Douglas Lane & Associates LLC Grows Stake in Truist Financial Corporation $TFC

Douglas Lane & Associates LLC boosted its position in shares of Truist Financial Corporation (NYSE:TFC) by 2.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,167,167 shares of the insurance provider’s stock after purchasing an additional 23,339 shares during the quarter. Douglas Lane & Associates LLC owned about 0.09% of Truist Financial worth $57,436,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of TFC. Brighton Jones LLC increased its holdings in Truist Financial by 148.5% during the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after purchasing an additional 14,093 shares during the period. Woodline Partners LP increased its holdings in Truist Financial by 39.5% during the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after purchasing an additional 31,454 shares during the period. Sivia Capital Partners LLC purchased a new position in Truist Financial during the 2nd quarter worth $575,000. Jump Financial LLC increased its holdings in Truist Financial by 955.7% during the 2nd quarter. Jump Financial LLC now owns 94,270 shares of the insurance provider’s stock worth $4,053,000 after purchasing an additional 85,340 shares during the period. Finally, WINTON GROUP Ltd purchased a new position in Truist Financial during the 2nd quarter worth $843,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction on Monday, January 26th. The stock was 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 owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This trade represents a 14.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of the firm’s stock in a transaction on 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 directly owned 667 shares of the company’s stock, valued at $35,010.83. The trade was a 83.99% decrease in their position. The SEC filing for this sale provides additional information. 0.15% of the stock is owned by company insiders.

Truist Financial Stock Up 2.4%

Truist Financial stock opened at $50.50 on Friday. 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 stock has a market capitalization of $62.66 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 0.85 and a beta of 0.89. Truist Financial Corporation has a 1-year low of $34.52 and a 1-year high of $56.19. The business has a fifty day moving average price of $48.94 and a 200-day moving average price of $47.68.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data 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 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%.The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.91 EPS. Equities research analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial announced that its Board of Directors has approved a share buyback program on Tuesday, December 16th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the insurance provider to reacquire up to 15.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is presently 54.59%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TFC. Keefe, Bruyette & Woods increased their target price on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research report on Wednesday, December 17th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $58.00 target price on shares of Truist Financial in a research report on Tuesday, January 6th. Morgan Stanley dropped their target price on Truist Financial from $69.00 to $63.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 31st. TD Cowen increased their target price on Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. Finally, Argus increased their target price on Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.41.

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.