Kornitzer Capital Management Inc. KS Cuts Stock Holdings in Truist Financial Corporation $TFC

Kornitzer Capital Management Inc. KS reduced its stake in Truist Financial Corporation (NYSE:TFC) by 3.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 722,761 shares of the insurance provider’s stock after selling 23,400 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Truist Financial were worth $33,045,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Truist Financial by 1.3% in the second quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock valued at $5,177,722,000 after purchasing an additional 1,529,478 shares during the last quarter. Geode Capital Management LLC increased its stake in Truist Financial by 0.3% in the 2nd quarter. Geode Capital Management LLC now owns 28,191,122 shares of the insurance provider’s stock valued at $1,205,855,000 after buying an additional 74,728 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Truist Financial by 0.9% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 17,566,519 shares of the insurance provider’s stock worth $755,185,000 after buying an additional 164,034 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Truist Financial by 6.5% in the 2nd quarter. Invesco Ltd. now owns 13,995,108 shares of the insurance provider’s stock worth $601,650,000 after buying an additional 854,826 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Truist Financial by 6.6% in the second quarter. American Century Companies Inc. now owns 12,834,800 shares of the insurance provider’s stock valued at $551,768,000 after acquiring an additional 793,276 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Price Performance

TFC opened at $50.17 on Tuesday. The firm has a 50-day moving average price of $48.87 and a 200-day moving average price of $46.22. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $51.51. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $64.18 billion, a price-to-earnings ratio of 13.17, a PEG ratio of 0.84 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced 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 net margin of 17.09% and a return on equity of 9.03%. The business had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same quarter in the previous year, the company posted $0.91 earnings per share. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. Equities analysts expect that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial declared that its board has authorized a share buyback plan on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the insurance provider to buy up to 15.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts recently commented on the company. The Goldman Sachs Group reiterated a “buy” rating and set a $58.00 price target on shares of Truist Financial in a report on Tuesday, January 6th. Barclays cut Truist Financial from an “equal weight” rating to an “underweight” rating and lifted their target price for the stock from $47.00 to $56.00 in a research note on Monday, January 5th. Piper Sandler increased their price target on shares of Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Thursday. Citigroup lifted their price objective on shares of Truist Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, December 31st. Finally, Evercore ISI raised shares of Truist Financial from a “hold” rating to an “outperform” rating and increased their target price for the company from $49.00 to $58.00 in a research report on Tuesday, January 6th. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Truist Financial currently has an average rating of “Hold” and an average target price of $54.20.

Insider Activity at Truist Financial

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. 0.14% of the stock is owned by 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.