Griffith & Werner Inc. Acquires New Shares in Truist Financial Corporation $TFC

Griffith & Werner Inc. acquired a new position in shares of Truist Financial Corporation (NYSE:TFC) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 131,445 shares of the insurance provider’s stock, valued at approximately $5,931,000. Truist Financial accounts for 3.2% of Griffith & Werner Inc.’s holdings, making the stock its 12th biggest holding.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TFC. Aprio Wealth Management LLC raised its position in shares of Truist Financial by 2.7% during the third quarter. Aprio Wealth Management LLC now owns 8,564 shares of the insurance provider’s stock worth $392,000 after purchasing an additional 226 shares during the period. Leisure Capital Management increased its stake in Truist Financial by 1.2% during the 3rd quarter. Leisure Capital Management now owns 19,985 shares of the insurance provider’s stock worth $914,000 after purchasing an additional 230 shares in the last quarter. Smith Thornton Advisors LLC increased its stake in Truist Financial by 4.1% during the 3rd quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock worth $270,000 after purchasing an additional 231 shares in the last quarter. Gries Financial LLC raised its holdings in Truist Financial by 4.4% during the 3rd quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock worth $252,000 after buying an additional 233 shares during the period. Finally, TD Waterhouse Canada Inc. lifted its stake in Truist Financial by 6.8% in the third quarter. TD Waterhouse Canada Inc. now owns 3,730 shares of the insurance provider’s stock valued at $170,000 after buying an additional 237 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Insider Activity at Truist Financial

In related news, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction on Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the completion of the transaction, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Cynthia B. Powell sold 3,500 shares of the business’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the transaction, the chief accounting officer owned 667 shares in the company, valued at approximately $35,010.83. The trade was a 83.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.14% of the company’s stock.

Truist Financial Trading Down 0.5%

Shares of NYSE:TFC opened at $49.32 on Wednesday. The company’s 50-day moving average price is $51.17 and its two-hundred day moving average price is $47.64. Truist Financial Corporation has a one year low of $33.56 and a one year high of $56.19. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. The stock has a market capitalization of $61.61 billion, a PE ratio of 12.94, a price-to-earnings-growth ratio of 0.84 and a beta of 0.87.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data 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 net margin of 17.09% and a return on equity of 9.03%. The company had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $5.32 billion. During the same quarter in the previous year, the business earned $0.91 EPS. Truist Financial’s revenue was up 3.6% on a year-over-year basis. On average, equities analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

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

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. Truist Financial’s dividend payout ratio is currently 54.59%.

Analyst Ratings Changes

TFC has been the subject of several research reports. Citigroup increased their price objective on shares of Truist Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, December 31st. Argus upped their target price on shares of Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, January 23rd. Robert W. Baird cut Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Evercore restated an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Finally, Barclays downgraded Truist Financial from an “equal weight” rating to an “underweight” rating and increased their price objective for the stock from $47.00 to $56.00 in a report on Monday, January 5th. 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $56.47.

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.