Strs Ohio Raises Stake in Truist Financial Corporation $TFC

Strs Ohio increased its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 7.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 864,102 shares of the insurance provider’s stock after acquiring an additional 56,411 shares during the period. Strs Ohio owned approximately 0.07% of Truist Financial worth $39,507,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Aspect Partners LLC boosted its position in shares of Truist Financial by 71.5% in the 2nd quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 268 shares in the last quarter. Princeton Global Asset Management LLC purchased a new position in Truist Financial during the second quarter valued at $30,000. Capital A Wealth Management LLC raised its stake in Truist Financial by 1,189.5% during the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after buying an additional 678 shares during the last quarter. Darwin Wealth Management LLC boosted 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 worth $32,000 after acquiring an additional 600 shares in the last quarter. Finally, Ramirez Asset Management Inc. grew its stake in shares of Truist Financial by 60.0% in the second quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

TFC has been the subject of several analyst reports. Barclays downgraded Truist Financial from an “equal weight” rating to an “underweight” rating and raised their price target for the company from $47.00 to $56.00 in a report on Monday, January 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Truist Financial in a research note on Monday, December 29th. Evercore ISI raised shares of Truist Financial from a “hold” rating to an “outperform” rating and lifted their target price for the stock from $49.00 to $58.00 in a report on Tuesday, January 6th. Argus increased their price target on shares of Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday. Finally, Keefe, Bruyette & Woods raised their price target on shares of Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research report on Wednesday, December 17th. Seven investment 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. Based on data from MarketBeat.com, Truist Financial has an average rating of “Hold” and an average price target of $54.20.

Insider Buying and Selling 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 transaction, the director directly owned 10,153 shares in the company, valued at $471,606.85. This trade represents a 33.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.17% of the stock is owned by insiders.

Truist Financial Price Performance

TFC opened at $49.57 on Friday. The company’s 50-day simple moving average is $48.75 and its two-hundred day simple moving average is $46.17. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. The stock has a market capitalization of $63.41 billion, a P/E ratio of 13.01, a P/E/G ratio of 0.85 and a beta of 0.89. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $51.51.

Truist Financial (NYSE:TFC) last released 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 company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.91 earnings per share. As a group, analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, November 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. Truist Financial’s payout ratio is currently 55.91%.

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

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.