Truist Financial Corporation $TFC Shares Purchased by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. boosted its holdings in Truist Financial Corporation (NYSE:TFC) by 23.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 68,816 shares of the insurance provider’s stock after buying an additional 13,237 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Truist Financial were worth $3,386,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Aprio Wealth Management LLC increased its holdings in shares of Truist Financial by 2.7% in the 3rd quarter. Aprio Wealth Management LLC now owns 8,564 shares of the insurance provider’s stock valued at $392,000 after acquiring an additional 226 shares during the last quarter. Leisure Capital Management raised its position in shares of Truist Financial by 1.2% during the 3rd quarter. Leisure Capital Management now owns 19,985 shares of the insurance provider’s stock worth $914,000 after acquiring an additional 230 shares in the last quarter. Smith Thornton Advisors LLC lifted its stake in Truist Financial by 4.1% during the third quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock worth $270,000 after purchasing an additional 231 shares during the last quarter. Gries Financial LLC boosted its holdings in Truist Financial by 4.4% in the third quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock valued at $252,000 after purchasing an additional 233 shares in the last quarter. Finally, TD Waterhouse Canada Inc. boosted its holdings in Truist Financial by 6.8% in the third quarter. TD Waterhouse Canada Inc. now owns 3,730 shares of the insurance provider’s stock valued at $170,000 after purchasing an additional 237 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Truist Financial news, CAO Cynthia B. Powell sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the transaction, the chief accounting officer owned 667 shares in the company, valued at approximately $35,010.83. The trade was a 83.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the completion of the sale, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This represents a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.15% of the company’s stock.

Truist Financial Price Performance

Truist Financial stock opened at $45.90 on Wednesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. The business has a 50 day simple moving average of $49.27 and a 200-day simple moving average of $47.58. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $56.19. The stock has a market capitalization of $56.96 billion, a PE ratio of 12.05, a price-to-earnings-growth ratio of 0.76 and a beta of 0.87.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The firm had revenue of $4.93 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The business’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the business earned $0.91 earnings per share. Equities analysts predict that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial declared that its board has initiated a stock buyback program on Tuesday, December 16th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the insurance provider to buy up to 15.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend was Friday, February 13th. Truist Financial’s dividend payout ratio is currently 54.59%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Truist Financial from $51.50 to $57.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Piper Sandler upped their target price on shares of Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a report on Thursday, January 22nd. Raymond James Financial raised their price objective on Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, January 7th. Citigroup upped their target price on Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, December 31st. Finally, Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and set a $52.00 price target on the stock in a research note on Monday, March 9th. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $54.75.

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.