Truist Financial Corporation $TFC Shares Bought by Concord Asset Management LLC VA

Concord Asset Management LLC VA raised its position in Truist Financial Corporation (NYSE:TFC) by 568.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 69,847 shares of the insurance provider’s stock after purchasing an additional 59,398 shares during the period. Concord Asset Management LLC VA’s holdings in Truist Financial were worth $3,003,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. First Hawaiian Bank grew its holdings in Truist Financial by 8.6% in the first quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider’s stock valued at $493,000 after purchasing an additional 948 shares during the last quarter. Code Waechter LLC purchased a new stake in shares of Truist Financial in the first quarter valued at $365,000. Cantor Fitzgerald Investment Advisors L.P. lifted its position in shares of Truist Financial by 4.6% in the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider’s stock valued at $17,927,000 after acquiring an additional 19,286 shares in the last quarter. Pinnacle Financial Partners Inc lifted its position in shares of Truist Financial by 55.1% in the first quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider’s stock valued at $5,530,000 after acquiring an additional 47,717 shares in the last quarter. Finally, Credit Agricole S A lifted its position in shares of Truist Financial by 76.4% in the first quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider’s stock valued at $20,591,000 after acquiring an additional 216,672 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Evercore ISI upped their price objective on Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Raymond James Financial restated an “outperform” rating on shares of Truist Financial in a research report on Tuesday, October 7th. Weiss Ratings restated a “hold (c+)” rating on shares of Truist Financial in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods downgraded Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price objective on the stock. in a research report on Wednesday, July 9th. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $47.00 price objective on shares of Truist Financial in a research report on Thursday, August 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $48.89.

Truist Financial Stock Performance

NYSE TFC opened at $42.32 on Monday. The firm has a market capitalization of $54.57 billion, a P/E ratio of 11.53, a P/E/G ratio of 1.35 and a beta of 0.88. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The business’s 50-day simple moving average is $45.16 and its 200-day simple moving average is $42.17.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.02). The firm had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business’s revenue for the quarter was down 406.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share. Equities analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial’s payout ratio is currently 56.68%.

Insider Buying and Selling at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider directly owned 500 shares of the company’s stock, valued at $22,595. The trade was a 96.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.14% of the stock is owned by corporate insiders.

About Truist Financial

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.