Concord Asset Management LLC VA Purchases 55,237 Shares of Truist Financial Corporation $TFC

Key Points

• Concord Asset Management LLC VA increased its stake in Truist by 528.6% in the fourth quarter, buying 55,237 shares to hold 65,686 shares valued at about $3.23 million at quarter-end.
• Truist beat expectations in its most recent quarter with $1.09 EPS vs. a $1.00 estimate and $5.20 billion in revenue (up 5% year-over-year), and analysts have a consensus rating of “Moderate Buy” with a $55.41 target price.
• The company pays a quarterly dividend of $0.52 (annualized $2.08), representing a 4.1% yield and a payout ratio of about 51.6%.

Concord Asset Management LLC VA increased its position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 528.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 65,686 shares of the insurance provider's stock after buying an additional 55,237 shares during the period. Concord Asset Management LLC VA's holdings in Truist Financial were worth $3,232,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of TFC. Brighton Jones LLC raised its stake in Truist Financial by 148.5% during the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider's stock worth $1,023,000 after buying an additional 14,093 shares during the last quarter. Woodline Partners LP raised its stake in Truist Financial by 39.5% during the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider's stock worth $4,575,000 after buying an additional 31,454 shares during the last quarter. Sivia Capital Partners LLC bought a new position in Truist Financial during the second quarter worth $575,000. AXA S.A. raised its stake in Truist Financial by 23.1% during the second quarter. AXA S.A. now owns 26,192 shares of the insurance provider's stock worth $1,126,000 after buying an additional 4,921 shares during the last quarter. Finally, Main Street Financial Solutions LLC raised its stake in Truist Financial by 20.1% during the second quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider's stock worth $292,000 after buying an additional 1,134 shares during the last quarter. Institutional investors own 71.28% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Royal Bank Of Canada lifted their target price on shares of Truist Financial from $51.00 to $53.00 and gave the stock an "outperform" rating in a research note on Monday, April 20th. TD Cowen lifted their target price on shares of Truist Financial from $59.00 to $60.00 and gave the stock a "buy" rating in a research note on Thursday, January 22nd. JPMorgan Chase & Co. lowered their target price on shares of Truist Financial from $57.00 to $51.50 and set a "neutral" rating for the company in a research note on Tuesday, April 7th. Robert W. Baird raised shares of Truist Financial from a "neutral" rating to an "outperform" rating and set a $52.00 price target for the company in a research note on Monday, March 9th. Finally, Raymond James Financial lifted 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. Ten research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Truist Financial has a consensus rating of "Moderate Buy" and a consensus target price of $55.41.

Insiders Place Their Bets

In other Truist Financial news, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the sale, the chief accounting officer directly owned 667 shares of the company's stock, valued at approximately $35,010.83. The trade was a 83.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.15% of the company's stock.

Truist Financial Trading Up 0.0%

TFC opened at $50.75 on Monday. Truist Financial Corporation has a 1-year low of $37.47 and a 1-year high of $56.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The company has a market cap of $62.98 billion, a P/E ratio of 12.59, a price-to-earnings-growth ratio of 0.87 and a beta of 0.89. The company has a fifty day moving average price of $48.18 and a two-hundred day moving average price of $48.09.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The firm had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.18 billion. During the same period in the previous year, the firm posted $0.87 earnings per share. The business's revenue was up 5.0% compared to the same quarter last year. Analysts predict that Truist Financial Corporation will post 4.52 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Friday, February 13th. Truist Financial's payout ratio is 51.61%.

About Truist Financial

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.

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