Truist Financial Corp Purchases 495,280 Shares of Truist Financial Corporation $TFC

Truist Financial Corp raised its position in Truist Financial Corporation (NYSE:TFC) by 11.3% during the third quarter, Holdings Channel.com reports. The institutional investor owned 4,869,015 shares of the insurance provider’s stock after purchasing an additional 495,280 shares during the quarter. Truist Financial Corp’s holdings in Truist Financial were worth $222,611,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Brookstone Capital Management lifted its position in shares of Truist Financial by 12.3% during the third quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider’s stock worth $15,366,000 after purchasing an additional 36,916 shares in the last quarter. Pinnacle Financial Partners Inc raised its position in Truist Financial by 30.0% in the 3rd quarter. Pinnacle Financial Partners Inc now owns 174,839 shares of the insurance provider’s stock worth $7,994,000 after purchasing an additional 40,393 shares during the last quarter. Hilltop National Bank acquired a new position in Truist Financial during the 2nd quarter worth $543,000. Tradewinds LLC. acquired a new position in Truist Financial during the 3rd quarter worth $1,835,000. Finally, Arbor Investment Advisors LLC boosted its position in Truist Financial by 1,327.6% in the 3rd quarter. Arbor Investment Advisors LLC now owns 82,718 shares of the insurance provider’s stock valued at $3,782,000 after buying an additional 76,924 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $50.92 on Wednesday. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $51.51. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $65.14 billion, a PE ratio of 13.36, a PEG ratio of 0.85 and a beta of 0.89. The stock’s fifty day simple moving average is $49.00 and its 200 day simple moving average is $46.26.

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). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.32 billion. During the same quarter last year, the company earned $0.91 earnings per share. The firm’s revenue was up 3.6% compared to the same quarter last year. On average, research analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

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

Truist Financial declared that its board has authorized a stock repurchase program 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 programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods boosted their target price on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 17th. Argus lifted their price objective on Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. TD Cowen upped their target price on shares of Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. UBS Group set a $55.00 target price on shares of Truist Financial in a research note on Tuesday, October 21st. Finally, Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $54.20.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were 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 in the company, valued at $471,606.85. This represents a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.14% of the company’s stock.

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.