23,199 Shares in Truist Financial Corporation $TFC Acquired by Edgemoor Investment Advisors Inc.

Edgemoor Investment Advisors Inc. acquired a new position in shares of Truist Financial Corporation (NYSE:TFC) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 23,199 shares of the insurance provider’s stock, valued at approximately $1,061,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of TFC. Valley Wealth Managers Inc. purchased a new position in shares of Truist Financial in the 3rd quarter valued at about $28,000. Aspect Partners LLC lifted its stake in 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 purchasing an additional 268 shares during the last quarter. Darwin Wealth Management LLC boosted 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 in the last quarter. Princeton Global Asset Management LLC acquired a new stake in Truist Financial during the second quarter worth approximately $30,000. Finally, Capital A Wealth Management LLC lifted its position in shares of Truist Financial by 1,189.5% during the 2nd 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 during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analysts Set New Price Targets

TFC has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Truist Financial from $51.50 to $57.00 and gave the company a “neutral” rating in a research note on Monday. Morgan Stanley upped their target price on Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 17th. Robert W. Baird lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Evercore ISI restated an “outperform” rating on shares of Truist Financial in a research report on Thursday. Finally, Raymond James Financial upped their price target on shares of Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, January 7th. Eight equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $55.60.

Insiders Place Their Bets

In other news, CAO Cynthia B. Powell sold 3,500 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction of $183,715.00. Following the transaction, the chief accounting officer directly owned 667 shares of the company’s stock, valued at $35,010.83. This represents a 83.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director K. David Jr. Boyer sold 5,160 shares of the business’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 directly owned 10,153 shares in the company, valued at approximately $471,606.85. This represents a 33.70% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 21,660 shares of company stock worth $1,075,087. Corporate insiders own 0.14% of the company’s stock.

Truist Financial Stock Down 1.8%

Shares of Truist Financial stock opened at $54.82 on Tuesday. Truist Financial Corporation has a one year low of $33.56 and a one year high of $56.19. The company has a market cap of $70.13 billion, a P/E ratio of 14.39, a PEG ratio of 0.94 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. The firm has a fifty day moving average of $50.38 and a two-hundred day moving average of $46.79.

Truist Financial (NYSE:TFC) last issued its quarterly 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 firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The company’s revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.91 earnings per share. On average, analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Friday, February 13th. Truist Financial’s payout ratio is presently 54.59%.

Truist Financial announced that its Board of Directors has approved a share buyback plan on Tuesday, December 16th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the insurance provider to repurchase up to 15.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.

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.