Chevy Chase Trust Holdings LLC Reduces Stock Position in Truist Financial Corporation $TFC

Chevy Chase Trust Holdings LLC lessened its holdings in Truist Financial Corporation (NYSE:TFC) by 6.7% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 734,159 shares of the insurance provider’s stock after selling 52,361 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Truist Financial were worth $33,566,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Independent Advisor Alliance increased its stake in Truist Financial by 9.7% in the 3rd quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock worth $15,046,000 after buying an additional 29,191 shares during the period. Cullen Capital Management LLC boosted its position in Truist Financial by 10.3% in the 3rd quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider’s stock valued at $209,936,000 after buying an additional 427,067 shares during the period. Brookstone Capital Management grew its stake in Truist Financial by 12.3% in the 3rd 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 in the last quarter. Oppenheimer Asset Management Inc. grew its stake in Truist Financial by 2.6% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider’s stock worth $19,285,000 after acquiring an additional 10,706 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its position in shares of Truist Financial by 18.6% during the third quarter. Oppenheimer & Co. Inc. now owns 169,030 shares of the insurance provider’s stock worth $7,728,000 after acquiring an additional 26,530 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

NYSE TFC opened at $43.82 on Monday. 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 firm’s 50 day moving average price is $50.60 and its 200-day moving average price is $47.71. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $56.19. The company has a market cap of $54.73 billion, a PE ratio of 11.50, a P/E/G ratio of 0.75 and a beta of 0.87.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The business had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the firm earned $0.91 EPS. Sell-side analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial announced that its board has authorized a share repurchase plan on Tuesday, December 16th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the insurance provider to purchase up to 15.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Truist Financial Dividend Announcement

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

Insider Buying and Selling at Truist Financial

In other news, CAO Cynthia B. Powell sold 3,500 shares of the business’s stock in a transaction on 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 transaction, the chief accounting officer directly owned 667 shares of the company’s stock, valued at approximately $35,010.83. The trade was a 83.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the company’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the sale, the chief financial officer owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Raymond James Financial lifted their price target on shares of Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. TD Cowen increased their price objective on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. Argus raised their price objective on Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. The Goldman Sachs Group reaffirmed a “buy” rating and set a $58.00 target price on shares of Truist Financial in a research report on Tuesday, January 6th. Finally, Weiss Ratings cut Truist Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $56.47.

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.