Truist Financial Corporation $TFC Shares Bought by Brookstone Capital Management

Brookstone Capital Management grew its stake in Truist Financial Corporation (NYSE:TFC) by 12.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 336,095 shares of the insurance provider’s stock after buying an additional 36,916 shares during the quarter. Brookstone Capital Management’s holdings in Truist Financial were worth $15,366,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in TFC. Norges Bank acquired a new position in Truist Financial during the 2nd quarter worth approximately $487,401,000. Laurel Wealth Advisors LLC lifted its position in shares of Truist Financial by 4,121.3% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider’s stock worth $100,424,000 after purchasing an additional 2,280,653 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Truist Financial by 811.0% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,018,457 shares of the insurance provider’s stock worth $86,773,000 after purchasing an additional 1,796,884 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Truist Financial by 1.3% during the second quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock worth $5,177,722,000 after purchasing an additional 1,529,478 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in Truist Financial by 71.9% in the second quarter. AQR Capital Management LLC now owns 3,165,033 shares of the insurance provider’s stock valued at $136,065,000 after buying an additional 1,323,866 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction that occurred on 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 sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is owned by company insiders.

Truist Financial Stock Performance

Shares of TFC opened at $50.74 on Thursday. The company’s 50 day simple moving average is $46.13 and its 200-day simple moving average is $44.92. The firm has a market cap of $64.91 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $50.86. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.05. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The firm 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 business earned $0.97 EPS. Truist Financial’s quarterly revenue was up 1.9% compared to the same quarter last year. As a group, equities analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial declared that its board has initiated a share buyback plan on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to reacquire up to 15.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Truist Financial Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TFC. TD Cowen raised Truist Financial from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a report on Tuesday, October 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of Truist Financial in a research report on Monday. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Baird R W lowered shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Finally, Piper Sandler set a $48.00 price objective on shares of Truist Financial in a research report on Monday, October 20th. One research 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’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $49.93.

Truist Financial Company 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.