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Tag: Truist Financial

  • First Hawaiian Bank Has $493,000 Stock Position in Truist Financial Corporation $TFC

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    First Hawaiian Bank boosted its holdings in shares of Truist Financial Corporation (NYSE:TFC – Free Report) by 8.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,991 shares of the insurance provider’s stock after buying an additional 948 shares during the period. First Hawaiian Bank’s holdings in Truist Financial were worth $493,000 as of its most recent filing with the Securities and Exchange Commission.

    Several other large investors have also recently bought and sold shares of TFC. Brighton Jones LLC raised its position in Truist Financial by 148.5% during the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after buying an additional 14,093 shares during the period. Janus Henderson Group PLC increased its position in Truist Financial by 1.7% in the 4th quarter. Janus Henderson Group PLC now owns 179,859 shares of the insurance provider’s stock worth $7,805,000 after purchasing an additional 3,042 shares during the last quarter. Lazard Asset Management LLC increased its position in Truist Financial by 101.1% in the 4th quarter. Lazard Asset Management LLC now owns 14,316 shares of the insurance provider’s stock worth $620,000 after purchasing an additional 7,197 shares during the last quarter. Quantinno Capital Management LP increased its position in Truist Financial by 34.9% in the 4th quarter. Quantinno Capital Management LP now owns 98,013 shares of the insurance provider’s stock worth $4,252,000 after purchasing an additional 25,366 shares during the last quarter. Finally, Raiffeisen Bank International AG acquired a new position in Truist Financial in the 4th quarter worth about $594,000. 71.28% of the stock is owned by institutional investors and hedge funds.

    Insiders Place Their Bets

    In related news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the sale, the insider owned 500 shares in the company, valued at $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is currently owned by insiders.

    Wall Street Analysts Forecast Growth

    Several brokerages have weighed in on TFC. Morgan Stanley reaffirmed a “mixed” rating on shares of Truist Financial in a research report on Monday, July 21st. Raymond James Financial raised Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a research report on Tuesday, July 8th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $47.00 target price on shares of Truist Financial in a research report on Thursday, August 21st. Citigroup raised Truist Financial from a “neutral” rating to a “buy” rating and upped their target price for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Finally, Keefe, Bruyette & Woods lowered Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price on the stock. in a research report on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.47.

    Read Our Latest Analysis on TFC

    Truist Financial Stock Performance

    TFC opened at $45.22 on Monday. The company has a market cap of $58.30 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 1.69 and a beta of 0.88. The stock has a 50-day moving average of $45.02 and a 200-day moving average of $41.69. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86.

    Truist Financial (NYSE:TFC – Get Free Report) last released its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The company had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. During the same quarter last year, the company posted $0.91 EPS. The business’s revenue was down 406.0% compared to the same quarter last year. As a group, equities research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

    Truist Financial Announces Dividend

    The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.6%. Truist Financial’s dividend payout ratio is presently 56.68%.

    Truist Financial Profile

    (Free Report)

    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.

    Featured Articles

    Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Corporation (NYSE:TFC – Free Report).

    Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)



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    ABMN Staff

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  • Truist keeps downsizing with deal to sell asset-management business

    Truist keeps downsizing with deal to sell asset-management business

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    Enjoy complimentary access to top ideas and insights — selected by our editors.

    Truist Bank Branches Ahead Of Earnings Figures
    Truist is selling Sterling Capital Management, which had $76 billion of assets under management at the end of December. The buyer, Guardian Capital Group, said that Sterling Capital will operate as a standalone entity and continue to be led by its current management team.

    Scott McIntyre/Bloomberg

    Truist Financial intends to sell an asset-management subsidiary, marking the latest step in the superregional bank’s effort to realign and simplify its operations.

    Charlotte, North Carolina-based Truist confirmed Friday that it has reached an agreement to sell Sterling Capital Management to Guardian Capital Group in Toronto for $70 million, plus future payout incentives.

    The deal’s announcement came one day after a media report that Truist was close to offloading its larger insurance brokerage business. The sale of Truist Insurance Holdings has long been rumored.

    Sterling Capital, which had $76 billion of assets under management at the end of December, will operate as a standalone entity and continue to be led by its current management team, Guardian said in a press release. The deal is expected to close in the second quarter.

