Truist Financial Corporation $TFC Shares Sold by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. reduced its position in Truist Financial Corporation (NYSE:TFC) by 14.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 638,436 shares of the insurance provider’s stock after selling 112,140 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Truist Financial were worth $29,189,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Plato Investment Management Ltd raised its position in shares of Truist Financial by 21.6% in the third quarter. Plato Investment Management Ltd now owns 25,757 shares of the insurance provider’s stock worth $1,169,000 after acquiring an additional 4,575 shares during the period. Nikulski Financial Inc. purchased a new position in shares of Truist Financial in the 3rd quarter valued at about $210,000. Lowe Brockenbrough & Co. Inc. raised its holdings in Truist Financial by 4.8% in the 3rd quarter. Lowe Brockenbrough & Co. Inc. now owns 27,126 shares of the insurance provider’s stock worth $1,240,000 after purchasing an additional 1,245 shares during the period. First Dallas Securities Inc. raised its holdings in Truist Financial by 10.4% in the 3rd quarter. First Dallas Securities Inc. now owns 10,686 shares of the insurance provider’s stock worth $489,000 after purchasing an additional 1,011 shares during the period. Finally, Smartleaf Asset Management LLC boosted its position in Truist Financial by 30.2% during the third quarter. Smartleaf Asset Management LLC now owns 24,122 shares of the insurance provider’s stock worth $1,108,000 after purchasing an additional 5,598 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Price Performance

TFC stock opened at $55.86 on Friday. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $56.20. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. The firm has a market capitalization of $71.46 billion, a PE ratio of 14.66, a price-to-earnings-growth ratio of 0.94 and a beta of 0.89. The business has a 50 day simple moving average of $50.21 and a 200-day simple moving average of $46.72.

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 analysts’ consensus estimates of $1.09 by ($0.09). The company had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period last year, the firm posted $0.91 EPS. Equities research analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.7%. Truist Financial’s dividend payout ratio is currently 54.59%.

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

Wall Street Analyst Weigh In

TFC has been the topic of several research analyst reports. Raymond James Financial raised their price objective on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, January 7th. UBS Group set a $55.00 price target on shares of Truist Financial in a research note on Tuesday, October 21st. Argus upped their price objective on shares of Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. Evercore ISI reiterated an “outperform” rating on shares of Truist Financial in a research report on Thursday. Finally, Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Eight 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 stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $54.60.

Insider Buying and Selling

In other Truist Financial news, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction of $183,715.00. Following the transaction, the chief accounting officer directly owned 667 shares of the company’s stock, valued at $35,010.83. The trade was a 83.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director K. David Jr. Boyer sold 5,160 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $471,606.85. This trade represents a 33.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 21,660 shares of company stock worth $1,075,087. Insiders own 0.17% of the company’s stock.

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.