Truist Financial Corporation $TFC Stake Increased by Midwest Trust Co

Midwest Trust Co increased its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 11.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 287,262 shares of the insurance provider’s stock after buying an additional 28,611 shares during the quarter. Midwest Trust Co’s holdings in Truist Financial were worth $13,134,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of Truist Financial in the second quarter worth approximately $487,401,000. Jennison Associates LLC boosted its holdings in Truist Financial by 203.1% during the third quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider’s stock valued at $179,176,000 after acquiring an additional 2,625,847 shares during the period. Laurel Wealth Advisors LLC boosted its position in shares of Truist Financial by 4,121.3% in the second quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider’s stock valued at $100,424,000 after acquiring an additional 2,280,653 shares during the period. Arrowstreet Capital Limited Partnership grew its position in Truist Financial by 811.0% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,018,457 shares of the insurance provider’s stock worth $86,773,000 after buying an additional 1,796,884 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Truist Financial by 1.3% in the second quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock worth $5,177,722,000 after purchasing an additional 1,529,478 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Truist Financial

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of the 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 transaction, the chief financial officer owned 74,323 shares in the company, valued at $3,725,811.99. This trade represents a 14.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the sale, the director directly owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. The trade was a 33.70% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 21,660 shares of company stock worth $1,075,087. Company insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Citigroup upped their price target on Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, December 31st. TD Cowen raised their price objective on shares of Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, January 22nd. UBS Group set a $55.00 price objective on shares of Truist Financial in a report on Tuesday, October 21st. Argus increased their target price on Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, January 23rd. Finally, Evercore ISI reaffirmed an “outperform” rating on shares of Truist Financial in a research report on Thursday, February 5th. Eight analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $55.60.

Truist Financial Price Performance

NYSE:TFC opened at $55.09 on Wednesday. The company has a market cap of $70.47 billion, a P/E ratio of 14.46, a P/E/G ratio of 0.93 and a beta of 0.89. The firm’s fifty day moving average price is $50.55 and its two-hundred day moving average price is $46.86. Truist Financial Corporation has a one year low of $33.56 and a one year high of $56.19. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86.

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

Truist Financial announced that its board has initiated a share buyback plan on Tuesday, December 16th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the insurance provider to buy up to 15.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Truist Financial Dividend Announcement

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

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.