Pacer Advisors Inc. Purchases 37,762 Shares of Truist Financial Corporation $TFC

Pacer Advisors Inc. boosted its position in Truist Financial Corporation (NYSE:TFC) by 35.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 144,355 shares of the insurance provider’s stock after purchasing an additional 37,762 shares during the period. Pacer Advisors Inc.’s holdings in Truist Financial were worth $6,600,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of TFC. Whitener Capital Management Inc. raised its holdings in shares of Truist Financial by 0.9% in the third quarter. Whitener Capital Management Inc. now owns 121,985 shares of the insurance provider’s stock worth $5,577,000 after buying an additional 1,051 shares during the period. Norden Group LLC grew its position in Truist Financial by 22.5% in the 3rd quarter. Norden Group LLC now owns 6,376 shares of the insurance provider’s stock valued at $292,000 after acquiring an additional 1,170 shares during the last quarter. World Investment Advisors grew its position in Truist Financial by 15.1% in the 3rd quarter. World Investment Advisors now owns 27,542 shares of the insurance provider’s stock valued at $1,259,000 after acquiring an additional 3,605 shares during the last quarter. Tritonpoint Wealth LLC purchased a new stake in Truist Financial in the third quarter worth $215,000. Finally, Brookstone Capital Management lifted its position in shares of Truist Financial by 12.3% during the third quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider’s stock worth $15,366,000 after purchasing an additional 36,916 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Down 0.3%

NYSE:TFC opened at $50.61 on Monday. The firm has a 50-day simple moving average of $46.48 and a 200-day simple moving average of $45.09. Truist Financial Corporation has a one year low of $33.56 and a one year high of $50.86. The firm has a market cap of $64.74 billion, a P/E ratio of 13.60, a P/E/G ratio of 1.10 and a beta of 0.90. 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 (NYSE:TFC) last released its quarterly earnings data on Friday, October 17th. The insurance provider reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. The firm had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.20 billion. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The company’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the firm earned $0.97 earnings per share. Equities analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial announced that its board has authorized a share repurchase 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 purchase up to 15.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Truist Financial Dividend Announcement

The business also recently declared 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 of this dividend was Friday, November 14th. Truist Financial’s payout ratio is presently 55.91%.

Insider Buying and Selling at Truist Financial

In related news, Director K. David Jr. Boyer sold 5,160 shares of the firm’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 sale, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

TFC has been the subject of a number of recent analyst reports. 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. Robert W. Baird reissued a “neutral” rating and issued a $52.00 price objective on shares of Truist Financial in a research report on Thursday, December 11th. Piper Sandler set a $48.00 target price on shares of Truist Financial in a research note on Monday, October 20th. Keefe, Bruyette & Woods raised their target price on shares of Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 17th. Finally, UBS Group set a $55.00 price target on shares of Truist Financial in a research note on Tuesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $49.93.

About Truist Financial

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.