Welch Group LLC Buys 44,464 Shares of Truist Financial Corporation $TFC

Key Points

• Welch Group LLC increased its stake in Truist Financial Corporation by 3.5%, holding a total of 1,298,835 shares valued at approximately $55.84 million.
• Truist Financial's stock price has recently decreased by 4.4%, currently trading at $42.32, with a market cap of $54.57 billion.
• The company announced a quarterly dividend of $0.52, yielding 4.9%, with a payout ratio of 56.68%.

Welch Group LLC grew its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 3.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,298,835 shares of the insurance provider's stock after acquiring an additional 44,464 shares during the period. Truist Financial comprises approximately 2.3% of Welch Group LLC's investment portfolio, making the stock its 23rd biggest holding. Welch Group LLC owned approximately 0.10% of Truist Financial worth $55,837,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Foster Victor Wealth Advisors LLC boosted its holdings in Truist Financial by 0.4% in the second quarter. Foster Victor Wealth Advisors LLC now owns 62,087 shares of the insurance provider's stock valued at $2,804,000 after purchasing an additional 242 shares during the last quarter. Klingman & Associates LLC raised its position in shares of Truist Financial by 2.2% in the first quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider's stock worth $484,000 after acquiring an additional 248 shares during the period. Haverford Trust Co raised its position in shares of Truist Financial by 3.5% in the first quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider's stock worth $319,000 after acquiring an additional 262 shares during the period. Keystone Financial Group Inc. raised its position in shares of Truist Financial by 1.3% in the second quarter. Keystone Financial Group Inc. now owns 21,283 shares of the insurance provider's stock worth $942,000 after acquiring an additional 266 shares during the period. Finally, Manchester Capital Management LLC raised its position in shares of Truist Financial by 8.0% in the first quarter. Manchester Capital Management LLC now owns 3,898 shares of the insurance provider's stock worth $160,000 after acquiring an additional 288 shares during the period. Hedge funds and other institutional investors own 71.28% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on TFC shares. Evercore ISI upped their price objective on shares of Truist Financial from $48.00 to $50.00 and gave the stock an "in-line" rating in a research report on Tuesday, September 30th. Morgan Stanley upped their price objective on shares of Truist Financial from $48.00 to $54.00 and gave the stock an "equal weight" rating in a research report on Monday, September 29th. Raymond James Financial reiterated an "outperform" rating on shares of Truist Financial in a research report on Tuesday, October 7th. Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Finally, Wells Fargo & Company reiterated an "equal weight" rating and issued a $47.00 price objective on shares of Truist Financial in a research report on Thursday, August 21st. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $48.89.

Truist Financial Stock Down 4.4%

TFC opened at $42.32 on Monday. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The company has a 50-day moving average price of $45.16 and a 200 day moving average price of $42.17. The company has a market cap of $54.57 billion, a PE ratio of 11.53, a price-to-earnings-growth ratio of 1.35 and a beta of 0.88.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.02). The company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The firm's revenue for the quarter was down 406.0% on a year-over-year basis. During the same quarter last year, the company earned $0.91 EPS. Sell-side analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were issued a $0.52 dividend. The ex-dividend date was Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.9%. Truist Financial's dividend payout ratio is presently 56.68%.

Insider Buying and Selling

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the sale, the insider owned 500 shares in the company, valued at approximately $22,595. This represents a 96.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.14% of the company's stock.

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.

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