Truist Financial Corporation $TFC Shares Bought by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC boosted its position in shares of Truist Financial Corporation (NYSE:TFC) by 8.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 157,184 shares of the insurance provider’s stock after buying an additional 12,743 shares during the period. Concurrent Investment Advisors LLC’s holdings in Truist Financial were worth $7,186,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC raised its stake in Truist Financial by 148.5% in the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after purchasing an additional 14,093 shares during the last quarter. Woodline Partners LP boosted its stake in Truist Financial by 39.5% during the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after purchasing an additional 31,454 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of Truist Financial by 38.0% during the second quarter. Parallel Advisors LLC now owns 14,343 shares of the insurance provider’s stock worth $617,000 after buying an additional 3,949 shares in the last quarter. RMR Wealth Builders raised its position in shares of Truist Financial by 1.7% in the second quarter. RMR Wealth Builders now owns 19,205 shares of the insurance provider’s stock valued at $826,000 after buying an additional 313 shares during the last quarter. Finally, Canandaigua National Bank & Trust Co. lifted its stake in shares of Truist Financial by 3.9% in the second quarter. Canandaigua National Bank & Trust Co. now owns 31,774 shares of the insurance provider’s stock worth $1,366,000 after buying an additional 1,198 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Price Performance

TFC stock opened at $49.66 on Wednesday. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $51.51. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. The stock has a market cap of $63.53 billion, a price-to-earnings ratio of 13.35, a price-to-earnings-growth ratio of 0.96 and a beta of 0.89. The business has a fifty day moving average of $47.94 and a two-hundred day moving average of $45.90.

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, topping analysts’ consensus estimates of $0.99 by $0.05. The business had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $5.20 billion. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The company’s revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.97 EPS. As a group, research analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial announced that its Board of Directors has initiated 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 buy up to 15.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were given a dividend of $0.52 per share. The ex-dividend date was Friday, November 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. Truist Financial’s dividend payout ratio (DPR) is currently 55.91%.

Insider Activity

In other 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 shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the transaction, the director directly owned 10,153 shares in the company, valued at approximately $471,606.85. This represents a 33.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.14% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. UBS Group set a $55.00 price objective on shares of Truist Financial in a research note on Tuesday, October 21st. Barclays lowered Truist Financial from an “equal weight” rating to an “underweight” rating and upped their price target for the company from $47.00 to $56.00 in a research report on Monday, January 5th. Baird R W downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Weiss Ratings restated a “hold (c+)” rating on shares of Truist Financial in a report on Monday, December 29th. Finally, Cowen reaffirmed a “buy” rating on shares of Truist Financial in a research note on Wednesday, January 7th. Seven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Truist Financial has a consensus rating of “Hold” and an average price target of $52.80.

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.