    “This path forward is a win-win-win for Sterling Capital, Guardian, and Truist,” Sterling Capital CEO Scott Haenni said in the release.

    “It allows Sterling Capital to grow as an independently-managed investment management firm poised for continued long-term growth under Guardian’s strategic oversight,” Haenni said. He added that Sterling Capital will “partner with Truist on shared relationships and opportunities.”

    Truist has been in reorganization mode for several months as it seeks to become a simpler, more profitable company.

    As part of a $750 million cost-cutting program announced last fall, the company has reduced its workforce by 4%, consolidated several business lines and created a single enterprise-wide payments group. It has also shrunk the size of its board of directors and expanded its executive management team, and it plans to close 4% of its branches in March.

    Truist is also remixing its balance sheet. Last summer, it sold a $5 billion student loan portfolio.

    In response to a request for comment about the sale of Sterling Capital, which Truist inherited from predecessor BB&T Corp., a Truist spokesperson said in an email Friday that the company “regularly assesses opportunities … and makes adjustments to [its] business in order to invest in areas of growth.”

    Sterling Capital was founded in 1970 as Nisbet and renamed Sterling Capital Management in 2001, according to its website. BB&T, which merged with SunTrust Banks in 2019 to form Truist, acquired a majority equity ownership stake in 2005, the website said.

    Questions still linger about if and when the $540 billion-asset Truist will sell all or part of its 80% stake in Truist Insurance Holdings. 

    On Thursday, the industry publication Insurance Insider reported that Truist was nearing a deal to sell the unit to Stone Point Capital, a private equity firm in Greenwich, Connecticut, and Clayton Dubilier & Rice, a private investment firm in New York City.

    Stone Point acquired 20% of Truist’s insurance business in the spring of 2023 — one of several deals last year where banks offloaded their insurance units amid skyrocketing insurance valuations and banks’ need to shrink their balance sheets.

    A Truist spokesperson declined Friday to comment on the report that the company is nearing the sale of its insurance brokerage unit.

    One analyst noted Friday that the sale of Sterling Capital is much smaller than a potential sale of Truist Insurance Holdings.

    “Today’s transaction seems a bit like a sideshow in comparison to that transaction, which could reportedly be valued around $15 billion,” Scott Siefers, an analyst at Piper Sandler, wrote in a research note.

    Truist executives have said several times that the company’s 80% stake in Truist Insurance Holdings offers flexibility to generate more capital.

    During the company’s fourth-quarter earnings call last month, CEO Bill Rogers said: “We’ve said clearly that we’re always evaluating alternatives, and we’re going to do the best thing for the insurance business and the best thing for Truist going forward.

    “As it relates to any specific timing … I don’t think I should really comment,” he added.

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    Allissa Kline

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  • PNC, U.S. Bank closed roughly one in 10 branches in 2023

    PNC, U.S. Bank closed roughly one in 10 branches in 2023

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    The overall pace of bank branch closures slowed in 2023, but certain banks still slashed the size of their brick-and-mortar networks substantially. 

    U.S. banks closed 2,118 branch locations between January and the end of October, according to data from S&P Global Market Intelligence. That was a 19% decrease from the 2,614 branches shut down over the same period in 2022.

    Roughly 22% of the closures were carried out by two super-regional banks — PNC Financial Services Group and U.S. Bancorp — both of which shuttered around 10% of their branches.

    Across the industry, the total number of branches fell for the 14th straight year in 2023. There were 77,690 active bank branches nationwide at the end of October, according to S&P data, down from 79,000 branches at the end of 2022. 

    While larger banks top the list of financial institutions that have trimmed their physical presences in 2023, banks big and small are closing branches to reduce expenses and reinvest some of the resulting savings in their digital capabilities.

    The appeal of saving on staff, facilities and other branch-related costs has driven merger and acquisition activity in recent years, especially at banks with plenty of branches. After longer-than-usual deal approval processes for many of those deals, some acquirers have finally managed in 2023 to execute planned branch closures.

    Here is a closer look at the five banks that closed the largest shares of their branches this year, through October.

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    Orla McCaffrey

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