Truist Financial Corporation $TFC Shares Sold by Concord Asset Management LLC VA

Concord Asset Management LLC VA decreased its holdings in Truist Financial Corporation (NYSE:TFC) by 85.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,449 shares of the insurance provider’s stock after selling 59,398 shares during the period. Concord Asset Management LLC VA’s holdings in Truist Financial were worth $478,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Brighton Jones LLC boosted its holdings in Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after purchasing an additional 14,093 shares during the period. Woodline Partners LP raised its position in Truist Financial by 39.5% in the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock valued at $4,575,000 after purchasing an additional 31,454 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in Truist Financial in the 2nd quarter valued at about $575,000. Eagle Strategies LLC boosted its stake in shares of Truist Financial by 16.9% in the 2nd quarter. Eagle Strategies LLC now owns 9,036 shares of the insurance provider’s stock valued at $388,000 after buying an additional 1,309 shares during the period. Finally, Maryland State Retirement & Pension System grew its position in shares of Truist Financial by 2.0% during the second quarter. Maryland State Retirement & Pension System now owns 63,678 shares of the insurance provider’s stock worth $2,738,000 after buying an additional 1,274 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insiders Place Their Bets

In other Truist Financial news, 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 value of $651,690.00. Following the completion of the sale, the chief financial officer owned 74,323 shares in the company, valued at approximately $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were 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 directly owned 667 shares of the company’s stock, valued at $35,010.83. The trade was a 83.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 21,660 shares of company stock valued at $1,075,087 over the last quarter. Company insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $55.86 on Friday. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $56.20. The firm has a market capitalization of $71.46 billion, a P/E ratio of 14.66, a P/E/G ratio of 0.93 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. The company’s fifty day moving average price is $50.21 and its 200 day moving average price is $46.71.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data 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). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The firm had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same period in the previous year, the business posted $0.91 EPS. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, sell-side analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

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

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is currently 54.59%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Evercore ISI restated an “outperform” rating on shares of Truist Financial in a research note on Thursday. Robert W. Baird cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Keefe, Bruyette & Woods raised their price objective on shares of Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $58.00 target price on shares of Truist Financial in a research note on Tuesday, January 6th. Eight analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $54.60.

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.