Welch Group LLC Acquires 22,939 Shares of Truist Financial Corporation $TFC

Welch Group LLC boosted its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 1.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,362,301 shares of the insurance provider’s stock after acquiring an additional 22,939 shares during the quarter. Truist Financial accounts for about 2.2% of Welch Group LLC’s investment portfolio, making the stock its 20th largest holding. Welch Group LLC’s holdings in Truist Financial were worth $63,075,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of TFC. N.E.W. Advisory Services LLC acquired a new position in shares of Truist Financial in the 2nd quarter valued at about $30,000. Navigoe LLC acquired a new stake in shares of Truist Financial during the second quarter worth approximately $30,000. Evolution Wealth Management Inc. boosted its holdings in shares of Truist Financial by 2,218.2% during the first quarter. Evolution Wealth Management Inc. now owns 765 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 732 shares during the period. Wilkerson Advisory Group LLC boosted its holdings in shares of Truist Financial by 104.0% during the first quarter. Wilkerson Advisory Group LLC now owns 826 shares of the insurance provider’s stock worth $38,000 after purchasing an additional 421 shares during the period. Finally, Elevation Wealth Partners LLC grew its position in Truist Financial by 44.6% during the second quarter. Elevation Wealth Partners LLC now owns 892 shares of the insurance provider’s stock valued at $44,000 after purchasing an additional 275 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Down 0.1%

Shares of NYSE TFC opened at $48.74 on Monday. The business has a 50 day simple moving average of $48.39 and a 200 day simple moving average of $49.50. Truist Financial Corporation has a 52 week low of $43.13 and a 52 week high of $56.19. The stock has a market cap of $58.41 billion, a price-to-earnings ratio of 12.56, a PEG ratio of 1.07 and a beta of 0.90. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.88 and a current ratio of 0.88.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, October 16th. The insurance provider reported $1.16 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.01). Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The business had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same period in the previous year, the business posted $1.04 EPS. Truist Financial’s revenue was up 1.3% compared to the same quarter last year. On average, research analysts predict that Truist Financial Corporation will post 4.71 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Friday, November 13th. Truist Financial’s payout ratio is currently 53.61%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Royal Bank Of Canada dropped their price objective on shares of Truist Financial from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Monday, October 19th. Wolfe Research began coverage on shares of Truist Financial in a report on Tuesday, October 27th. They set a “peer perform” rating on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Truist Financial in a report on Tuesday, October 27th. Morgan Stanley downgraded shares of Truist Financial from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $62.00 to $54.00 in a research note on Monday, July 6th. Finally, Citigroup cut their price objective on Truist Financial from $54.00 to $50.00 and set a “neutral” rating for the company in a report on Wednesday, October 21st. Seven equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Truist Financial presently has an average rating of “Hold” and a consensus target price of $53.82.

Insiders Place Their Bets

In related news, CEO Michael Lyons bought 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 28th. The stock was purchased at an average cost of $48.36 per share, for a total transaction of $1,209,000.00. Following the purchase, the chief executive officer directly owned 46,000 shares in the company, valued at $2,224,560. This trade represents a 119.05% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.15% of the stock is currently owned by insiders.

Truist Financial Company Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.