Envestnet Asset Management Inc. Boosts Position in Truist Financial Corporation $TFC

Envestnet Asset Management Inc. lifted its position in Truist Financial Corporation (NYSE:TFC) by 10.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,943,441 shares of the insurance provider’s stock after purchasing an additional 364,026 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Truist Financial were worth $180,294,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of TFC. Norges Bank acquired a new stake in shares of Truist Financial during the 2nd quarter worth approximately $487,401,000. Jennison Associates LLC grew its position in Truist Financial by 203.1% in the third quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider’s stock worth $179,176,000 after acquiring an additional 2,625,847 shares during the period. Laurel Wealth Advisors LLC increased its stake in Truist Financial by 4,121.3% during the second quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider’s stock worth $100,424,000 after acquiring an additional 2,280,653 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Truist Financial by 811.0% in the second quarter. Arrowstreet Capital Limited Partnership now owns 2,018,457 shares of the insurance provider’s stock valued at $86,773,000 after purchasing an additional 1,796,884 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Truist Financial by 1.3% in the 2nd 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. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on TFC. Evercore ISI raised their price objective on Truist Financial from $58.00 to $64.00 and gave the stock an “outperform” rating in a research report on Thursday. Citigroup lifted their price target on shares of Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, December 31st. Barclays lowered shares of Truist Financial from an “equal weight” rating to an “underweight” rating and upped their price objective for the stock from $47.00 to $56.00 in a report on Monday, January 5th. The Goldman Sachs Group reiterated a “buy” rating and issued a $58.00 target price on shares of Truist Financial in a report on Tuesday, January 6th. Finally, Raymond James Financial upped their price target on Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 7th. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $54.60.

Insiders Place Their Bets

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction 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 sale, the chief financial officer directly owned 74,323 shares in the company, valued at $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total value of $239,682.00. Following the sale, 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 disclosure for this sale is available in the SEC filing. Insiders sold 21,660 shares of company stock worth $1,075,087 in the last 90 days. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Stock Up 0.1%

Shares of NYSE TFC opened at $55.17 on Friday. The stock has a market cap of $70.58 billion, a P/E ratio of 14.48, a PEG ratio of 0.93 and a beta of 0.89. The business’s fifty day simple moving average is $50.02 and its 200-day simple moving average is $46.63. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $55.74. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

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 $5.25 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. As a group, equities analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be paid a $0.52 dividend. The ex-dividend date is Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a yield of 3.8%. Truist Financial’s payout ratio is currently 54.59%.

Truist Financial declared that its board has initiated a stock repurchase plan on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the insurance provider to reacquire up to 15.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

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.