Mutual of America Capital Management LLC Sells 10,412 Shares of Truist Financial Corporation $TFC

Mutual of America Capital Management LLC lowered its stake in Truist Financial Corporation (NYSE:TFC) by 6.9% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 139,773 shares of the insurance provider’s stock after selling 10,412 shares during the period. Mutual of America Capital Management LLC’s holdings in Truist Financial were worth $6,390,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of TFC. Smith Thornton Advisors LLC increased its stake in shares of Truist Financial by 4.1% during the third quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock worth $270,000 after purchasing an additional 231 shares during the period. Gries Financial LLC grew its holdings in Truist Financial by 4.4% in the 3rd quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock valued at $252,000 after buying an additional 233 shares in the last quarter. Salomon & Ludwin LLC increased its position in Truist Financial by 1.1% during the 3rd quarter. Salomon & Ludwin LLC now owns 21,934 shares of the insurance provider’s stock worth $998,000 after buying an additional 239 shares during the period. CNB Bank increased its position in Truist Financial by 5.5% during the 3rd quarter. CNB Bank now owns 4,596 shares of the insurance provider’s stock worth $210,000 after buying an additional 239 shares during the period. Finally, MGO One Seven LLC lifted its holdings in shares of Truist Financial by 0.9% during the second quarter. MGO One Seven LLC now owns 28,849 shares of the insurance provider’s stock worth $1,240,000 after buying an additional 246 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of the company’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 completion of the transaction, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. This represents a 33.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial stock in a transaction dated Monday, January 26th. The shares were 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. The trade was a 14.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.14% of the stock is currently owned by corporate insiders.

Truist Financial Stock Down 1.0%

Shares of NYSE TFC opened at $50.36 on Thursday. The company has a market cap of $64.42 billion, a price-to-earnings ratio of 13.22, a PEG ratio of 0.86 and a beta of 0.89. 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 Corporation has a 12 month low of $33.56 and a 12 month high of $51.51. The stock has a 50-day moving average price of $49.12 and a two-hundred day moving average price of $46.29.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) 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 the consensus estimate of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period last year, the firm posted $0.91 earnings per share. As a group, analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial announced that its board has approved a stock repurchase program on Tuesday, December 16th that allows the company to buyback $10.00 billion in outstanding 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 board of directors believes its shares are undervalued.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, February 13th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio is 54.59%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Piper Sandler upped their price target on shares of Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Thursday, January 22nd. Raymond James Financial increased their target price on shares of Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. The Goldman Sachs Group reiterated a “buy” rating and issued a $58.00 price target on shares of Truist Financial in a research report on Tuesday, January 6th. Robert W. Baird cut Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Finally, UBS Group set a $55.00 price objective on Truist Financial in a research note on Tuesday, October 21st. Seven research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Truist Financial currently has a consensus rating of “Hold” and an average target price of $54.20.

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.