Atlantic Union Bankshares Corp Has $8.71 Million Stock Position in Truist Financial Corporation $TFC

Atlantic Union Bankshares Corp increased its stake in shares of Truist Financial Corporation (NYSE:TFC) by 32.2% in the third quarter, Holdings Channel.com reports. The firm owned 190,514 shares of the insurance provider’s stock after buying an additional 46,356 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Truist Financial were worth $8,710,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in TFC. Aspect Partners LLC boosted its position in Truist Financial by 71.5% during the 2nd quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after buying an additional 268 shares during the period. Valley Wealth Managers Inc. bought a new stake in shares of Truist Financial in the 3rd quarter valued at about $28,000. Princeton Global Asset Management LLC bought a new position in shares of Truist Financial during the second quarter worth about $30,000. Capital A Wealth Management LLC raised its position in shares of Truist Financial by 1,189.5% during the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 678 shares during the last quarter. Finally, Darwin Wealth Management LLC increased its position in shares of Truist Financial by 631.6% during the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after buying an additional 600 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Trading Up 2.4%

NYSE:TFC opened at $52.66 on Tuesday. The firm’s 50 day moving average is $49.52 and its 200 day moving average is $46.44. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $52.72. The stock has a market capitalization of $67.37 billion, a PE ratio of 13.82, a price-to-earnings-growth ratio of 0.87 and a beta of 0.89. 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 earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.09). The firm had revenue of $5.25 billion during 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%. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.91 earnings per share. Sell-side analysts expect that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial declared that its board has initiated a stock repurchase program on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the insurance provider to purchase up to 15.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is 54.59%.

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 completion of the sale, the director directly owned 10,153 shares in the company, valued at $471,606.85. The trade was a 33.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Michael Baron Maguire sold 13,000 shares of the business’s 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 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 represents a 14.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TFC. Barclays downgraded shares of Truist Financial from an “equal weight” rating to an “underweight” rating and raised their price objective for the stock from $47.00 to $56.00 in a research report on Monday, January 5th. TD Cowen increased their target price on shares of Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. Keefe, Bruyette & Woods increased their price target on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a report on Wednesday, December 17th. Wall Street Zen lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Finally, Citigroup increased their price objective on Truist Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, December 31st. Seven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Truist Financial presently has an average rating of “Hold” and a consensus price target of $54.20.

About Truist Financial

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.