stake in shares of Truist Financial by 94.2% in the 3rd quarter. King Luther Capital Management Corp now owns 238,788 shares of the insurance provider’s stock worth $10,917,000 after buying an additional 115,809 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Price Performance

NYSE TFC opened at $52.35 on Friday. Truist Financial Corporation has a one year low of $33.56 and a one year high of $56.19. The stock has a 50-day moving average of $51.19 and a 200 day moving average of $47.31. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. The company has a market capitalization of $66.97 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 0.89 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its quarterly 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 net margin of 17.09% and a return on equity of 9.03%. The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same period in the previous year, the business earned $0.91 EPS. The business’s revenue was up 3.6% compared to the same quarter last year. On average, sell-side analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Friday, February 13th. Truist Financial’s payout ratio is 54.59%.

Truist Financial declared that its board has initiated a share repurchase program on Tuesday, December 16th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the insurance provider to buy up to 15.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a research note on Monday, December 29th. Raymond James Financial raised their price target on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, January 7th. TD Cowen upped their price target on shares of Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. JPMorgan Chase & Co. increased their price objective on shares of Truist Financial from $51.50 to $57.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Finally, Argus lifted their target price on shares of Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. Eight investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $56.47.

Insider Buying and Selling at Truist Financial

In other news, CFO Michael Baron Maguire sold 13,000 shares of the 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 directly owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This represents a 14.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial 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. The trade was a 33.70% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 21,660 shares of company stock worth $1,075,087. Insiders own 0.17% 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.