Cobblestone Capital Advisors LLC NY Makes New $1.27 Million Investment in Truist Financial Corporation $TFC

Cobblestone Capital Advisors LLC NY acquired a new stake in Truist Financial Corporation (NYSE:TFC) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 27,772 shares of the insurance provider’s stock, valued at approximately $1,270,000.

Several other institutional investors have also modified their holdings of the business. Norges Bank acquired a new stake in Truist Financial during the 2nd quarter valued at approximately $487,401,000. Jennison Associates LLC boosted its stake in shares of Truist Financial by 203.1% during the 3rd quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider’s stock valued at $179,176,000 after buying an additional 2,625,847 shares during the last quarter. Laurel Wealth Advisors LLC grew its position in shares of Truist Financial by 4,121.3% during the second quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider’s stock worth $100,424,000 after buying an additional 2,280,653 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Truist Financial by 811.0% in the second quarter. Arrowstreet Capital Limited Partnership now owns 2,018,457 shares of the insurance provider’s stock worth $86,773,000 after buying an additional 1,796,884 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Truist Financial by 1.3% in the second quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock worth $5,177,722,000 after buying an additional 1,529,478 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Michael Baron Maguire sold 13,000 shares of the business’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 owned 74,323 shares of the company’s stock, 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 legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Cynthia B. Powell sold 3,500 shares of the company’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the transaction, the chief accounting officer owned 667 shares of the company’s stock, valued at $35,010.83. This represents a 83.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on TFC. Robert W. Baird downgraded shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Evercore reaffirmed an “outperform” rating on shares of Truist Financial in a research report on Thursday, February 5th. JPMorgan Chase & Co. lifted their price target on Truist Financial from $51.50 to $57.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Raymond James Financial upped their price objective on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Finally, Keefe, Bruyette & Woods increased their target price on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a report on Wednesday, December 17th. Nine equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Truist Financial currently has an average rating of “Moderate Buy” and a consensus price target of $56.47.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $49.26 on Monday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. The firm’s 50-day moving average price is $51.21 and its two-hundred day moving average price is $47.58. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $56.19. The stock has a market capitalization of $61.54 billion, a P/E ratio of 12.93, a P/E/G ratio of 0.84 and a beta of 0.87.

Truist Financial (NYSE:TFC) last posted its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.09). The company had revenue of $4.93 billion for 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 firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period last year, the company posted $0.91 earnings per share. As a group, sell-side analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

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

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.08 annualized dividend and a yield of 4.2%. Truist Financial’s dividend payout ratio (DPR) is currently 54.59%.

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.