Truist Financial Corporation $TFC Shares Purchased by Cerity Partners LLC

Cerity Partners LLC grew its position in Truist Financial Corporation (NYSE:TFC) by 6.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 576,988 shares of the insurance provider’s stock after purchasing an additional 32,737 shares during the period. Cerity Partners LLC’s holdings in Truist Financial were worth $26,373,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TFC. Abundance Wealth Counselors boosted its position in Truist Financial by 0.5% during the 3rd quarter. Abundance Wealth Counselors now owns 46,134 shares of the insurance provider’s stock worth $2,109,000 after acquiring an additional 248 shares during the period. Kathmere Capital Management LLC bought a new stake in shares of Truist Financial during the third quarter valued at about $209,000. Eads & Heald Wealth Management raised its stake in shares of Truist Financial by 2.8% during the third quarter. Eads & Heald Wealth Management now owns 11,688 shares of the insurance provider’s stock valued at $534,000 after purchasing an additional 322 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its holdings in Truist Financial by 4.5% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 55,579 shares of the insurance provider’s stock worth $2,541,000 after purchasing an additional 2,370 shares during the period. Finally, Gries Financial LLC grew its position in Truist Financial by 4.4% in the 3rd quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock valued at $252,000 after buying an additional 233 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on TFC. Citigroup raised their price objective on shares of Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, December 31st. Baird R W downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Evercore ISI upgraded shares of Truist Financial from a “hold” rating to an “outperform” rating and boosted their price target for the stock from $49.00 to $58.00 in a research report on Tuesday. Finally, Raymond James Financial raised their price objective on shares of Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday. Seven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $52.80.

Insider Buying and Selling

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the transaction, the director directly owned 10,153 shares in the company, valued at approximately $471,606.85. The trade was a 33.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Stock Up 0.8%

Shares of Truist Financial stock opened at $50.96 on Friday. The stock’s fifty day moving average is $47.59 and its 200-day moving average is $45.67. The firm has a market capitalization of $65.19 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 0.96 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 12-month low of $33.56 and a 12-month high of $51.52.

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

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. The ex-dividend date of this dividend was Friday, November 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is currently 55.91%.

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

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.