Welch Group LLC Has $59.98 Million Position in Truist Financial Corporation $TFC

Welch Group LLC raised its holdings in Truist Financial Corporation (NYSE:TFC) by 1.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,311,936 shares of the insurance provider’s stock after buying an additional 13,101 shares during the quarter. Truist Financial accounts for approximately 2.3% of Welch Group LLC’s holdings, making the stock its 21st biggest holding. Welch Group LLC owned approximately 0.10% of Truist Financial worth $59,982,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC increased its stake in 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 acquiring an additional 14,093 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Truist Financial by 0.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,738,239 shares of the insurance provider’s stock worth $112,680,000 after purchasing an additional 16,869 shares during the period. CW Advisors LLC boosted its holdings in Truist Financial by 8.9% during the first quarter. CW Advisors LLC now owns 45,779 shares of the insurance provider’s stock valued at $1,888,000 after purchasing an additional 3,748 shares in the last quarter. Kestra Advisory Services LLC grew its stake in shares of Truist Financial by 10.4% in the 1st quarter. Kestra Advisory Services LLC now owns 206,588 shares of the insurance provider’s stock valued at $8,501,000 after purchasing an additional 19,411 shares during the period. Finally, Haverford Trust Co grew its stake in shares of Truist Financial by 3.5% in the 1st quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider’s stock valued at $319,000 after purchasing an additional 262 shares during the period. 71.28% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on TFC shares. Morgan Stanley boosted their price target on Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 17th. Raymond James Financial restated an “outperform” rating on shares of Truist Financial in a research note on Tuesday, October 7th. Wall Street Zen lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Evercore ISI lifted their price target on shares of Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a report on Tuesday, September 30th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research report on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $49.93.

Insider Buying and Selling at Truist Financial

In related news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Truist Financial Stock Performance

Truist Financial stock opened at $50.51 on Tuesday. The stock has a 50-day simple moving average of $45.85 and a 200 day simple moving average of $44.80. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $50.63. The stock has a market capitalization of $64.61 billion, a price-to-earnings ratio of 13.58, a P/E/G ratio of 1.08 and a beta of 0.90.

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

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 14th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Friday, November 14th. Truist Financial’s dividend payout ratio is 55.91%.

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