Verdence Capital Advisors LLC Has $4.36 Million Stock Position in Truist Financial Corporation $TFC

Verdence Capital Advisors LLC increased its position in Truist Financial Corporation (NYSE:TFC) by 9.8% in the second quarter, Holdings Channel.com reports. The firm owned 101,380 shares of the insurance provider’s stock after acquiring an additional 9,046 shares during the period. Verdence Capital Advisors LLC’s holdings in Truist Financial were worth $4,358,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Amundi increased its position in Truist Financial by 4.6% in the first quarter. Amundi now owns 24,774,656 shares of the insurance provider’s stock worth $1,019,477,000 after purchasing an additional 1,091,311 shares during the period. Invesco Ltd. increased its position in Truist Financial by 32.0% in the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider’s stock worth $540,723,000 after purchasing an additional 3,188,999 shares during the period. American Century Companies Inc. increased its position in Truist Financial by 21.8% in the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider’s stock worth $495,509,000 after purchasing an additional 2,158,639 shares during the period. Federated Hermes Inc. increased its position in Truist Financial by 0.9% in the first quarter. Federated Hermes Inc. now owns 9,511,639 shares of the insurance provider’s stock worth $391,404,000 after purchasing an additional 89,373 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Truist Financial by 5.4% during the first quarter. Dimensional Fund Advisors LP now owns 8,030,898 shares of the insurance provider’s stock worth $330,408,000 after buying an additional 408,726 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider owned 500 shares in the company, valued at $22,595. The trade was a 96.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.14% of the stock is owned by company insiders.

Analyst Ratings Changes

TFC has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods cut Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price on the stock. in a report on Wednesday, July 9th. Raymond James Financial restated an “outperform” rating on shares of Truist Financial in a report on Tuesday, October 7th. Wells Fargo & Company restated an “equal weight” rating and set a $47.00 target price on shares of Truist Financial in a report on Thursday, August 21st. Evercore ISI raised their target price on Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Finally, Morgan Stanley raised their target price on Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a report on Monday, September 29th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, Truist Financial presently has a consensus rating of “Moderate Buy” and an average target price of $48.89.

Truist Financial Trading Down 4.4%

NYSE:TFC opened at $42.32 on Monday. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization 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. The business’s 50-day simple moving average is $45.16 and its 200-day simple moving average is $42.17.

Truist Financial (NYSE:TFC) last released its quarterly earnings data 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). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. During the same quarter last year, the firm earned $0.91 EPS. The company’s revenue for the quarter was down 406.0% on a year-over-year basis. Sell-side analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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

About Truist Financial

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.