DAVENPORT & Co LLC Grows Position in Truist Financial Corporation $TFC

DAVENPORT & Co LLC raised its stake in shares of Truist Financial Corporation (NYSE:TFC) by 4.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 500,071 shares of the insurance provider’s stock after purchasing an additional 19,253 shares during the quarter. DAVENPORT & Co LLC’s holdings in Truist Financial were worth $22,864,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Foster Victor Wealth Advisors LLC increased its position in shares of Truist Financial by 0.4% in the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 62,087 shares of the insurance provider’s stock valued at $2,804,000 after acquiring an additional 242 shares during the period. MGO One Seven LLC grew its stake in 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 purchasing an additional 246 shares during the last quarter. Legacy Wealth Asset Management LLC increased its holdings in shares of Truist Financial by 1.6% in the third 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. Keystone Financial Group Inc. raised its stake in shares of Truist Financial by 1.3% in 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 last quarter. Finally, Aspect Partners LLC lifted its holdings in shares of Truist Financial by 71.5% during the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 268 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 0.5%

TFC stock opened at $50.74 on Thursday. The firm has a market cap of $64.91 billion, a PE ratio of 13.64, a P/E/G ratio of 1.09 and a beta of 0.90. The firm’s fifty day moving average is $46.13 and its 200 day moving average is $44.92. 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 one year low of $33.56 and a one year high of $50.86.

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

Truist Financial Dividend Announcement

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

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

Analysts Set New Price Targets

Several brokerages recently weighed in on TFC. UBS Group set a $55.00 price target on shares of Truist Financial in a report on Tuesday, October 21st. TD Cowen raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $55.00 price objective on the stock in a report on Tuesday, October 21st. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 price objective on shares of Truist Financial in a research note on Thursday, December 11th. Piper Sandler set a $48.00 target price on shares of Truist Financial in a research report on Monday, October 20th. Finally, Evercore ISI upped their price target on shares of Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a report on Tuesday, September 30th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $49.93.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the sale, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. The trade was a 33.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.17% of the company’s stock.

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.