BI Asset Management Fondsmaeglerselskab A S Sells 12,687 Shares of Truist Financial Corporation $TFC

BI Asset Management Fondsmaeglerselskab A S reduced its stake in Truist Financial Corporation (NYSE:TFC) by 16.4% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 64,574 shares of the insurance provider’s stock after selling 12,687 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Truist Financial were worth $2,952,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Smith Thornton Advisors LLC raised its position in shares of Truist Financial by 4.1% in the 3rd quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock valued at $270,000 after buying an additional 231 shares in the last quarter. Gries Financial LLC increased its stake in Truist Financial by 4.4% in the third quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock valued at $252,000 after acquiring an additional 233 shares during the last quarter. TD Waterhouse Canada Inc. raised its position in Truist Financial by 6.8% during the third quarter. TD Waterhouse Canada Inc. now owns 3,730 shares of the insurance provider’s stock valued at $170,000 after purchasing an additional 237 shares in the last quarter. Salomon & Ludwin LLC lifted its stake in Truist Financial by 1.1% during the third quarter. Salomon & Ludwin LLC now owns 21,934 shares of the insurance provider’s stock worth $998,000 after purchasing an additional 239 shares during the last quarter. Finally, CNB Bank boosted its holdings in shares of Truist Financial by 5.5% in the 3rd quarter. CNB Bank now owns 4,596 shares of the insurance provider’s stock valued at $210,000 after purchasing an additional 239 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TFC. The Goldman Sachs Group restated a “buy” rating and issued a $58.00 target price on shares of Truist Financial in a research report on Tuesday, January 6th. Evercore raised their price objective on Truist Financial from $58.00 to $64.00 and gave the company an “outperform” rating in a report on Thursday. Evercore ISI reaffirmed an “outperform” rating on shares of Truist Financial in a report on Thursday. Argus increased their target price on Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Finally, TD Cowen boosted their price target on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Eight research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Truist Financial presently has a consensus rating of “Hold” and an average target price of $54.60.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s 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 transaction, the director directly owned 10,153 shares of the company’s stock, valued at $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Cynthia B. Powell sold 3,500 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the sale, the chief accounting officer owned 667 shares in the company, valued at approximately $35,010.83. The trade was a 83.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 21,660 shares of company stock worth $1,075,087 over the last 90 days. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Trading Up 1.3%

NYSE:TFC opened at $55.86 on Friday. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $56.20. The firm has a 50-day moving average price of $50.21 and a two-hundred day moving average price of $46.72. The firm has a market cap of $71.46 billion, a price-to-earnings ratio of 14.66, a price-to-earnings-growth ratio of 0.94 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87.

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

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be issued 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 3.7%. Truist Financial’s payout ratio is presently 54.59%.

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

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.