Verity & Verity LLC Has $2.07 Million Stock Position in Truist Financial Corporation $TFC

Verity & Verity LLC lessened its position in Truist Financial Corporation (NYSE:TFC) by 83.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,337 shares of the insurance provider’s stock after selling 222,855 shares during the period. Verity & Verity LLC’s holdings in Truist Financial were worth $2,073,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of TFC. Fulton Bank N.A. raised its position in Truist Financial by 1.9% during the 3rd quarter. Fulton Bank N.A. now owns 56,678 shares of the insurance provider’s stock worth $2,591,000 after purchasing an additional 1,059 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. bought a new stake in shares of Truist Financial in the 3rd quarter valued at about $3,095,000. Hedeker Wealth LLC increased its stake in shares of Truist Financial by 2.4% in the third quarter. Hedeker Wealth LLC now owns 106,298 shares of the insurance provider’s stock valued at $4,860,000 after buying an additional 2,541 shares during the period. Signaturefd LLC increased its stake in shares of Truist Financial by 0.9% in the third quarter. Signaturefd LLC now owns 38,001 shares of the insurance provider’s stock valued at $1,737,000 after buying an additional 326 shares during the period. Finally, Arbor Investment Advisors LLC raised its position in shares of Truist Financial by 1,327.6% during the third quarter. Arbor Investment Advisors LLC now owns 82,718 shares of the insurance provider’s stock worth $3,782,000 after acquiring an additional 76,924 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Up 1.1%

TFC stock opened at $49.73 on Friday. The firm has a market capitalization of $63.62 billion, a PE ratio of 13.37, a P/E/G ratio of 0.94 and a beta of 0.89. 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 twelve month low of $33.56 and a twelve month high of $50.86. The stock’s 50 day moving average is $47.06 and its 200-day moving average is $45.36.

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

Truist Financial declared that its Board of Directors has authorized a stock buyback plan on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 15.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Truist Financial Announces Dividend

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

Insider Transactions at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction dated 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 transaction, the director owned 10,153 shares in the company, valued at $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.17% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. UBS Group set a $55.00 price target on shares of Truist Financial in a report on Tuesday, October 21st. Raymond James Financial reiterated an “outperform” rating on shares of Truist Financial in a research report on Tuesday, October 7th. Robert W. Baird reissued a “neutral” rating and set a $52.00 target price on shares of Truist Financial in a research note on Thursday, December 11th. Morgan Stanley boosted their target price on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a report on Wednesday, December 17th. Finally, Baird R W cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, Truist Financial has an average rating of “Hold” and an average target price of $50.47.

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.