United Community Bank Boosts Stake in Truist Financial Corporation $TFC

United Community Bank lifted its holdings in Truist Financial Corporation (NYSE:TFC) by 145.6% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,924 shares of the insurance provider’s stock after buying an additional 10,032 shares during the period. United Community Bank’s holdings in Truist Financial were worth $774,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of TFC. Valley Wealth Managers Inc. purchased a new stake in shares of Truist Financial during the 3rd quarter valued at $28,000. Aspect Partners LLC grew its position in Truist Financial by 71.5% during the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock valued at $28,000 after buying an additional 268 shares during the period. Darwin Wealth Management LLC grew its position in Truist Financial by 631.6% during the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock valued at $32,000 after buying an additional 600 shares during the period. Princeton Global Asset Management LLC purchased a new stake in Truist Financial during the second quarter worth about $30,000. Finally, Capital A Wealth Management LLC raised its position in 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 period. 71.28% of the stock is owned by institutional investors.

Truist Financial Price Performance

Shares of NYSE TFC opened at $51.44 on Monday. The stock has a fifty day moving average of $49.37 and a 200-day moving average of $46.39. The stock has a market cap of $65.80 billion, a PE ratio of 13.50, a price-to-earnings-growth ratio of 0.87 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $51.67.

Truist Financial (NYSE:TFC) last posted its 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). Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same period in the previous year, the firm earned $0.91 EPS. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. Equities research analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Friday, February 13th. Truist Financial’s dividend payout ratio is 54.59%.

Truist Financial declared that its board has authorized a stock buyback program on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to repurchase up to 15.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Morgan Stanley increased their target price on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 17th. Robert W. Baird lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. TD Cowen raised their target price on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Piper Sandler boosted their target price on Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Thursday, January 22nd. Finally, Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Seven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $54.20.

Insider Activity at Truist Financial

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction 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 transaction, the chief financial officer directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director K. David Jr. Boyer sold 5,160 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the sale, the director owned 10,153 shares in the company, valued at $471,606.85. This trade represents a 33.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.14% of the company’s stock.

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.