Burgundy Asset Management Ltd. Has $93.94 Million Position in Truist Financial Corporation $TFC

Burgundy Asset Management Ltd. lessened its position in Truist Financial Corporation (NYSE:TFC) by 2.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,006,383 shares of the insurance provider’s stock after selling 39,984 shares during the quarter. Burgundy Asset Management Ltd. owned approximately 0.16% of Truist Financial worth $93,939,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the company. Aspect Partners LLC raised its holdings in shares of Truist Financial by 71.5% in the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 268 shares during the last quarter. Valley Wealth Managers Inc. acquired a new position in Truist Financial during the third quarter worth $28,000. Capital A Wealth Management LLC grew its position in Truist Financial by 1,189.5% in the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 678 shares in the last quarter. Darwin Wealth Management LLC increased its stake in Truist Financial by 631.6% in the 3rd quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock valued at $32,000 after buying an additional 600 shares during the last quarter. Finally, Twin Peaks Wealth Advisors LLC bought a new stake in Truist Financial during the 2nd quarter worth about $36,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Transactions at Truist Financial

In other news, CAO Cynthia B. Powell sold 3,500 shares of the company’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 value of $183,715.00. Following the transaction, the chief accounting officer owned 667 shares of the company’s stock, valued at approximately $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the sale, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Stock Down 0.4%

TFC stock opened at $49.12 on Thursday. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $56.19. The business’s 50 day simple moving average is $51.14 and its 200 day simple moving average is $47.65. 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 firm has a market capitalization of $61.36 billion, a PE ratio of 12.89, a PEG ratio of 0.84 and a beta of 0.87.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The company had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $5.32 billion. During the same period last year, the firm earned $0.91 earnings per share. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, research analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

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 outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 15.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were paid a $0.52 dividend. The ex-dividend date was Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. Truist Financial’s dividend payout ratio is 54.59%.

Wall Street Analysts Forecast Growth

TFC has been the subject of a number of recent research reports. The Goldman Sachs Group restated a “buy” rating and set a $58.00 price objective on shares of Truist Financial in a research note on Tuesday, January 6th. Morgan Stanley raised Truist Financial from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $56.00 to $69.00 in a research report on Tuesday, February 17th. Keefe, Bruyette & Woods boosted their price target 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. Weiss Ratings raised Truist Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, February 25th. Finally, Evercore restated an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $56.47.

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.