Intech Investment Management LLC Raises Stock Position in Truist Financial Corporation $TFC

Intech Investment Management LLC boosted its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 47.2% in the third quarter, HoldingsChannel reports. The firm owned 62,884 shares of the insurance provider’s stock after buying an additional 20,159 shares during the period. Intech Investment Management LLC’s holdings in Truist Financial were worth $2,875,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TFC. Aspect Partners LLC boosted its stake in shares of Truist Financial by 71.5% in the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after buying an additional 268 shares during the last quarter. Valley Wealth Managers Inc. purchased a new position in Truist Financial during the third quarter valued at approximately $28,000. Capital A Wealth Management LLC lifted its holdings in Truist Financial by 1,189.5% in the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 678 shares during the period. Darwin Wealth Management LLC lifted its holdings in Truist Financial by 631.6% in the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 600 shares during the period. Finally, Twin Peaks Wealth Advisors LLC purchased a new stake in Truist Financial in the 2nd quarter worth approximately $36,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Up 0.6%

TFC opened at $49.60 on Tuesday. The company has a market cap of $61.96 billion, a PE ratio of 13.02, a price-to-earnings-growth ratio of 0.84 and a beta of 0.89. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $56.19. The company has a 50-day moving average price of $51.20 and a 200 day moving average price of $47.61. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data 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). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The firm had revenue of $4.93 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same quarter in the previous year, the firm posted $0.91 earnings per share. The company’s quarterly revenue was up 3.6% on a year-over-year basis. Sell-side analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Friday, February 13th. Truist Financial’s payout ratio is presently 54.59%.

Truist Financial declared that its Board of Directors has authorized a stock buyback program on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the insurance provider to purchase up to 15.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have recently weighed in on TFC. Argus lifted their target price on shares of Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, January 23rd. JPMorgan Chase & Co. lifted their price objective on shares of Truist Financial from $51.50 to $57.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Barclays lowered shares of Truist Financial from an “equal weight” rating to an “underweight” rating and increased their target price for the stock from $47.00 to $56.00 in a research note on Monday, January 5th. 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. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $58.00 price target on shares of Truist Financial in a research report on Tuesday, January 6th. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Truist Financial has a consensus rating of “Moderate Buy” and an average target price of $56.47.

Insider Buying and Selling at Truist Financial

In other news, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the sale, the chief accounting officer directly owned 667 shares in the company, valued at $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction dated 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 owned 74,323 shares in the company, valued at $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.17% of the stock is currently owned by corporate insiders.

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.