Truist Financial Corporation $TFC Position Lifted by Waycross Partners LLC

Waycross Partners LLC boosted its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 172.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 25,927 shares of the insurance provider’s stock after purchasing an additional 16,402 shares during the period. Waycross Partners LLC’s holdings in Truist Financial were worth $1,200,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. N.E.W. Advisory Services LLC acquired a new position in shares of Truist Financial in the 2nd quarter valued at approximately $30,000. Navigoe LLC bought a new stake in Truist Financial during the 2nd quarter worth approximately $30,000. Wilkerson Advisory Group LLC increased its stake in Truist Financial by 104.0% during the 1st quarter. Wilkerson Advisory Group LLC now owns 826 shares of the insurance provider’s stock worth $38,000 after purchasing an additional 421 shares in the last quarter. Elevation Wealth Partners LLC raised its holdings in Truist Financial by 44.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 892 shares of the insurance provider’s stock worth $44,000 after buying an additional 275 shares during the period. Finally, Latitude Advisors LLC acquired a new stake in Truist Financial during the 3rd quarter worth approximately $45,000. 71.28% of the stock is currently owned by institutional investors.

Insider Transactions at Truist Financial

In other Truist Financial news, CEO Michael Lyons acquired 25,000 shares of Truist Financial stock in a transaction dated Wednesday, October 28th. The stock was bought at an average cost of $48.36 per share, for a total transaction of $1,209,000.00. Following the purchase, the chief executive officer directly owned 46,000 shares in the company, valued at approximately $2,224,560. This represents a 119.05% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

TFC has been the subject of several research analyst reports. TD Cowen assumed coverage on shares of Truist Financial in a report on Thursday, October 8th. They issued a “hold” rating and a $52.00 price target for the company. Royal Bank Of Canada dropped their price objective on shares of Truist Financial from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Monday, October 19th. Evercore reaffirmed an “outperform” rating and issued a $55.00 price objective (up from $54.00) on shares of Truist Financial in a research report on Tuesday, October 27th. The Goldman Sachs Group reduced their target price on shares of Truist Financial from $59.00 to $58.00 and set a “buy” rating for the company in a research note on Monday, October 19th. Finally, Stephens lowered their target price on Truist Financial from $55.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, October 20th. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $54.73.

Truist Financial Stock Down 0.7%

NYSE:TFC traded down $0.36 during trading hours on Friday, reaching $49.48. 5,760,433 shares of the stock were exchanged, compared to its average volume of 8,307,338. The stock has a market cap of $59.30 billion, a PE ratio of 12.75, a PEG ratio of 1.10 and a beta of 0.90. Truist Financial Corporation has a twelve month low of $43.13 and a twelve month high of $56.19. The firm has a 50 day moving average of $48.34 and a 200 day moving average of $49.50. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.88 and a quick ratio of 0.88.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, October 16th. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.01). The business had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.35 billion. Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. Truist Financial’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter last year, the business earned $1.04 earnings per share. On average, equities analysts expect that Truist Financial Corporation will post 4.66 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.2%. The ex-dividend date is Friday, November 13th. Truist Financial’s payout ratio is presently 53.61%.

About Truist Financial

Truist Financial Corporation (NYSE: TFC) is a financial services company headquartered in Charlotte, North Carolina. It provides banking and related services to individuals, businesses and institutions, including deposit accounts, loans, credit cards, payment services and treasury management.

The company also offers wealth management, investment and mortgage services, along with commercial banking and capital markets solutions. Its operations are concentrated in the southeastern and mid-Atlantic United States, serving customers through branches, digital channels and other delivery platforms.

Truist was formed in 2019 through the merger of BB&T Corporation and SunTrust Banks.