Truist Financial Corporation $TFC Shares Acquired by Verdence Capital Advisors LLC

Verdence Capital Advisors LLC lifted its stake in shares of Truist Financial Corporation (NYSE:TFC) by 11.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 113,281 shares of the insurance provider’s stock after purchasing an additional 11,901 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Truist Financial were worth $5,056,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC lifted its holdings in shares of Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after purchasing an additional 14,093 shares in the last quarter. Woodline Partners LP increased its stake in Truist Financial by 39.5% during the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock valued at $4,575,000 after purchasing an additional 31,454 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Truist Financial in the 2nd quarter valued at about $575,000. Focus Financial Network Inc. acquired a new stake in Truist Financial in the second quarter worth $248,000. Finally, CX Institutional boosted its holdings in shares of Truist Financial by 15.8% during the second quarter. CX Institutional now owns 9,464 shares of the insurance provider’s stock valued at $407,000 after acquiring an additional 1,290 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on TFC. Morgan Stanley increased their price target on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 17th. Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Barclays downgraded Truist Financial from an “equal weight” rating to an “underweight” rating and lifted their target price for the stock from $47.00 to $56.00 in a research report on Monday, January 5th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a research note on Monday, December 29th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a report on Wednesday, December 17th. Seven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $52.80.

Truist Financial Trading Down 0.5%

NYSE:TFC opened at $50.01 on Tuesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market cap of $63.98 billion, a price-to-earnings ratio of 13.44, a price-to-earnings-growth ratio of 0.95 and a beta of 0.89. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $51.51. The firm has a 50-day moving average price of $48.39 and a two-hundred day moving average price of $46.06.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. The business had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.20 billion. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The business’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the business earned $0.97 earnings per share. On average, equities analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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

Truist Financial declared that its board has initiated a share 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 reacquire up to 15.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Truist Financial

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

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.