Great Lakes Advisors LLC Has $16.65 Million Stake in Truist Financial Corporation $TFC

Great Lakes Advisors LLC grew its holdings in Truist Financial Corporation (NYSE:TFC) by 3.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 364,128 shares of the insurance provider’s stock after purchasing an additional 13,392 shares during the quarter. Great Lakes Advisors LLC’s holdings in Truist Financial were worth $16,648,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in shares of Truist Financial during the 2nd quarter worth about $487,401,000. Jennison Associates LLC increased its position in Truist Financial by 203.1% in the 3rd quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider’s stock worth $179,176,000 after buying an additional 2,625,847 shares during the period. Laurel Wealth Advisors LLC increased its position in Truist Financial by 4,121.3% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider’s stock worth $100,424,000 after buying an additional 2,280,653 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Truist Financial by 811.0% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,018,457 shares of the insurance provider’s stock worth $86,773,000 after buying an additional 1,796,884 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Truist Financial by 1.3% in the second quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock valued at $5,177,722,000 after acquiring an additional 1,529,478 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TFC has been the subject of a number of research reports. The Goldman Sachs Group reissued a “buy” rating and issued a $58.00 price target on shares of Truist Financial in a report on Tuesday, January 6th. Argus upped their price objective on shares of Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. UBS Group set a $55.00 target price on shares of Truist Financial in a research note on Tuesday, October 21st. Raymond James Financial lifted their target price on Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Finally, Morgan Stanley upped their price target on Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a report on Wednesday, December 17th. Seven research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Truist Financial currently has a consensus rating of “Hold” and an average target price of $54.20.

Insiders Place Their Bets

In related news, Director K. David Jr. Boyer sold 5,160 shares of the stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the sale, the director owned 10,153 shares in the company, valued at $471,606.85. This trade represents a 33.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $50.13, for a total transaction of $651,690.00. Following the completion of the transaction, the chief financial officer owned 74,323 shares in the company, valued at approximately $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.17% of the stock is currently owned by company insiders.

Truist Financial Stock Up 1.9%

Shares of TFC opened at $51.26 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. The company has a 50-day moving average price of $49.25 and a two-hundred day moving average price of $46.32. The stock has a market cap of $65.58 billion, a price-to-earnings ratio of 13.45, a P/E/G ratio of 0.85 and a beta of 0.89. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $51.51.

Truist Financial (NYSE:TFC) last issued its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The company had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The company’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.91 earnings per share. Equities analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.1%. The ex-dividend date is Friday, February 13th. Truist Financial’s dividend payout ratio is currently 54.59%.

Truist Financial declared that its Board of Directors has approved a stock repurchase program on Tuesday, December 16th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the insurance provider to repurchase up to 15.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.