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

QRG Capital Management Inc. lessened its holdings in Truist Financial Corporation (NYSE:TFC) by 21.1% during the 3rd quarter, Holdings Channel.com reports. 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 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Norges Bank bought a new position in Truist Financial in the second quarter worth approximately $487,401,000. Laurel Wealth Advisors LLC grew its position in shares of Truist Financial by 4,121.3% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider’s stock valued at $100,424,000 after acquiring an additional 2,280,653 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Truist Financial by 811.0% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,018,457 shares of the insurance provider’s stock worth $86,773,000 after purchasing an additional 1,796,884 shares in the last quarter. Vanguard Group Inc. raised its holdings in Truist Financial by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock worth $5,177,722,000 after purchasing an additional 1,529,478 shares during the period. Finally, AQR Capital Management LLC lifted its position in Truist Financial by 71.9% during the second quarter. AQR Capital Management LLC now owns 3,165,033 shares of the insurance provider’s stock valued at $136,065,000 after purchasing an additional 1,323,866 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

TFC has been the subject of a number of analyst reports. Evercore ISI upgraded Truist Financial from a “hold” rating to an “outperform” rating and upped their price target for the stock from $49.00 to $58.00 in a research report on Tuesday, January 6th. Raymond James Financial boosted their price objective on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Keefe, Bruyette & Woods raised their target price on shares of Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 17th. Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 price target on shares of Truist Financial in a report on Thursday, December 11th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $58.00 price objective on shares of Truist Financial in a research note on Tuesday, January 6th. Seven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of “Hold” and a consensus target price of $52.80.

Truist Financial Trading Down 0.5%

TFC stock opened at $50.01 on Monday. 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 current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $51.51. The business has a 50 day simple moving average of $48.29 and a two-hundred day simple moving average of $46.03.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, October 17th. The insurance provider reported $1.04 EPS for the quarter, topping the consensus estimate of $0.99 by $0.05. The firm had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.20 billion. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.97 earnings per share. Research analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

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

Truist Financial declared that its Board of Directors 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 repurchase up to 15.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the transaction, the director owned 10,153 shares in the company, valued at $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.17% of the stock is owned by company insiders.

About Truist Financial

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.