Truist Financial Corporation $TFC Stock: Welch Group LLC Grows Stake

Key Points

• Welch Group increased its Truist Financial stake by 1.7% in the third quarter, bringing its holdings to 1.36 million shares valued at approximately $63.1 million. Institutional investors and hedge funds own 71.28% of TFC’s outstanding shares.
• CEO Michael Lyons purchased 25,000 shares at an average price of $48.36, more than doubling his direct ownership; insiders now own 0.15% of the company.
• Truist reported quarterly EPS of $1.16, slightly below estimates, while revenue rose 1.3% year over year to $5.30 billion. The company declared a $0.52 quarterly dividend, equivalent to a 4.3% yield, and analysts maintain a consensus “Hold” rating with a $53.82 target price.

Welch Group LLC grew its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 1.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,362,301 shares of the insurance provider's stock after buying an additional 22,939 shares during the quarter. Truist Financial comprises 2.2% of Welch Group LLC's holdings, making the stock its 20th biggest position. Welch Group LLC owned about 0.11% of Truist Financial worth $63,075,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in TFC. N.E.W. Advisory Services LLC bought a new position in Truist Financial during the 2nd quarter valued at $30,000. Navigoe LLC bought a new stake in shares of Truist Financial in the 2nd quarter worth $30,000. Evolution Wealth Management Inc. raised its stake in shares of Truist Financial by 2,218.2% in the 1st quarter. Evolution Wealth Management Inc. now owns 765 shares of the insurance provider's stock worth $35,000 after buying an additional 732 shares in the last quarter. Wilkerson Advisory Group LLC raised its stake in shares of Truist Financial by 104.0% in the 1st quarter. Wilkerson Advisory Group LLC now owns 826 shares of the insurance provider's stock worth $38,000 after buying an additional 421 shares in the last quarter. Finally, Elevation Wealth Partners LLC lifted its holdings in shares of Truist Financial by 44.6% in the second quarter. Elevation Wealth Partners LLC now owns 892 shares of the insurance provider's stock valued at $44,000 after buying an additional 275 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Michael Lyons purchased 25,000 shares of the business's stock in a transaction dated Wednesday, October 28th. The shares were acquired at an average price of $48.36 per share, for a total transaction of $1,209,000.00. Following the completion of the acquisition, the chief executive officer directly owned 46,000 shares of the company's stock, valued at $2,224,560. The trade was a 119.05% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.15% of the stock is owned by corporate insiders.

Truist Financial Trading Down 0.1%

Shares of TFC opened at $48.74 on Monday. The business's 50-day moving average price is $48.39 and its 200 day moving average price is $49.50. The stock has a market capitalization of $58.41 billion, a P/E ratio of 12.56, a P/E/G ratio of 1.07 and a beta of 0.90. Truist Financial Corporation has a 1-year low of $43.13 and a 1-year high of $56.19. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.95.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Friday, October 16th. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($0.01). Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. The company had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same quarter in the previous year, the firm posted $1.04 EPS. Truist Financial's quarterly revenue was up 1.3% on a year-over-year basis. Analysts expect that Truist Financial Corporation will post 4.71 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be given a $0.52 dividend. 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 dividend payout ratio (DPR) is 53.61%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on TFC shares. HSBC assumed coverage on Truist Financial in a report on Monday, September 28th. They set a "buy" rating and a $61.00 target price on the stock. UBS Group cut their price target on shares of Truist Financial from $55.00 to $50.00 and set a "neutral" rating for the company in a report on Monday, October 5th. Wall Street Zen lowered shares of Truist Financial from a "hold" rating to a "sell" rating in a research report on Saturday. JPMorgan Chase & Co. lifted their price objective on shares of Truist Financial from $50.50 to $51.50 and gave the stock an "underweight" rating in a research note on Friday. Finally, Citigroup dropped their target price on shares of Truist Financial from $54.00 to $50.00 and set a "neutral" rating on the stock 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Truist Financial currently has a consensus rating of "Hold" and a consensus target price of $53.82.

Truist Financial 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.

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