HB Wealth Management LLC Has $7.05 Million Position in Truist Financial Corporation $TFC

HB Wealth Management LLC grew its position in Truist Financial Corporation (NYSE:TFC) by 29.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 154,147 shares of the insurance provider’s stock after acquiring an additional 35,382 shares during the period. HB Wealth Management LLC’s holdings in Truist Financial were worth $7,048,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of TFC. Norges Bank acquired a new stake in Truist Financial in the 2nd quarter valued at about $487,401,000. Laurel Wealth Advisors LLC raised its stake in Truist Financial by 4,121.3% in the second quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider’s stock valued at $100,424,000 after buying an additional 2,280,653 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Truist Financial by 811.0% in the second quarter. Arrowstreet Capital Limited Partnership now owns 2,018,457 shares of the insurance provider’s stock valued at $86,773,000 after buying an additional 1,796,884 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Truist Financial by 1.3% in the second quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock valued at $5,177,722,000 after buying an additional 1,529,478 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of Truist Financial by 71.9% during the 2nd quarter. AQR Capital Management LLC now owns 3,165,033 shares of the insurance provider’s stock worth $136,065,000 after acquiring an additional 1,323,866 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms recently weighed in on TFC. TD Cowen increased their price target on Truist Financial from $55.00 to $59.00 and gave the company a “buy” rating in a research note on Wednesday. Keefe, Bruyette & Woods upped their price objective on shares of Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. Raymond James Financial increased their price objective on shares of Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday. Morgan Stanley lifted their target price on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 17th. Finally, Citigroup upped their price target on shares of Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, December 31st. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $52.80.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the sale, the director directly owned 10,153 shares in the company, valued at approximately $471,606.85. This represents a 33.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is owned by corporate insiders.

Truist Financial Price Performance

NYSE:TFC opened at $50.96 on Friday. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $51.52. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The firm’s 50-day simple moving average is $47.59 and its 200 day simple moving average is $45.67. The firm has a market cap of $65.19 billion, a price-to-earnings ratio of 13.70, a P/E/G ratio of 0.96 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.05. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The firm had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.20 billion. During the same quarter in the prior year, the business posted $0.97 EPS. The business’s revenue was up 1.9% compared to the same quarter last year. As a group, sell-side analysts predict 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 Monday, December 1st. Shareholders of record on Friday, November 14th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Friday, November 14th. Truist Financial’s dividend payout ratio (DPR) is 55.91%.

Truist Financial declared that its board has approved a share buyback plan on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the insurance provider to buy up to 15.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Truist Financial 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.