Truist Financial Co. (NYSE:TFC) Shares Sold by Concord Asset Management LLC VA

Concord Asset Management LLC VA lowered its stake in shares of Truist Financial Co. (NYSE:TFC) by 84.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,449 shares of the insurance provider’s stock after selling 55,237 shares during the quarter. Concord Asset Management LLC VA’s holdings in Truist Financial were worth $453,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. grew its position in shares of Truist Financial by 48.7% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,963 shares of the insurance provider’s stock worth $129,000 after acquiring an additional 971 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Truist Financial by 3.5% during the 3rd quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider’s stock valued at $64,638,000 after purchasing an additional 50,637 shares during the period. Cadence Bank grew its position in Truist Financial by 101.6% in the 3rd quarter. Cadence Bank now owns 185,184 shares of the insurance provider’s stock worth $7,920,000 after purchasing an additional 93,322 shares during the last quarter. Boston Common Asset Management LLC increased its stake in shares of Truist Financial by 66.4% in the third quarter. Boston Common Asset Management LLC now owns 154,523 shares of the insurance provider’s stock valued at $6,609,000 after purchasing an additional 61,683 shares during the period. Finally, Independent Advisor Alliance raised its holdings in shares of Truist Financial by 10.7% during the third quarter. Independent Advisor Alliance now owns 282,607 shares of the insurance provider’s stock valued at $12,087,000 after buying an additional 27,408 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Truist Financial news, Director K. David Jr. Boyer sold 4,966 shares of the stock in a transaction on 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 directly owns 11,246 shares of the company’s stock, valued at $519,565.20. This represents a 30.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William H. Rogers, Jr. purchased 34,180 shares of Truist Financial stock in a transaction on Monday, November 25th. The stock was bought 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 directly owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. The trade was a 5.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by corporate insiders.

Truist Financial Stock Down 0.8 %

TFC stock opened at $47.64 on Friday. The company has a 50 day moving average of $45.55 and a two-hundred day moving average of $44.09. The company has a market cap of $63.24 billion, a price-to-earnings ratio of 14.31, a PEG 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 company has a quick ratio of 0.83, a current 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 (EPS) for the quarter, topping 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 business had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same period last year, the company earned $0.81 earnings per share. Truist Financial’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities analysts anticipate that Truist Financial Co. will post 3.95 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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

Wall Street Analyst Weigh In

Several research firms recently commented on TFC. Wells Fargo & Company raised their target price on Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Morgan Stanley increased their target price on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 21st. Stephens boosted their price target on shares of Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. Finally, Raymond James raised their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Eleven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Truist Financial has an average 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.