Atlantic Union Bankshares Corp Has $8.71 Million Stake in Truist Financial Corporation $TFC

Atlantic Union Bankshares Corp boosted its holdings in Truist Financial Corporation (NYSE:TFC) by 32.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 190,514 shares of the insurance provider’s stock after acquiring an additional 46,356 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Truist Financial were worth $8,710,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Aspect Partners LLC increased 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 buying an additional 268 shares in the last quarter. Valley Wealth Managers Inc. acquired a new position in Truist Financial during the 3rd quarter worth $28,000. Princeton Global Asset Management LLC acquired a new position in Truist Financial during the 2nd quarter valued at about $30,000. Capital A Wealth Management LLC grew its stake in shares of Truist Financial by 1,189.5% during the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 678 shares during the period. Finally, Darwin Wealth Management LLC increased its holdings in Truist Financial by 631.6% in the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 600 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on TFC shares. The Goldman Sachs Group reissued a “buy” rating and set a $58.00 price target on shares of Truist Financial in a research report on Tuesday, January 6th. Morgan Stanley raised their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 17th. Raymond James Financial increased their target price on Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, January 7th. Robert W. Baird lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a research report on Monday, December 29th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $54.20.

Truist Financial Price Performance

Shares of NYSE TFC opened at $52.66 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. The business’s 50 day moving average price is $49.52 and its two-hundred day moving average price is $46.44. The company has a market cap of $67.37 billion, a PE ratio of 13.82, a price-to-earnings-growth ratio of 0.87 and a beta of 0.89. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $52.72.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The business had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The business’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.91 earnings per share. On average, analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is presently 54.59%.

Truist Financial announced that its board has authorized a stock buyback program on Tuesday, December 16th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the insurance provider to buy up to 15.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Truist Financial

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of the stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $50.13, for a total transaction of $651,690.00. Following the transaction, the chief financial officer owned 74,323 shares in the company, valued at $3,725,811.99. This represents a 14.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction 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 sale, the director owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. The trade was a 33.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.17% of the company’s stock.

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.