Homestead Advisers Corp Has $37.95 Million Stock Holdings in Truist Financial Corporation $TFC

Homestead Advisers Corp trimmed its position in shares of Truist Financial Corporation (NYSE:TFC) by 21.4% during the third quarter, HoldingsChannel reports. The firm owned 830,100 shares of the insurance provider’s stock after selling 226,400 shares during the quarter. Homestead Advisers Corp’s holdings in Truist Financial were worth $37,952,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on TFC. Barclays downgraded shares of Truist Financial from an “equal weight” rating to an “underweight” rating and raised their target price for the stock from $47.00 to $56.00 in a report on Monday, January 5th. TD Cowen raised their price objective on shares of Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Morgan Stanley boosted their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 17th. Argus increased their target price on Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. Finally, Evercore ISI raised Truist Financial from a “hold” rating to an “outperform” rating and lifted their price target for the company from $49.00 to $58.00 in a research note on Tuesday, January 6th. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Truist Financial currently has an average rating of “Hold” and a consensus price target of $54.20.

Truist Financial Stock Up 2.0%

Shares of TFC stock opened at $55.09 on Thursday. The firm’s fifty day moving average price is $49.85 and its two-hundred day moving average price is $46.57. 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 Corporation has a 1 year low of $33.56 and a 1 year high of $55.75. The firm has a market capitalization of $70.47 billion, a P/E ratio of 14.46, a PEG ratio of 0.91 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced 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 $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%. Truist Financial’s revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.91 EPS. On average, equities analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.08 annualized dividend and a dividend yield of 3.8%. Truist Financial’s payout ratio is 54.59%.

Truist Financial declared that its board has approved a share repurchase program on Tuesday, December 16th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the insurance provider to reacquire up to 15.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Truist Financial

In other news, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was 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 of the company’s stock, valued at approximately $35,010.83. This represents a 83.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction on Monday, January 26th. The shares were 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 $3,725,811.99. This represents a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 21,660 shares of company stock worth $1,075,087 in the last 90 days. Corporate insiders own 0.17% of the company’s stock.

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.