Ritholtz Wealth Management Has $2.25 Million Stake in Truist Financial Corporation $TFC

Ritholtz Wealth Management lifted its stake in Truist Financial Corporation (NYSE:TFC) by 91.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 45,749 shares of the insurance provider’s stock after acquiring an additional 21,903 shares during the quarter. Ritholtz Wealth Management’s holdings in Truist Financial were worth $2,251,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of TFC. Valley Wealth Managers Inc. acquired a new stake in shares of Truist Financial in the third quarter valued at about $28,000. Capital A Wealth Management LLC increased its position in shares of Truist Financial by 1,189.5% in the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 678 shares during the last quarter. Darwin Wealth Management LLC increased its position in shares of Truist Financial by 631.6% in the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 600 shares during the last quarter. Maseco LLP increased its position in shares of Truist Financial by 53.8% in the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 228 shares during the last quarter. Finally, Ancora Advisors LLC increased its position in shares of Truist Financial by 259.1% in the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 500 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Trading Up 0.1%

Shares of NYSE:TFC opened at $49.63 on Monday. Truist Financial Corporation has a 12-month low of $34.52 and a 12-month high of $56.19. The stock has a market cap of $61.59 billion, a PE ratio of 13.03, a P/E/G ratio of 0.86 and a beta of 0.89. The business has a 50 day moving average of $48.91 and a 200-day moving average of $47.74. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The firm had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $5.32 billion. During the same quarter in the prior year, the firm earned $0.91 EPS. The company’s revenue was up 3.6% on a year-over-year basis. As a group, equities research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date was Friday, February 13th. Truist Financial’s payout ratio is currently 54.59%.

Truist Financial announced that its Board of Directors 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 purchase up to 15.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

TFC has been the topic of a number of recent research reports. Piper Sandler lifted their target price on Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Thursday, January 22nd. Evercore reaffirmed an “outperform” rating on shares of Truist Financial in a research report on Thursday, February 5th. Citigroup lifted their target price on Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, December 31st. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $58.00 target price on shares of Truist Financial in a research report on Tuesday, January 6th. Finally, Keefe, Bruyette & Woods lifted their target price on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research report on Wednesday, December 17th. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.41.

Insider Buying and Selling

In other news, CAO Cynthia B. Powell sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the completion of the sale, the chief accounting officer owned 667 shares in the company, valued at $35,010.83. The trade was a 83.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction that occurred 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 owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. This represents a 14.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.15% of the company’s stock.

Truist Financial Company 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.