Welch Group LLC Has $59.98 Million Stock Position in Truist Financial Corporation $TFC

Welch Group LLC raised its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 1.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,311,936 shares of the insurance provider’s stock after purchasing an additional 13,101 shares during the period. Truist Financial accounts for approximately 2.3% of Welch Group LLC’s holdings, making the stock its 21st biggest holding. Welch Group LLC’s holdings in Truist Financial were worth $59,982,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Foster Victor Wealth Advisors LLC raised its stake in shares of Truist Financial by 0.4% during the second quarter. Foster Victor Wealth Advisors LLC now owns 62,087 shares of the insurance provider’s stock worth $2,804,000 after buying an additional 242 shares during the last quarter. MGO One Seven LLC raised its position in shares of Truist Financial by 0.9% during the 2nd 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 last quarter. Legacy Wealth Asset Management LLC lifted its stake in shares of Truist Financial by 1.6% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 16,718 shares of the insurance provider’s stock valued at $764,000 after purchasing an additional 261 shares during the period. Haverford Trust Co boosted its position in shares of Truist Financial by 3.5% in the 1st quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider’s stock worth $319,000 after purchasing an additional 262 shares during the last quarter. Finally, Keystone Financial Group Inc. grew its stake in shares of Truist Financial by 1.3% during the second quarter. Keystone Financial Group Inc. now owns 21,283 shares of the insurance provider’s stock worth $942,000 after purchasing an additional 266 shares during the period. Institutional investors own 71.28% of the company’s stock.

Insider Activity at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the transaction, the director directly owned 10,153 shares of the company’s stock, valued at $471,606.85. This represents a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is currently owned by company insiders.

Truist Financial Stock Performance

Shares of TFC stock opened at $50.51 on Tuesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $50.63. The company’s 50 day moving average price is $45.85 and its two-hundred day moving average price is $44.80. The company has a market capitalization of $64.61 billion, a P/E ratio of 13.58, a price-to-earnings-growth ratio of 1.08 and a beta of 0.90.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.05. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The company had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $5.20 billion. During the same quarter in the prior year, the company earned $0.97 earnings per share. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial announced that its board has approved a stock buyback plan 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 stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, November 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is currently 55.91%.

Analyst Upgrades and Downgrades

TFC has been the topic of several analyst reports. Raymond James Financial reissued an “outperform” rating on shares of Truist Financial in a research note on Tuesday, October 7th. Morgan Stanley upped their price target on Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 17th. Keefe, Bruyette & Woods lifted their price objective on shares of Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 17th. Evercore ISI increased their target price on shares of Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Finally, Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $49.93.

Truist Financial Profile

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.