Truist Financial Corporation $TFC Stock: Sanders Capital LLC Trims Holdings

Sanders Capital LLC cut its stake in Truist Financial Corporation (NYSE:TFC) by 4.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,825,212 shares of the insurance provider’s stock after selling 83,810 shares during the quarter. Sanders Capital LLC’s holdings in Truist Financial were worth $84,507,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TFC. BlackRock Inc. purchased a new stake in Truist Financial during the 2nd quarter worth approximately $4,959,834,000. Bank of New York Mellon Corp acquired a new position in shares of Truist Financial during the second quarter valued at approximately $338,855,000. Deutsche Bank AG acquired a new position in shares of Truist Financial during the second quarter valued at approximately $257,208,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Truist Financial in the second quarter valued at approximately $151,526,000. Finally, SEB Asset Management AB purchased a new position in shares of Truist Financial in the first quarter valued at approximately $124,144,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Michael Lyons acquired 25,000 shares of Truist Financial stock in a transaction that occurred on Wednesday, October 28th. The shares were purchased at an average price of $48.36 per share, for a total transaction of $1,209,000.00. Following the completion of the transaction, the chief executive officer owned 46,000 shares in the company, valued at $2,224,560. This represents a 119.05% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TFC. The Goldman Sachs Group lowered their price target on Truist Financial from $59.00 to $58.00 and set a “buy” rating on the stock in a research note on Monday, October 19th. HSBC initiated coverage on Truist Financial in a research note on Monday, September 28th. They issued a “buy” rating and a $61.00 price objective for the company. Wells Fargo & Company set a $52.00 price objective on Truist Financial in a report on Thursday, October 8th. Evercore reaffirmed an “outperform” rating and set a $55.00 target price (up from $54.00) on shares of Truist Financial in a research note on Tuesday, October 27th. Finally, Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, October 31st. Nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $54.73.

Truist Financial Price Performance

TFC stock traded down $0.36 during mid-day trading on Friday, reaching $49.48. The company’s stock had a trading volume of 5,760,433 shares, compared to its average volume of 8,307,338. The stock has a market cap of $59.30 billion, a PE ratio of 12.75, a P/E/G ratio of 1.10 and a beta of 0.90. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.95. Truist Financial Corporation has a fifty-two week low of $43.13 and a fifty-two week high of $56.19. The company’s 50 day moving average is $48.34 and its two-hundred day moving average is $49.50.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, October 16th. The insurance provider reported $1.16 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.01). The company had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.35 billion. Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. The company’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.04 earnings per share. Equities research analysts expect that Truist Financial Corporation will post 4.66 EPS for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, November 13th. Truist Financial’s dividend payout ratio (DPR) is currently 53.61%.

Truist Financial Company Profile

Truist Financial Corporation (NYSE: TFC) is a financial services company headquartered in Charlotte, North Carolina. It provides banking and related services to individuals, businesses and institutions, including deposit accounts, loans, credit cards, payment services and treasury management.

The company also offers wealth management, investment and mortgage services, along with commercial banking and capital markets solutions. Its operations are concentrated in the southeastern and mid-Atlantic United States, serving customers through branches, digital channels and other delivery platforms.

Truist was formed in 2019 through the merger of BB&T Corporation and SunTrust Banks.