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

Truist Financial Corp increased its stake in shares of Truist Financial Corporation (NYSE:TFC) by 11.3% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 4,869,015 shares of the insurance provider’s stock after acquiring an additional 495,280 shares during the period. Truist Financial Corp owned 0.38% of Truist Financial worth $222,611,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Smith Thornton Advisors LLC lifted its stake in shares of Truist Financial by 4.1% in the third quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock worth $270,000 after buying an additional 231 shares during the last quarter. Gries Financial LLC raised its holdings in Truist Financial by 4.4% in the 3rd quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock worth $252,000 after acquiring an additional 233 shares during the period. Salomon & Ludwin LLC raised its holdings in Truist Financial by 1.1% in the 3rd quarter. Salomon & Ludwin LLC now owns 21,934 shares of the insurance provider’s stock worth $998,000 after acquiring an additional 239 shares during the period. CNB Bank lifted its position in Truist Financial by 5.5% during the 3rd quarter. CNB Bank now owns 4,596 shares of the insurance provider’s stock worth $210,000 after acquiring an additional 239 shares during the last quarter. Finally, MGO One Seven LLC boosted its holdings in Truist Financial by 0.9% during the second quarter. MGO One Seven LLC now owns 28,849 shares of the insurance provider’s stock valued at $1,240,000 after acquiring an additional 246 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $50.92 on Wednesday. The firm has a market cap of $65.14 billion, a P/E ratio of 13.36, a price-to-earnings-growth ratio of 0.85 and a beta of 0.89. The firm’s 50-day simple moving average is $49.00 and its 200-day simple moving average is $46.26. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $51.51. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87.

Truist Financial (NYSE:TFC) last posted 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). The business had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period last year, the company earned $0.91 EPS. As a group, research analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial announced that its board has authorized a stock buyback program on Tuesday, December 16th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the insurance provider to buy up to 15.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Truist Financial Dividend Announcement

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

Insider Buying and Selling

In other Truist Financial 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 value of $239,682.00. Following the sale, the director directly 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.14% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on TFC shares. TD Cowen lifted their price objective on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a report on Monday, December 29th. Keefe, Bruyette & Woods lifted 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. UBS Group set a $55.00 price objective on Truist Financial in a research report on Tuesday, October 21st. Finally, Argus raised their price objective on shares of Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, January 23rd. Seven research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Truist Financial currently has a consensus rating of “Hold” and an average target price of $54.20.

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.