Truist Financial Corporation $TFC Stock Position Lifted by DAVENPORT & Co LLC

DAVENPORT & Co LLC raised its stake in Truist Financial Corporation (NYSE:TFC) by 2.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 511,560 shares of the insurance provider’s stock after buying an additional 11,489 shares during the quarter. DAVENPORT & Co LLC’s holdings in Truist Financial were worth $25,176,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TFC. Valley Wealth Managers Inc. acquired a new stake in shares of Truist Financial during the 3rd quarter valued at $28,000. Capital A Wealth Management LLC increased its stake 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 worth $32,000 after acquiring an additional 678 shares during the last quarter. Darwin Wealth Management LLC raised 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 acquiring an additional 600 shares in the last quarter. Ancora Advisors LLC raised its holdings in shares of Truist Financial by 259.1% during 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 in the last quarter. Finally, Twin Peaks Wealth Advisors LLC acquired a new stake in Truist Financial during the second quarter valued at $36,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Raymond James Financial boosted their target price on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and set a $52.00 price target for the company in a report on Monday, March 9th. TD Cowen boosted their price target on Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, January 22nd. Citigroup increased their price objective on Truist Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, December 31st. Finally, Evercore reaffirmed an “outperform” rating on shares of Truist Financial in a research report on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $56.47.

Truist Financial Trading Up 0.2%

Truist Financial stock opened at $45.40 on Thursday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. The company has a market capitalization of $56.34 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 0.77 and a beta of 0.87. Truist Financial Corporation has a one year low of $33.56 and a one year high of $56.19. The company’s fifty day moving average price is $49.66 and its two-hundred day moving average price is $47.58.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The company 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 quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 EPS. On average, analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.6%. The ex-dividend date was Friday, February 13th. Truist Financial’s payout ratio is 54.59%.

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

Insider Activity at Truist Financial

In other news, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial 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 transaction, the chief financial officer owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of the business’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction 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. The trade was a 83.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.15% of the stock is currently owned by insiders.

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.