Korea Investment CORP Has $26.52 Million Stock Holdings in Truist Financial Corporation $TFC

Korea Investment CORP boosted its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 175.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 580,020 shares of the insurance provider’s stock after acquiring an additional 369,300 shares during the quarter. Korea Investment CORP’s holdings in Truist Financial were worth $26,519,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Valley Wealth Managers Inc. bought a new position in shares of Truist Financial during the third quarter valued at $28,000. Capital A Wealth Management LLC grew its stake in shares of 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 worth $32,000 after purchasing an additional 678 shares during the last quarter. Darwin Wealth Management LLC increased 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 purchasing an additional 600 shares during the period. Twin Peaks Wealth Advisors LLC acquired a new stake in Truist Financial in the second quarter valued at $36,000. Finally, Tripletail Wealth Management LLC bought a new position in Truist Financial during the 3rd quarter worth $37,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Truist Financial

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the transaction, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer owned 667 shares in the company, valued at $35,010.83. The trade was a 83.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.14% of the stock is currently owned by insiders.

Truist Financial Stock Performance

Shares of TFC opened at $46.75 on Tuesday. 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 firm’s fifty day simple moving average is $50.94 and its two-hundred day simple moving average is $47.74. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $56.19. The stock has a market capitalization of $58.39 billion, a P/E ratio of 12.27, a price-to-earnings-growth ratio of 0.79 and a beta of 0.87.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data 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 business had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business’s revenue was up 3.6% on a year-over-year basis. During the same period last year, the business posted $0.91 earnings per share. As a group, analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial announced that its board has approved a share repurchase program on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the insurance provider to purchase up to 15.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date was Friday, February 13th. Truist Financial’s payout ratio is presently 54.59%.

Wall Street Analyst Weigh In

Several research analysts have commented on TFC shares. TD Cowen lifted their target price on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Keefe, Bruyette & Woods increased 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. The Goldman Sachs Group restated a “buy” rating and set a $58.00 price objective on shares of Truist Financial in a research report on Tuesday, January 6th. Robert W. Baird raised Truist Financial from a “neutral” rating to an “outperform” rating and set a $52.00 price objective on the stock in a research note on Monday. Finally, Raymond James Financial upped their target price on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, January 7th. Ten analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and a consensus target price of $56.47.

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.