QRG Capital Management Inc. Sells 22,624 Shares of Truist Financial Corporation $TFC

QRG Capital Management Inc. trimmed its position in Truist Financial Corporation (NYSE:TFC) by 21.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 84,530 shares of the insurance provider’s stock after selling 22,624 shares during the period. QRG Capital Management Inc.’s holdings in Truist Financial were worth $3,865,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Rather & Kittrell Inc. grew its position in shares of Truist Financial by 0.9% in the 3rd quarter. Rather & Kittrell Inc. now owns 55,921 shares of the insurance provider’s stock worth $2,557,000 after buying an additional 485 shares during the period. Evergreen Capital Management LLC boosted its stake in Truist Financial by 24.1% during the third quarter. Evergreen Capital Management LLC now owns 11,453 shares of the insurance provider’s stock worth $524,000 after acquiring an additional 2,221 shares in the last quarter. NBT Bank N A NY grew its holdings in Truist Financial by 5.3% in the third quarter. NBT Bank N A NY now owns 16,696 shares of the insurance provider’s stock worth $763,000 after purchasing an additional 847 shares during the period. Pinnacle Financial Partners Inc increased its stake in shares of Truist Financial by 30.0% during the third quarter. Pinnacle Financial Partners Inc now owns 174,839 shares of the insurance provider’s stock valued at $7,994,000 after purchasing an additional 40,393 shares in the last quarter. Finally, Community Bank & Trust Waco Texas lifted its holdings in shares of Truist Financial by 9.9% during the third quarter. Community Bank & Trust Waco Texas now owns 18,833 shares of the insurance provider’s stock valued at $861,000 after purchasing an additional 1,691 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Buying and Selling

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of the business’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the sale, the director directly owned 10,153 shares in the company, valued at approximately $471,606.85. The trade was a 33.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

NYSE TFC opened at $50.01 on Monday. Truist Financial Corporation has a one year low of $33.56 and a one year high of $51.51. The stock has a 50-day moving average of $48.29 and a 200 day moving average of $46.03. The company has a market capitalization of $63.98 billion, a price-to-earnings ratio of 13.44, a PEG ratio of 0.95 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.05. The business had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.20 billion. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.97 EPS. On average, sell-side analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

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

Truist Financial Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on TFC shares. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Raymond James Financial boosted their target price on Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, January 7th. The Goldman Sachs Group restated a “buy” rating and set a $58.00 price target on shares of Truist Financial in a report on Tuesday, January 6th. Baird R W cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Finally, Keefe, Bruyette & Woods increased their price objective 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 analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $52.80.

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.