Legacy Financial Advisors Inc. Boosts Stock Position in Truist Financial Co. (NYSE:TFC)

Legacy Financial Advisors Inc. boosted its holdings in Truist Financial Co. (NYSE:TFC) by 391.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 87,913 shares of the insurance provider’s stock after buying an additional 70,039 shares during the quarter. Truist Financial makes up about 0.6% of Legacy Financial Advisors Inc.’s holdings, making the stock its 27th largest position. Legacy Financial Advisors Inc.’s holdings in Truist Financial were worth $3,246,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Commonwealth Equity Services LLC grew its holdings in shares of Truist Financial by 4.0% during the third quarter. Commonwealth Equity Services LLC now owns 725,595 shares of the insurance provider’s stock worth $20,759,000 after purchasing an additional 27,627 shares during the last quarter. SVB Wealth LLC grew its holdings in shares of Truist Financial by 84.2% during the third quarter. SVB Wealth LLC now owns 21,161 shares of the insurance provider’s stock worth $605,000 after purchasing an additional 9,673 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Truist Financial by 10.7% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 344,777 shares of the insurance provider’s stock worth $9,864,000 after purchasing an additional 33,405 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its holdings in shares of Truist Financial by 10.6% during the third quarter. Robeco Institutional Asset Management B.V. now owns 348,299 shares of the insurance provider’s stock worth $9,965,000 after purchasing an additional 33,362 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its holdings in shares of Truist Financial by 4.5% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 764,736 shares of the insurance provider’s stock worth $21,879,000 after purchasing an additional 33,260 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on TFC shares. UBS Group raised their price objective on Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Keefe, Bruyette & Woods raised their price objective on Truist Financial from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, April 5th. Piper Sandler increased their target price on shares of Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, January 19th. Jefferies Financial Group increased their target price on shares of Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Finally, HSBC increased their target price on shares of Truist Financial from $37.00 to $39.00 and gave the stock a “hold” rating in a research note on Thursday, March 28th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.88.

Truist Financial Price Performance

Shares of TFC traded up $0.50 on Friday, reaching $38.85. The stock had a trading volume of 8,081,419 shares, compared to its average volume of 8,655,990. Truist Financial Co. has a twelve month low of $25.56 and a twelve month high of $39.29. The firm has a market capitalization of $51.85 billion, a PE ratio of -29.43, a PEG ratio of 2.03 and a beta of 1.07. The firm has a 50-day moving average of $37.16 and a 200 day moving average of $35.14. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last posted its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The firm had revenue of $4.87 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same period last year, the firm posted $1.09 EPS. The firm’s revenue for the quarter was down 8.8% on a year-over-year basis. Sell-side analysts expect that Truist Financial Co. will post 3.3 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.35%. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 3,764 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the completion of the transaction, the director now owns 16,132 shares of the company’s stock, valued at $604,627.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.17% of the stock is owned by corporate insiders.

About Truist Financial

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.