Cobblestone Capital Advisors LLC NY Buys New Position in Truist Financial Corporation $TFC

Cobblestone Capital Advisors LLC NY bought a new stake in Truist Financial Corporation (NYSE:TFC) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 27,772 shares of the insurance provider’s stock, valued at approximately $1,270,000.

Several other hedge funds also recently modified their holdings of TFC. Valley Wealth Managers Inc. acquired a new stake in Truist Financial during the third quarter worth approximately $28,000. Aspect Partners LLC lifted its stake 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 during the period. Darwin Wealth Management LLC boosted its holdings in shares of Truist Financial by 631.6% during the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. Capital A Wealth Management LLC grew its position in shares of Truist Financial by 1,189.5% in the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 678 shares during the period. Finally, Twin Peaks Wealth Advisors LLC acquired a new position in Truist Financial in the second quarter valued at $36,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on TFC shares. TD Cowen raised their price target on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. Weiss Ratings upgraded shares of Truist Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday. Evercore restated an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Barclays downgraded shares of Truist Financial from an “equal weight” rating to an “underweight” rating and increased their price target for the stock from $47.00 to $56.00 in a research note on Monday, January 5th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. Nine investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $56.47.

Truist Financial Trading Down 4.3%

Shares of TFC stock opened at $49.26 on Monday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $56.19. The firm’s 50 day moving average price is $51.21 and its two-hundred day moving average price is $47.58. The stock has a market cap of $61.54 billion, a price-to-earnings ratio of 12.93, a price-to-earnings-growth ratio of 0.84 and a beta of 0.87.

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 the consensus estimate of $1.09 by ($0.09). The business had revenue of $4.93 billion during 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%.Truist Financial’s revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.91 EPS. On average, analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The business 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 dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date is Friday, February 13th. Truist Financial’s payout ratio is currently 54.59%.

Truist Financial declared that its board has approved a share 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 repurchase up to 15.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, CAO Cynthia B. Powell sold 3,500 shares of the company’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the sale, the chief accounting officer owned 667 shares of the company’s stock, valued at $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the sale, the chief financial officer owned 74,323 shares in the company, valued at approximately $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.14% of the stock is owned by corporate insiders.

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.