SageView Advisory Group LLC Has $2.21 Million Position in Truist Financial Corporation $TFC

SageView Advisory Group LLC raised its position in Truist Financial Corporation (NYSE:TFC) by 417.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,373 shares of the insurance provider’s stock after purchasing an additional 39,026 shares during the quarter. SageView Advisory Group LLC’s holdings in Truist Financial were worth $2,212,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in TFC. Aprio Wealth Management LLC grew its holdings in shares of Truist Financial by 2.7% during the third quarter. Aprio Wealth Management LLC now owns 8,564 shares of the insurance provider’s stock worth $392,000 after purchasing an additional 226 shares during the last quarter. Leisure Capital Management increased its stake in shares of Truist Financial by 1.2% in the third quarter. Leisure Capital Management now owns 19,985 shares of the insurance provider’s stock valued at $914,000 after buying an additional 230 shares during the period. Smith Thornton Advisors LLC raised its holdings in Truist Financial by 4.1% in the 3rd quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock valued at $270,000 after buying an additional 231 shares during the last quarter. Gries Financial LLC boosted its position in Truist Financial by 4.4% during the 3rd quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock worth $252,000 after buying an additional 233 shares during the period. Finally, TD Waterhouse Canada Inc. boosted its position in Truist Financial by 6.8% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 3,730 shares of the insurance provider’s stock worth $170,000 after buying an additional 237 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

TFC has been the topic of a number of research reports. Citigroup boosted their target price on shares of Truist Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, December 31st. Raymond James Financial raised their price target on shares of Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Weiss Ratings upgraded shares of Truist Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, February 25th. Argus boosted their price objective on shares of Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, January 23rd. Finally, Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and set a $52.00 price objective for the company in a report on Monday. Ten investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $56.47.

Insider Activity

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 sale, the chief accounting officer owned 667 shares of the company’s stock, valued at $35,010.83. This trade represents a 83.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial 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 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 SEC filing for this sale provides additional information. Company insiders own 0.17% of the company’s stock.

Truist Financial Trading Down 2.1%

NYSE:TFC opened at $45.67 on Thursday. 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. The firm’s fifty day moving average is $50.81 and its 200-day moving average is $47.73. The firm has a market cap of $57.05 billion, a P/E ratio of 11.99, a P/E/G ratio of 0.79 and a beta of 0.87.

Truist Financial (NYSE:TFC) last announced its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The firm had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.Truist Financial’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.91 EPS. Equities analysts expect that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, February 13th. This represents a $2.08 annualized dividend and a dividend yield of 4.6%. Truist Financial’s dividend payout ratio (DPR) is 54.59%.

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

Truist Financial 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.