SageView Advisory Group LLC Buys 39,026 Shares of Truist Financial Corporation $TFC

SageView Advisory Group LLC lifted its stake in shares of Truist Financial Corporation (NYSE:TFC) by 417.5% during the third quarter, Holdings Channel reports. The fund owned 48,373 shares of the insurance provider’s stock after buying an additional 39,026 shares during the quarter. SageView Advisory Group LLC’s holdings in Truist Financial were worth $2,212,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Aprio Wealth Management LLC increased its stake in Truist Financial by 2.7% in the third quarter. Aprio Wealth Management LLC now owns 8,564 shares of the insurance provider’s stock valued at $392,000 after purchasing an additional 226 shares in the last quarter. Leisure Capital Management raised its holdings in shares of Truist Financial by 1.2% during the third quarter. Leisure Capital Management now owns 19,985 shares of the insurance provider’s stock valued at $914,000 after purchasing an additional 230 shares during the period. Smith Thornton Advisors LLC boosted its position in shares of 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 boosted its position in shares of 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 purchasing an additional 233 shares in the last quarter. Finally, TD Waterhouse Canada Inc. grew its stake in shares of Truist Financial by 6.8% in the 3rd 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 during the period. 71.28% of the stock is owned by institutional investors.

Truist Financial Trading Down 2.1%

Shares of Truist Financial stock opened at $45.67 on Thursday. The company has a market capitalization of $57.05 billion, a P/E ratio of 11.99, a price-to-earnings-growth ratio of 0.79 and a beta of 0.87. The stock has a fifty day simple moving average of $50.81 and a 200 day simple moving average of $47.73. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $56.19. 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 (NYSE:TFC) last issued 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). The company had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. Truist Financial’s revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the business posted $0.91 earnings per share. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Piper Sandler upped their price target on Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research note on Thursday, January 22nd. Argus upped their target price on Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. Barclays cut Truist Financial from an “equal weight” rating to an “underweight” rating and increased their target price for the stock from $47.00 to $56.00 in a report on Monday, January 5th. Weiss Ratings raised shares of Truist Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 25th. Finally, Evercore restated an “outperform” rating on shares of Truist Financial in a research note on Thursday, February 5th. Ten equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued 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 Activity

In other Truist Financial news, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction dated 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 owned 667 shares in the company, valued at approximately $35,010.83. This trade represents a 83.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial stock in a transaction that occurred 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 directly owned 74,323 shares in the company, valued at approximately $3,725,811.99. This represents a 14.89% decrease in their position. The SEC filing for this sale provides additional information. 0.17% of the stock is currently owned by insiders.

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.