Rafferty Asset Management LLC Sells 45,590 Shares of Truist Financial Corporation $TFC

Rafferty Asset Management LLC lowered its holdings in Truist Financial Corporation (NYSE:TFC) by 6.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 665,207 shares of the insurance provider’s stock after selling 45,590 shares during the period. Rafferty Asset Management LLC owned about 0.05% of Truist Financial worth $30,413,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in TFC. Independent Advisor Alliance grew its position in shares of Truist Financial by 9.7% in the third quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock valued at $15,046,000 after purchasing an additional 29,191 shares in the last quarter. Cullen Capital Management LLC lifted its holdings in Truist Financial by 10.3% during the 3rd quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider’s stock worth $209,936,000 after purchasing an additional 427,067 shares in the last quarter. Brookstone Capital Management boosted its stake in Truist Financial by 12.3% in the 3rd quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider’s stock worth $15,366,000 after purchasing an additional 36,916 shares during the period. Oppenheimer Asset Management Inc. boosted its stake in Truist Financial by 2.6% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider’s stock worth $19,285,000 after purchasing an additional 10,706 shares during the period. Finally, Oppenheimer & Co. Inc. grew its holdings in Truist Financial by 18.6% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 169,030 shares of the insurance provider’s stock valued at $7,728,000 after buying an additional 26,530 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TFC has been the subject of several research analyst reports. The Goldman Sachs Group reissued a “buy” rating and set a $58.00 price objective on shares of Truist Financial in a research note on Tuesday, January 6th. Wall Street Zen lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Robert W. Baird lowered shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Weiss Ratings raised shares of Truist Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday. Finally, Raymond James Financial upped their target price on shares of Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Nine equities research 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 MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $56.47.

Truist Financial Stock Down 4.3%

Shares of NYSE:TFC opened at $49.26 on Friday. 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 business has a 50-day moving average price of $51.21 and a 200 day moving average price of $47.53. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $56.19. The company has a market capitalization of $61.54 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 0.87 and a beta of 0.89.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.09). The company had revenue of $4.93 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.Truist Financial’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.91 EPS. Sell-side analysts expect that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, February 13th. This represents a $2.08 annualized dividend and a dividend yield of 4.2%. Truist Financial’s dividend payout ratio is 54.59%.

Truist Financial announced that its Board of Directors has initiated a share buyback program on Tuesday, December 16th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 15.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Activity at Truist Financial

In other Truist Financial news, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the transaction, the chief accounting officer owned 667 shares in the company, valued at approximately $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through 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 sale, the chief financial officer directly owned 74,323 shares in the company, valued at approximately $3,725,811.99. This represents a 14.89% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.17% of the company’s stock.

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.