DAVENPORT & Co LLC Has $25.18 Million Position in Truist Financial Corporation $TFC

DAVENPORT & Co LLC lifted its holdings in Truist Financial Corporation (NYSE:TFC) by 2.3% during the fourth quarter, HoldingsChannel reports. The firm owned 511,560 shares of the insurance provider’s stock after purchasing an additional 11,489 shares during the period. DAVENPORT & Co LLC’s holdings in Truist Financial were worth $25,176,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in TFC. Brighton Jones LLC lifted its holdings in shares of Truist Financial by 148.5% during the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after buying an additional 14,093 shares during the last quarter. Woodline Partners LP raised its stake in Truist Financial by 39.5% during 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 during the last quarter. Sivia Capital Partners LLC bought a new stake in Truist Financial in the 2nd quarter valued at $575,000. Global Retirement Partners LLC acquired a new stake in Truist Financial in the 2nd quarter worth $2,493,000. Finally, CreativeOne Wealth LLC grew its position in Truist Financial by 8.7% in the 2nd quarter. CreativeOne Wealth LLC now owns 11,486 shares of the insurance provider’s stock worth $494,000 after purchasing an additional 922 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Buying and Selling

In related news, CAO Cynthia B. Powell sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the completion of the transaction, the chief accounting officer owned 667 shares in the company, valued at $35,010.83. This trade represents a 83.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $651,690.00. Following the completion of the sale, the chief financial officer directly owned 74,323 shares in the company, 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. 0.15% of the stock is currently owned by insiders.

Truist Financial Trading Up 0.2%

Shares of TFC stock opened at $45.40 on Thursday. The firm has a fifty day moving average of $49.66 and a 200-day moving average of $47.58. The stock has a market cap of $56.34 billion, a price-to-earnings ratio of 11.91, a P/E/G ratio of 0.77 and a beta of 0.87. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $56.19. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87.

Truist Financial (NYSE:TFC) last issued its earnings results 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 business had revenue of $4.93 billion for the quarter, compared to analyst estimates 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 last year, the firm posted $0.91 earnings per share. On average, equities research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial declared that its Board of Directors has initiated a share buyback plan on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the insurance provider to repurchase up to 15.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend was Friday, February 13th. Truist Financial’s payout ratio is presently 54.59%.

Analysts Set New Price Targets

TFC has been the subject of a number of research analyst reports. The Goldman Sachs Group reaffirmed a “buy” rating and set a $58.00 price objective on shares of Truist Financial in a research report on Tuesday, January 6th. Evercore reissued an “outperform” rating on shares of Truist Financial in a research report on Thursday, February 5th. Weiss Ratings lowered Truist Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, March 12th. Citigroup upped their price target on Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, December 31st. Finally, Raymond James Financial raised their price objective on Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $56.47.

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.