Truist Financial Corporation $TFC Shares Bought by Pacer Advisors Inc.

Pacer Advisors Inc. grew its position in Truist Financial Corporation (NYSE:TFC) by 35.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 144,355 shares of the insurance provider’s stock after purchasing an additional 37,762 shares during the quarter. Pacer Advisors Inc.’s holdings in Truist Financial were worth $6,600,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in TFC. Whitener Capital Management Inc. lifted its holdings in shares of Truist Financial by 0.9% during the 3rd quarter. Whitener Capital Management Inc. now owns 121,985 shares of the insurance provider’s stock valued at $5,577,000 after purchasing an additional 1,051 shares during the last quarter. Norden Group LLC increased its position in Truist Financial by 22.5% during the 3rd quarter. Norden Group LLC now owns 6,376 shares of the insurance provider’s stock valued at $292,000 after buying an additional 1,170 shares in the last quarter. World Investment Advisors increased its position in Truist Financial by 15.1% during the 3rd quarter. World Investment Advisors now owns 27,542 shares of the insurance provider’s stock valued at $1,259,000 after buying an additional 3,605 shares in the last quarter. Tritonpoint Wealth LLC purchased a new stake in Truist Financial in the third quarter valued at about $215,000. Finally, Brookstone Capital Management boosted its holdings in Truist Financial by 12.3% in the third quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider’s stock worth $15,366,000 after acquiring an additional 36,916 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on TFC shares. TD Cowen upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research note on Tuesday, October 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of Truist Financial in a research report on Monday, December 22nd. Robert W. Baird restated a “neutral” rating and set a $52.00 price target on shares of Truist Financial in a research note on Thursday, December 11th. UBS Group set a $55.00 price target on shares of Truist Financial in a report on Tuesday, October 21st. Finally, Raymond James Financial reissued an “outperform” rating on shares of Truist Financial in a report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, Truist Financial currently has an average rating of “Hold” and a consensus target price of $49.93.

Insider Activity

In other news, Director K. David Jr. Boyer sold 5,160 shares of the business’s stock in a transaction dated Tuesday, November 25th. The stock was 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 of the company’s stock, valued at $471,606.85. The trade was a 33.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.14% of the stock is currently owned by company insiders.

Truist Financial Stock Performance

TFC opened at $50.61 on Monday. The company has a current ratio of 0.86, a quick 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 $50.86. The firm has a 50 day moving average of $46.48 and a two-hundred day moving average of $45.09. The firm has a market capitalization of $64.74 billion, a PE ratio of 13.60, a P/E/G ratio of 1.10 and a beta of 0.90.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, October 17th. The insurance provider reported $1.04 earnings per share 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 business earned $0.97 earnings per share. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

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

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