Truist Financial Corporation $TFC Shares Purchased by Waycross Partners LLC

Waycross Partners LLC raised its stake in Truist Financial Corporation (NYSE:TFC) by 172.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,927 shares of the insurance provider’s stock after acquiring an additional 16,402 shares during the quarter. Waycross Partners LLC’s holdings in Truist Financial were worth $1,200,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Truist Financial during the second quarter valued at approximately $4,959,834,000. State Street Corp increased its holdings in shares of Truist Financial by 0.9% in the second quarter. State Street Corp now owns 58,692,619 shares of the insurance provider’s stock valued at $2,924,066,000 after purchasing an additional 501,026 shares in the last quarter. Bank of New York Mellon Corp raised its position in Truist Financial by 7.5% in the 1st quarter. Bank of New York Mellon Corp now owns 11,289,721 shares of the insurance provider’s stock worth $518,988,000 after purchasing an additional 789,179 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Truist Financial by 1.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,608,268 shares of the insurance provider’s stock worth $395,642,000 after purchasing an additional 164,052 shares during the last quarter. Finally, Legal & General Group Plc raised its position in Truist Financial by 0.6% in the 2nd quarter. Legal & General Group Plc now owns 7,853,887 shares of the insurance provider’s stock worth $391,281,000 after purchasing an additional 44,215 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Activity

In related news, CEO Michael Lyons acquired 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 28th. The stock was acquired at an average cost of $48.36 per share, with a total value of $1,209,000.00. Following the completion of the purchase, the chief executive officer directly owned 46,000 shares in the company, valued at approximately $2,224,560. This trade represents a 119.05% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.15% of the stock is owned by corporate insiders.

Truist Financial Trading Down 0.7%

Shares of TFC traded down $0.36 on Friday, reaching $49.48. 5,760,433 shares of the company’s stock were exchanged, compared to its average volume of 8,307,338. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $59.30 billion, a P/E ratio of 12.75, a price-to-earnings-growth ratio of 1.10 and a beta of 0.90. The business has a 50 day moving average price of $48.34 and a two-hundred day moving average price of $49.50. Truist Financial Corporation has a 12 month low of $43.13 and a 12 month high of $56.19.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, October 16th. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.01). Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The business had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same period in the previous year, the business posted $1.04 earnings per share. Truist Financial’s revenue was up 1.3% compared to the same quarter last year. Research analysts anticipate that Truist Financial Corporation will post 4.66 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.2%. The ex-dividend date is Friday, November 13th. Truist Financial’s dividend payout ratio (DPR) is currently 53.61%.

Wall Street Analyst Weigh In

A number of brokerages have commented on TFC. Royal Bank Of Canada decreased their price objective on Truist Financial from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Monday, October 19th. Evercore reissued an “outperform” rating and issued a $55.00 target price (up from $54.00) on shares of Truist Financial in a research note on Tuesday, October 27th. Weiss Ratings restated a “buy (b)” rating on shares of Truist Financial in a research report on Tuesday, October 27th. HSBC started coverage on Truist Financial in a research note on Monday, September 28th. They set a “buy” rating and a $61.00 price target on the stock. Finally, Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday, October 31st. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, Truist Financial presently has an average rating of “Hold” and an average price target of $54.73.

About Truist Financial

Truist Financial Corporation (NYSE: TFC) is a financial services company headquartered in Charlotte, North Carolina. It provides banking and related services to individuals, businesses and institutions, including deposit accounts, loans, credit cards, payment services and treasury management.

The company also offers wealth management, investment and mortgage services, along with commercial banking and capital markets solutions. Its operations are concentrated in the southeastern and mid-Atlantic United States, serving customers through branches, digital channels and other delivery platforms.

Truist was formed in 2019 through the merger of BB&T Corporation and SunTrust Banks.