WESPAC Advisors LLC Has $220,000 Stock Position in Truist Financial Corporation $TFC

WESPAC Advisors LLC lowered its position in Truist Financial Corporation (NYSE:TFC) by 73.5% during the 4th quarter, Holdings Channel reports. The fund owned 4,474 shares of the insurance provider’s stock after selling 12,401 shares during the period. WESPAC Advisors LLC’s holdings in Truist Financial were worth $220,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of TFC. Independent Advisor Alliance raised its holdings in Truist Financial by 9.7% during the third 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 last quarter. Cullen Capital Management LLC grew its holdings in shares of Truist Financial by 10.3% during the third 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 last quarter. Brookstone Capital Management increased its position in shares of Truist Financial by 12.3% during 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 in the last quarter. Oppenheimer Asset Management Inc. increased its position in shares of Truist Financial by 2.6% during the third 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. raised its holdings in shares of Truist Financial by 18.6% in the 3rd 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 last quarter. Institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

TFC has been the topic of several recent research reports. Keefe, Bruyette & Woods lifted their price target 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. Barclays downgraded Truist Financial from an “equal weight” rating to an “underweight” rating and increased their price objective for the stock from $47.00 to $56.00 in a research note on Monday, January 5th. TD Cowen raised their target price on Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Raymond James Financial lifted their target price on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, January 7th. Finally, Piper Sandler increased their price target on Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Thursday, January 22nd. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $55.13.

Insider Activity

In other news, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction 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 $35,010.83. This represents a 83.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. The trade was a 14.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.15% of the company’s stock.

Truist Financial Stock Up 0.2%

TFC stock opened at $44.61 on Tuesday. The stock has a market cap of $55.36 billion, a P/E ratio of 11.71, a P/E/G ratio of 0.75 and a beta of 0.87. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The stock’s fifty day simple moving average is $49.33 and its two-hundred day simple moving average is $47.58. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $56.19.

Truist Financial (NYSE:TFC) last announced its earnings results 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 business had revenue of $4.93 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.91 earnings per share. Analysts expect that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

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

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

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.