Professional Advisory Services Inc. Reduces Stake in Truist Financial Corporation $TFC

Professional Advisory Services Inc. decreased its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 5.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 436,633 shares of the insurance provider’s stock after selling 25,740 shares during the quarter. Truist Financial makes up approximately 2.6% of Professional Advisory Services Inc.’s portfolio, making the stock its 21st biggest position. Professional Advisory Services Inc.’s holdings in Truist Financial were worth $19,963,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TFC. Smith Thornton Advisors LLC raised its holdings in Truist Financial by 4.1% during the third quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock worth $270,000 after purchasing an additional 231 shares in the last quarter. Gries Financial LLC grew its position in shares of Truist Financial by 4.4% in the 3rd quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock valued at $252,000 after buying an additional 233 shares during the last quarter. Salomon & Ludwin LLC grew its position in shares of Truist Financial by 1.1% in the 3rd quarter. Salomon & Ludwin LLC now owns 21,934 shares of the insurance provider’s stock valued at $998,000 after buying an additional 239 shares during the last quarter. Foster Victor Wealth Advisors LLC raised its stake in Truist Financial by 0.4% during the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 62,087 shares of the insurance provider’s stock worth $2,804,000 after acquiring an additional 242 shares in the last quarter. Finally, MGO One Seven LLC lifted its position in Truist Financial by 0.9% in the second quarter. MGO One Seven LLC now owns 28,849 shares of the insurance provider’s stock valued at $1,240,000 after acquiring an additional 246 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Trading Down 0.5%

NYSE:TFC opened at $50.01 on Tuesday. The firm has a market cap of $63.98 billion, a P/E ratio of 13.44, a PEG ratio of 0.95 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The stock’s 50 day simple moving average is $48.39 and its 200-day simple moving average is $46.06. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $51.51.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.05. The firm had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.20 billion. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period last year, the company earned $0.97 earnings per share. Equities analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial announced that its Board of Directors has authorized a share buyback plan on Tuesday, December 16th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the insurance provider to reacquire up to 15.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Truist Financial Dividend Announcement

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

Insider Buying and Selling at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial 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 sale, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. The trade was a 33.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.14% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on TFC. Baird R W lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Evercore ISI raised Truist Financial from a “hold” rating to an “outperform” rating and lifted their price target for the stock from $49.00 to $58.00 in a research report on Tuesday, January 6th. Morgan Stanley boosted their price objective on Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 17th. Finally, Piper Sandler set a $48.00 target price on shares of Truist Financial in a research report on Monday, October 20th. Seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $52.80.

Truist Financial 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.