Concord Asset Management LLC VA Boosts Position in Truist Financial Co. (NYSE:TFC)

Concord Asset Management LLC VA lifted its position in Truist Financial Co. (NYSE:TFC) by 523.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 65,686 shares of the insurance provider’s stock after purchasing an additional 55,149 shares during the quarter. Concord Asset Management LLC VA’s holdings in Truist Financial were worth $2,809,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital International Investors grew its stake in shares of Truist Financial by 93.7% in the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after buying an additional 5,632,493 shares during the period. Legal & General Group Plc grew its position in Truist Financial by 1.0% in the second quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock worth $401,663,000 after acquiring an additional 103,565 shares during the period. Dimensional Fund Advisors LP increased its stake in Truist Financial by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after acquiring an additional 299,196 shares during the last quarter. Truist Financial Corp raised its position in Truist Financial by 6.7% in the second quarter. Truist Financial Corp now owns 4,931,783 shares of the insurance provider’s stock valued at $191,600,000 after purchasing an additional 311,523 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Truist Financial by 1.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,489,411 shares of the insurance provider’s stock valued at $136,018,000 after purchasing an additional 58,349 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Up 0.6 %

TFC stock opened at $46.55 on Friday. Truist Financial Co. has a fifty-two week low of $31.13 and a fifty-two week high of $47.57. The company’s 50 day moving average price is $43.18 and its 200 day moving average price is $41.24. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. The business had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. As a group, analysts forecast that Truist Financial Co. will post 3.7 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.47%. Truist Financial’s dividend payout ratio is currently -145.45%.

Analyst Ratings Changes

TFC has been the subject of a number of recent analyst reports. Stephens reissued an “overweight” rating and set a $50.00 price objective on shares of Truist Financial in a research report on Tuesday, September 10th. The Goldman Sachs Group reduced their price target on shares of Truist Financial from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Morgan Stanley lifted their target price on shares of Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Finally, Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and upped their price target for the stock from $45.00 to $47.00 in a research note on Wednesday, July 24th. Twelve analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $46.37.

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.