Homestead Advisers Corp Has $37.95 Million Holdings in Truist Financial Corporation $TFC

Homestead Advisers Corp decreased its stake in Truist Financial Corporation (NYSE:TFC) by 21.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 830,100 shares of the insurance provider’s stock after selling 226,400 shares during the quarter. Homestead Advisers Corp owned approximately 0.06% of Truist Financial worth $37,952,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of TFC. Aspect Partners LLC increased its position in shares of Truist Financial by 71.5% during the 2nd quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 268 shares in the last quarter. Valley Wealth Managers Inc. acquired a new position in Truist Financial in the third quarter valued at about $28,000. Princeton Global Asset Management LLC bought a new stake in Truist Financial during the second quarter worth about $30,000. Capital A Wealth Management LLC increased its holdings 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 buying an additional 678 shares in the last quarter. Finally, Darwin Wealth Management LLC raised its stake in shares of 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 acquiring an additional 600 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TFC. Barclays downgraded Truist Financial from an “equal weight” rating to an “underweight” rating and boosted their target price for the stock from $47.00 to $56.00 in a report on Monday, January 5th. Keefe, Bruyette & Woods boosted their price objective on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 17th. The Goldman Sachs Group restated a “buy” rating and issued a $58.00 target price on shares of Truist Financial in a research note on Tuesday, January 6th. TD Cowen lifted their price target on Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Truist Financial in a report on Monday, December 29th. Seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $54.20.

Truist Financial Price Performance

Truist Financial stock opened at $55.09 on Thursday. The business’s 50-day simple moving average is $49.85 and its 200 day simple moving average is $46.57. 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 stock has a market cap of $70.47 billion, a price-to-earnings ratio of 14.46, a P/E/G ratio of 0.91 and a beta of 0.89. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $55.75.

Truist Financial (NYSE:TFC) last released its earnings results 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 for 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 revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.91 earnings per share. As a group, research analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a yield of 3.8%. Truist Financial’s dividend payout ratio (DPR) is presently 54.59%.

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

Insiders Place Their Bets

In related news, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial stock in a transaction on Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the completion of the sale, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director K. David Jr. Boyer sold 5,160 shares of the stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the transaction, the director directly owned 10,153 shares in the company, valued at $471,606.85. The trade was a 33.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 21,660 shares of company stock valued at $1,075,087. Company 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.