Prevail Innovative Wealth Advisors LLC Has $1.71 Million Stock Position in Truist Financial Corporation $TFC

Prevail Innovative Wealth Advisors LLC boosted its holdings in Truist Financial Corporation (NYSE:TFC) by 57.9% in the third quarter, HoldingsChannel reports. The firm owned 37,454 shares of the insurance provider’s stock after purchasing an additional 13,739 shares during the period. Prevail Innovative Wealth Advisors LLC’s holdings in Truist Financial were worth $1,712,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vinva Investment Management Ltd increased its stake in shares of Truist Financial by 159.1% in the 3rd quarter. Vinva Investment Management Ltd now owns 568,169 shares of the insurance provider’s stock valued at $26,090,000 after acquiring an additional 348,917 shares in the last quarter. Parallel Advisors LLC boosted its stake in Truist Financial by 131.4% during the third quarter. Parallel Advisors LLC now owns 33,188 shares of the insurance provider’s stock worth $1,517,000 after acquiring an additional 18,845 shares in the last quarter. Meiji Yasuda Life Insurance Co acquired a new stake in Truist Financial in the third quarter worth $425,000. Meiji Yasuda Asset Management Co Ltd. grew its holdings in Truist Financial by 54.5% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 8,977 shares of the insurance provider’s stock worth $410,000 after purchasing an additional 3,166 shares during the period. Finally, Obsidian Personal Planning Solutions LLC bought a new stake in Truist Financial in the third quarter valued at $243,000. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Trading Down 4.3%

Shares of Truist Financial stock opened at $46.40 on Friday. 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 stock has a fifty day simple moving average of $51.01 and a 200 day simple moving average of $47.70. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $56.19. The company has a market capitalization of $57.96 billion, a P/E ratio of 12.18, a price-to-earnings-growth ratio of 0.79 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 (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The firm had revenue of $4.93 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.Truist Financial’s revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.91 earnings per share. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, December 16th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the insurance provider to purchase up to 15.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date was Friday, February 13th. Truist Financial’s payout ratio is presently 54.59%.

Insider Buying and Selling

In related news, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial stock in a transaction on Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the sale, the chief financial officer directly owned 74,323 shares in the company, valued at approximately $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Cynthia B. Powell sold 3,500 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the transaction, the chief accounting officer owned 667 shares of the company’s stock, valued at $35,010.83. This trade represents a 83.99% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.17% of the company’s stock.

Analyst Ratings Changes

TFC has been the topic of a number of research analyst reports. Evercore reissued an “outperform” rating on shares of Truist Financial in a research report on Thursday, February 5th. Keefe, Bruyette & Woods boosted their target price on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research report on Wednesday, December 17th. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Barclays cut Truist Financial from an “equal weight” rating to an “underweight” rating and raised their price objective for the company from $47.00 to $56.00 in a research note on Monday, January 5th. Finally, Robert W. Baird cut Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus 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.