CIBC Asset Management Inc Lowers Stake in Truist Financial Co. (NYSE:TFC)

CIBC Asset Management Inc cut its position in shares of Truist Financial Co. (NYSE:TFC) by 9.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 267,489 shares of the insurance provider’s stock after selling 26,949 shares during the quarter. CIBC Asset Management Inc’s holdings in Truist Financial were worth $11,604,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Tradewinds LLC. increased its stake in Truist Financial by 0.5% during the third quarter. Tradewinds LLC. now owns 44,513 shares of the insurance provider’s stock valued at $1,904,000 after purchasing an additional 222 shares during the last quarter. PBMares Wealth Management LLC increased its stake in Truist Financial by 0.8% during the fourth quarter. PBMares Wealth Management LLC now owns 29,270 shares of the insurance provider’s stock valued at $1,270,000 after purchasing an additional 224 shares during the last quarter. Koshinski Asset Management Inc. increased its stake in Truist Financial by 2.1% during the fourth quarter. Koshinski Asset Management Inc. now owns 10,825 shares of the insurance provider’s stock valued at $470,000 after purchasing an additional 225 shares during the last quarter. Aaron Wealth Advisors LLC increased its stake in Truist Financial by 3.0% during the fourth quarter. Aaron Wealth Advisors LLC now owns 7,712 shares of the insurance provider’s stock valued at $335,000 after purchasing an additional 227 shares during the last quarter. Finally, Ignite Planners LLC increased its stake in Truist Financial by 1.4% during the fourth quarter. Ignite Planners LLC now owns 17,499 shares of the insurance provider’s stock valued at $772,000 after purchasing an additional 246 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Price Performance

Shares of NYSE TFC opened at $47.54 on Wednesday. Truist Financial Co. has a twelve month low of $34.26 and a twelve month high of $49.06. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $63.10 billion, a price-to-earnings ratio of 14.27, a PEG ratio of 1.69 and a beta of 1.08. The firm has a 50-day moving average of $45.53 and a two-hundred day moving average of $44.37.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.05 billion. During the same period in the prior year, the company earned $0.81 EPS. Truist Financial’s revenue was up 3.4% on a year-over-year basis. As a group, analysts expect that Truist Financial Co. will post 3.98 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 4.38%. Truist Financial’s payout ratio is presently 62.46%.

Analyst Upgrades and Downgrades

TFC has been the subject of several recent research reports. Barclays boosted their target price on shares of Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Citigroup boosted their price target on shares of Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a report on Monday, November 25th. Raymond James boosted their price target on shares of Truist Financial from $47.00 to $51.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. The Goldman Sachs Group boosted their price target on shares of Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Eleven analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.79.

Insiders Place Their Bets

In related news, CEO William H. Rogers, Jr. acquired 34,180 shares of the business’s stock in a transaction on Monday, November 25th. The shares were purchased at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the acquisition, the chief executive officer now owns 691,451 shares in the company, valued at approximately $33,576,860.56. This represents a 5.20 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director K. David Jr. Boyer sold 4,966 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the sale, the director now owns 11,246 shares in the company, valued at approximately $519,565.20. The trade was a 30.63 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Company Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.