Concord Asset Management LLC VA Increases Stock Holdings in Truist Financial Corporation $TFC

Concord Asset Management LLC VA lifted its stake in shares of Truist Financial Corporation (NYSE:TFC) by 568.5% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 69,847 shares of the insurance provider’s stock after acquiring an additional 59,398 shares during the period. Concord Asset Management LLC VA’s holdings in Truist Financial were worth $3,003,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of TFC. Victory Capital Management Inc. raised its holdings in shares of Truist Financial by 922.9% during the 1st quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider’s stock valued at $274,237,000 after buying an additional 6,012,817 shares during the period. Invesco Ltd. raised its holdings in shares of Truist Financial by 32.0% during the 1st quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider’s stock valued at $540,723,000 after buying an additional 3,188,999 shares during the period. Nuveen LLC purchased a new stake in Truist Financial during the 1st quarter worth approximately $117,929,000. American Century Companies Inc. increased its holdings in Truist Financial by 21.8% during the 1st quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider’s stock worth $495,509,000 after purchasing an additional 2,158,639 shares during the last quarter. Finally, National Bank of Canada FI increased its holdings in Truist Financial by 178.0% during the 1st quarter. National Bank of Canada FI now owns 2,289,868 shares of the insurance provider’s stock worth $94,228,000 after purchasing an additional 1,466,236 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the business’s 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 transaction, the insider owned 500 shares in the company, valued at $22,595. The trade was a 96.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.14% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on TFC. Evercore ISI lifted their price objective on Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Wells Fargo & Company restated an “equal weight” rating and set a $47.00 price objective on shares of Truist Financial in a report on Thursday, August 21st. Raymond James Financial restated an “outperform” rating on shares of Truist Financial in a report on Tuesday, October 7th. Keefe, Bruyette & Woods downgraded Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price objective on the stock. in a report on Wednesday, July 9th. Finally, Citigroup upgraded Truist Financial from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Truist Financial currently has an average rating of “Moderate Buy” and an average target price of $48.89.

Truist Financial Price Performance

Shares of NYSE TFC opened at $42.32 on Monday. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The company has a market capitalization of $54.57 billion, a price-to-earnings ratio of 11.53, a price-to-earnings-growth ratio of 1.35 and a beta of 0.88. The business has a 50 day simple moving average of $45.16 and a 200-day simple moving average of $42.17.

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

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were given a dividend of $0.52 per share. The ex-dividend date was Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.9%. Truist Financial’s payout ratio is currently 56.68%.

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.