Truist Financial Corporation $TFC Stock Holdings Lifted by Legal & General Group Plc

Legal & General Group Plc increased its position in shares of Truist Financial Corporation (NYSE:TFC) by 9.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,902,804 shares of the insurance provider’s stock after acquiring an additional 655,542 shares during the quarter. Legal & General Group Plc owned 0.62% of Truist Financial worth $361,316,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Valley Wealth Managers Inc. purchased a new position in Truist Financial during the 3rd quarter worth approximately $28,000. Darwin Wealth Management LLC lifted its holdings in shares of Truist Financial by 631.6% in the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 600 shares in the last quarter. Capital A Wealth Management LLC boosted its position in shares of Truist Financial by 1,189.5% in the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after buying an additional 678 shares during the period. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of Truist Financial in the second quarter worth $36,000. Finally, Tripletail Wealth Management LLC purchased a new position in shares of Truist Financial during the third quarter valued at $37,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on TFC. Evercore reissued an “outperform” rating on shares of Truist Financial in a research report on Thursday, February 5th. Barclays lowered Truist Financial from an “equal weight” rating to an “underweight” rating and raised their price objective for the stock from $47.00 to $56.00 in a research report on Monday, January 5th. Argus upped their target price on Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Piper Sandler increased their price target on shares of Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research report on Thursday, January 22nd. Finally, Keefe, Bruyette & Woods raised their price target 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. Ten research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $56.47.

Insider Buying and Selling

In other Truist Financial news, CAO Cynthia B. Powell sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were 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 directly owned 667 shares of the company’s stock, valued at $35,010.83. The trade was a 83.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Michael Baron Maguire sold 13,000 shares of the 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. This trade represents a 14.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

TFC opened at $45.67 on Thursday. The stock has a fifty day moving average price of $50.81 and a 200 day moving average price of $47.73. 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 stock has a market cap of $57.05 billion, a price-to-earnings ratio of 11.99, a PEG ratio of 0.79 and a beta of 0.87.

Truist Financial (NYSE:TFC) last issued its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.09). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The firm had revenue of $4.93 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same period in the previous year, the company earned $0.91 earnings per share. The business’s revenue for the quarter was up 3.6% on a year-over-year basis. Analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were issued a $0.52 dividend. The ex-dividend date was Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a yield of 4.6%. Truist Financial’s dividend payout ratio is currently 54.59%.

Truist Financial announced that its Board of Directors has initiated a share buyback program on Tuesday, December 16th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the insurance provider to repurchase up to 15.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

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.