Carlson Capital L.P. Makes New Investment in Truist Financial Corporation $TFC

Carlson Capital L.P. acquired a new stake in Truist Financial Corporation (NYSE:TFC) during the first quarter, according to its most recent filing with the SEC. The firm acquired 44,600 shares of the insurance provider’s stock, valued at approximately $2,050,000. Truist Financial comprises approximately 0.6% of Carlson Capital L.P.’s holdings, making the stock its 18th largest holding.

Several other hedge funds and other institutional investors also recently made changes to their positions in TFC. 3Chopt Investment Partners LLC increased its position in Truist Financial by 1.3% in the fourth quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock worth $724,000 after purchasing an additional 193 shares during the period. IFP Advisors Inc raised its holdings in Truist Financial by 2.4% during the 4th quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock worth $404,000 after purchasing an additional 194 shares during the last quarter. PCB Capital LLC lifted its position in Truist Financial by 3.0% during the 1st quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock valued at $310,000 after purchasing an additional 198 shares during the period. AlphaCore Capital LLC lifted its position in Truist Financial by 8.3% during the 4th quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock valued at $128,000 after purchasing an additional 199 shares during the period. Finally, CYBER HORNET ETFs LLC lifted its position in Truist Financial by 5.5% during the 4th quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock valued at $188,000 after purchasing an additional 199 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TFC has been the subject of several analyst reports. UBS Group cut shares of Truist Financial from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $58.00 to $55.00 in a research report on Tuesday, July 7th. Jefferies Financial Group restated a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a report on Friday, April 17th. Robert W. Baird raised their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $54.00 price objective (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Finally, Wall Street Zen lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Monday, June 29th. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $54.67.

Insider Activity at Truist Financial

In other news, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director K. David Jr. Boyer sold 3,986 shares of Truist Financial stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the transaction, the director directly owned 10,270 shares in the company, valued at approximately $520,689. This represents a 27.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.15% of the stock is currently owned by corporate insiders.

Truist Financial Price Performance

Shares of TFC opened at $51.91 on Friday. The stock has a market cap of $64.68 billion, a P/E ratio of 11.91, a price-to-earnings-growth ratio of 0.94 and a beta of 0.89. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. The stock’s 50-day moving average price is $50.28 and its two-hundred day moving average price is $49.62. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.Truist Financial’s revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.91 EPS. On average, equities analysts predict that Truist Financial Corporation will post 4.59 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. Truist Financial’s payout ratio is currently 47.71%.

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.