Truist Financial Corporation $TFC Shares Bought by HF Advisory Group LLC

HF Advisory Group LLC increased its stake in Truist Financial Corporation (NYSE:TFC) by 30.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,780 shares of the insurance provider’s stock after acquiring an additional 17,405 shares during the period. HF Advisory Group LLC’s holdings in Truist Financial were worth $3,680,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in TFC. Wellington Management Group LLP lifted its position in Truist Financial by 13,511.7% in the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after purchasing an additional 10,310,523 shares during the period. Jennison Associates LLC increased its position in shares of Truist Financial by 203.1% during the 3rd quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider’s stock valued at $179,176,000 after purchasing an additional 2,625,847 shares during the period. Azora Capital LP acquired a new position in shares of Truist Financial during the 3rd quarter valued at $115,417,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Truist Financial by 811.0% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,018,457 shares of the insurance provider’s stock worth $86,773,000 after buying an additional 1,796,884 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ raised its stake in shares of Truist Financial by 164.0% in the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 2,308,054 shares of the insurance provider’s stock worth $105,490,000 after buying an additional 1,433,934 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $46.70 on Thursday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $57.95 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 0.78 and a beta of 0.89. The stock’s fifty day simple moving average is $49.20 and its 200 day simple moving average is $47.58. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $56.19.

Truist Financial (NYSE:TFC) last announced its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing the consensus estimate 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 $4.93 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same period in the prior year, the company earned $0.91 earnings per share. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. As a group, sell-side analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

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

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.5%. The ex-dividend date was Friday, February 13th. Truist Financial’s payout ratio is presently 54.59%.

Insider Transactions at Truist Financial

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of the company’s stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $50.13, for a total transaction of $651,690.00. Following the completion of the sale, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. This represents a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a filing 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 dated Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the completion of the transaction, the chief accounting officer owned 667 shares of the company’s stock, valued at approximately $35,010.83. The trade was a 83.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.15% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. raised their target price on Truist Financial from $51.50 to $57.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. TD Cowen boosted their price target on shares of Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Evercore reissued an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Piper Sandler raised their price objective on shares of Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Thursday, January 22nd. Finally, Morgan Stanley lowered their price objective on shares of Truist Financial from $69.00 to $63.00 and set an “overweight” rating on the stock in a research note on Tuesday. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.75.

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.