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

Concord Wealth Partners boosted its holdings in Truist Financial Co. (NYSE:TFC) by 279.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 70,122 shares of the insurance provider’s stock after purchasing an additional 51,641 shares during the quarter. Concord Wealth Partners’ holdings in Truist Financial were worth $3,042,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Tradewinds LLC. increased its stake in shares of Truist Financial by 0.5% during the third quarter. Tradewinds LLC. now owns 44,513 shares of the insurance provider’s stock valued at $1,904,000 after buying an additional 222 shares during the period. Koshinski Asset Management Inc. grew its holdings in Truist Financial by 2.1% during the 4th quarter. Koshinski Asset Management Inc. now owns 10,825 shares of the insurance provider’s stock worth $470,000 after acquiring an additional 225 shares in the last quarter. Aaron Wealth Advisors LLC raised its holdings in shares of Truist Financial by 3.0% in the 4th quarter. Aaron Wealth Advisors LLC now owns 7,712 shares of the insurance provider’s stock valued at $335,000 after purchasing an additional 227 shares in the last quarter. Ignite Planners LLC lifted its position in shares of Truist Financial by 1.4% in the 4th quarter. Ignite Planners LLC now owns 17,499 shares of the insurance provider’s stock worth $772,000 after purchasing an additional 246 shares during the period. Finally, Burkett Financial Services LLC boosted its stake in shares of Truist Financial by 26.8% during the third quarter. Burkett Financial Services LLC now owns 1,198 shares of the insurance provider’s stock valued at $51,000 after purchasing an additional 253 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Price Performance

NYSE:TFC opened at $47.64 on Friday. The firm’s fifty day moving average is $45.55 and its two-hundred day moving average is $44.09. The firm 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 one year low of $34.23 and a one year high of $49.06. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, January 17th. The insurance provider reported $0.91 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 firm had revenue of $5.11 billion for 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 revenue for the quarter was up 3.4% compared to the same quarter last year. Research analysts expect that Truist Financial Co. will post 3.95 EPS for the current 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 given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 4.37%. Truist Financial’s dividend payout ratio is presently 62.46%.

Insider Buying and Selling at Truist Financial

In related news, CEO William H. Rogers, Jr. acquired 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, for a total transaction of $1,659,780.80. Following the completion of the transaction, the chief executive officer now 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 position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial 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 completion of the sale, the director now owns 11,246 shares in the company, valued at approximately $519,565.20. This trade represents a 30.63 % decrease in their position. The disclosure for this sale can be found here. 0.17% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on TFC. UBS Group upped their target price on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Royal Bank of Canada raised their price objective on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Raymond James boosted their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Morgan Stanley raised their price target on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. Finally, Citigroup boosted their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. Eleven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and a consensus target price of $50.79.

Truist Financial 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.