NewEdge Wealth LLC Has $1.10 Million Holdings in Truist Financial Corporation $TFC

NewEdge Wealth LLC boosted its stake in Truist Financial Corporation (NYSE:TFC) by 79.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,992 shares of the insurance provider’s stock after purchasing an additional 11,103 shares during the quarter. NewEdge Wealth LLC’s holdings in Truist Financial were worth $1,101,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Leisure Capital Management raised its position in shares of Truist Financial by 1.2% in the 3rd quarter. Leisure Capital Management now owns 19,985 shares of the insurance provider’s stock valued at $914,000 after acquiring an additional 230 shares during the period. Smith Thornton Advisors LLC raised its holdings in Truist Financial by 4.1% in the third quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock worth $270,000 after purchasing an additional 231 shares during the period. Gries Financial LLC boosted its position in shares of Truist Financial by 4.4% during the third quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock worth $252,000 after purchasing an additional 233 shares in the last quarter. TD Waterhouse Canada Inc. grew its holdings in shares of Truist Financial by 6.8% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 3,730 shares of the insurance provider’s stock valued at $170,000 after buying an additional 237 shares during the period. Finally, Salomon & Ludwin LLC grew its holdings in shares of Truist Financial by 1.1% in the 3rd quarter. Salomon & Ludwin LLC now owns 21,934 shares of the insurance provider’s stock valued at $998,000 after buying an additional 239 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 1.1%

Truist Financial stock opened at $52.35 on Monday. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $56.19. The company has a fifty day simple moving average of $51.19 and a 200 day simple moving average of $47.34. The company has a market cap of $66.97 billion, a P/E ratio of 13.74, a price-to-earnings-growth ratio of 0.89 and a beta of 0.89.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The business had revenue of $5.25 billion for 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 company’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 earnings per share. Research analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

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

Truist Financial declared that its Board of Directors has authorized a share repurchase program on Tuesday, December 16th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the insurance provider to reacquire up to 15.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

TFC has been the topic of several research analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a research note on Monday, December 29th. Keefe, Bruyette & Woods raised their price target on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 17th. JPMorgan Chase & Co. increased their target price on Truist Financial from $51.50 to $57.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Argus lifted their price target on shares of Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. Finally, Evercore reissued an “outperform” rating on shares of Truist Financial in a research report on Thursday, February 5th. Eight analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $56.47.

Insider Transactions at Truist Financial

In other news, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction that occurred 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 owned 667 shares of the company’s stock, valued at approximately $35,010.83. This represents a 83.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the transaction, 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. Insiders have sold a total of 21,660 shares of company stock worth $1,075,087 in the last 90 days. 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.