TD Private Client Wealth LLC Increases Stock Position in Truist Financial Corporation $TFC

TD Private Client Wealth LLC grew its position in shares of Truist Financial Corporation (NYSE:TFC) by 34.4% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 102,849 shares of the insurance provider’s stock after buying an additional 26,306 shares during the quarter. TD Private Client Wealth LLC’s holdings in Truist Financial were worth $4,702,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quent Capital LLC purchased a new position in shares of Truist Financial during the third quarter worth about $117,000. Nordea Investment Management AB increased its holdings in shares of Truist Financial by 10.7% in the third quarter. Nordea Investment Management AB now owns 126,017 shares of the insurance provider’s stock valued at $5,666,000 after purchasing an additional 12,205 shares during the period. First Horizon Corp purchased a new stake in shares of Truist Financial in the third quarter valued at about $652,000. MGO One Seven LLC boosted its stake in shares of Truist Financial by 15.0% in the third quarter. MGO One Seven LLC now owns 33,180 shares of the insurance provider’s stock valued at $1,517,000 after buying an additional 4,331 shares in the last quarter. Finally, Bayforest Capital Ltd grew its holdings in Truist Financial by 64.6% during the third quarter. Bayforest Capital Ltd now owns 7,571 shares of the insurance provider’s stock worth $346,000 after acquiring an additional 2,972 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upped their price target on shares of Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 17th. UBS Group set a $55.00 price objective on shares of Truist Financial in a report on Tuesday, October 21st. Morgan Stanley lifted their price target 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. Barclays cut Truist Financial from an “equal weight” rating to an “underweight” rating and upped their price target for the stock from $47.00 to $56.00 in a report on Monday, January 5th. Finally, Robert W. Baird reiterated a “neutral” rating and set a $52.00 target price on shares of Truist Financial in a research report on Thursday, December 11th. Seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $52.80.

Insider Buying and Selling

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of the business’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the transaction, the director owned 10,153 shares in the company, valued at $471,606.85. The trade was a 33.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.14% of the stock is owned by company insiders.

Truist Financial Trading Down 1.0%

Shares of TFC opened at $49.66 on Wednesday. The stock’s fifty day simple moving average is $47.94 and its 200 day simple moving average is $45.90. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $51.51. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $63.53 billion, a P/E ratio of 13.35, a price-to-earnings-growth ratio of 0.96 and a beta of 0.89.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.05. The business had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.20 billion. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The company’s revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.97 EPS. On average, equities research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.2%. The ex-dividend date was Friday, November 14th. Truist Financial’s dividend payout ratio is currently 55.91%.

Truist Financial announced that its Board of Directors has initiated a stock buyback plan on Tuesday, December 16th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the insurance provider to reacquire up to 15.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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.