Concord Wealth Partners Grows Stake in Truist Financial Co. (NYSE:TFC)

Concord Wealth Partners lifted its stake in shares of Truist Financial Co. (NYSE:TFC) by 279.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 70,122 shares of the insurance provider’s stock after purchasing an additional 51,641 shares during the period. Concord Wealth Partners’ holdings in Truist Financial were worth $3,042,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of TFC. Bangor Savings Bank increased its stake in shares of Truist Financial by 92.5% in the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 272 shares in the last quarter. Valley Wealth Managers Inc. purchased a new position in Truist Financial in the 3rd quarter valued at approximately $26,000. MidAtlantic Capital Management Inc. bought a new stake in Truist Financial during the 3rd quarter valued at $32,000. Fortitude Family Office LLC lifted its position in shares of Truist Financial by 376.7% during the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 678 shares in the last quarter. Finally, Ashton Thomas Securities LLC bought a new position in shares of Truist Financial in the third quarter worth $45,000. Institutional investors own 71.28% of the company’s stock.

Insider Transactions at Truist Financial

In related news, CEO William H. Rogers, Jr. bought 34,180 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was purchased at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the transaction, the chief executive officer now owns 691,451 shares in the company, valued at approximately $33,576,860.56. This trade represents a 5.20 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director K. David Jr. Boyer sold 4,966 shares of the business’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the transaction, the director now owns 11,246 shares in the company, valued at $519,565.20. This represents a 30.63 % decrease in their position. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by company insiders.

Truist Financial Stock Down 0.8 %

TFC opened at $47.64 on Friday. The company has a market cap of $63.24 billion, a P/E ratio of 14.31, a P/E/G ratio of 1.68 and a beta of 1.08. Truist Financial Co. has a 12 month low of $34.23 and a 12 month high of $49.06. The business’s 50-day moving average price is $45.55 and its 200-day moving average price is $44.09. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The firm had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.05 billion. During the same quarter in the previous year, the company posted $0.81 earnings per share. The business’s revenue was up 3.4% on a year-over-year basis. On average, equities analysts expect that Truist Financial Co. will post 3.95 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.37%. The ex-dividend date of this dividend is Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is 62.46%.

Analysts Set New Price Targets

TFC has been the topic of a number of analyst reports. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, January 17th. UBS Group raised their price objective on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Keefe, Bruyette & Woods upped their target price on shares of Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, January 21st. HSBC raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, January 7th. Finally, Royal Bank of Canada upped their price target on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Eleven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Truist Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.79.

Truist Financial Company Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.