AIA Group Ltd Acquires 22,934 Shares of Truist Financial Corporation $TFC

AIA Group Ltd boosted its holdings in Truist Financial Corporation (NYSE:TFC) by 60.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 60,849 shares of the insurance provider’s stock after purchasing an additional 22,934 shares during the period. AIA Group Ltd’s holdings in Truist Financial were worth $2,782,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of TFC. Valley Wealth Managers Inc. purchased a new position in shares of Truist Financial in the 3rd quarter worth about $28,000. Capital A Wealth Management LLC grew its position in 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 valued at $32,000 after buying an additional 678 shares during the period. Darwin Wealth Management LLC increased its holdings in 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 buying an additional 600 shares during the last quarter. Ancora Advisors LLC raised its position in Truist Financial by 259.1% in the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 500 shares during the period. Finally, Twin Peaks Wealth Advisors LLC bought a new stake in Truist Financial in the second quarter worth about $36,000. Institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE TFC opened at $43.86 on Friday. The stock’s 50-day simple moving average is $50.07 and its two-hundred day simple moving average is $47.62. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $56.19. The firm has a market capitalization of $54.43 billion, a P/E ratio of 11.51, a P/E/G ratio of 0.75 and a beta of 0.87. 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 (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 business had revenue of $4.93 billion for the quarter, compared to the consensus estimate 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 was up 3.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.91 EPS. As a group, equities analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

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

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were given a $0.52 dividend. The ex-dividend date was Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a yield of 4.7%. Truist Financial’s payout ratio is presently 54.59%.

Insider Activity at Truist Financial

In other news, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the completion of the sale, the chief financial officer directly owned 74,323 shares in the company, valued at approximately $3,725,811.99. The trade was a 14.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of the 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 in the company, valued at approximately $35,010.83. This represents a 83.99% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.17% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

TFC has been the topic of several research analyst reports. The Goldman Sachs Group reiterated a “buy” rating and issued a $58.00 price objective on shares of Truist Financial in a research note on Tuesday, January 6th. Argus boosted their target price on Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. Raymond James Financial upped their price target on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, January 7th. Morgan Stanley upgraded Truist Financial from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $56.00 to $69.00 in a research note on Tuesday, February 17th. Finally, JPMorgan Chase & Co. lifted their price objective on Truist Financial from $51.50 to $57.00 and gave the stock a “neutral” rating in a report on Monday, February 9th. 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 stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $56.47.

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.