Wealth Enhancement Advisory Services LLC Grows Stock Holdings in Truist Financial Corporation $TFC

Wealth Enhancement Advisory Services LLC lifted its stake in shares of Truist Financial Corporation (NYSE:TFC) by 5.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 802,815 shares of the insurance provider’s stock after purchasing an additional 43,638 shares during the period. Wealth Enhancement Advisory Services LLC owned 0.06% of Truist Financial worth $36,287,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Royal Fund Management LLC acquired a new position in Truist Financial during the third quarter worth $1,689,000. Intrua Financial LLC boosted its position in shares of Truist Financial by 5.7% during the 3rd quarter. Intrua Financial LLC now owns 23,858 shares of the insurance provider’s stock valued at $1,091,000 after acquiring an additional 1,286 shares during the last quarter. Smith Thornton Advisors LLC grew its holdings in shares of Truist Financial by 4.1% in the third quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock valued at $270,000 after purchasing an additional 231 shares during the period. J.Safra Asset Management Corp increased its position in Truist Financial by 53.7% during the third quarter. J.Safra Asset Management Corp now owns 17,395 shares of the insurance provider’s stock worth $795,000 after purchasing an additional 6,076 shares during the last quarter. Finally, Fiduciary Family Office LLC raised its stake in Truist Financial by 4.7% during the third quarter. Fiduciary Family Office LLC now owns 14,602 shares of the insurance provider’s stock worth $668,000 after purchasing an additional 650 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the transaction, the director owned 10,153 shares in the company, valued at approximately $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.14% of the stock is owned by corporate insiders.

Truist Financial Price Performance

Shares of TFC opened at $48.34 on Wednesday. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $51.51. The firm has a 50-day simple moving average of $48.46 and a 200-day simple moving average of $46.09. The company has a market capitalization of $61.83 billion, a price-to-earnings ratio of 12.99, a price-to-earnings-growth ratio of 0.95 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial announced that its board has initiated a share repurchase plan on Tuesday, December 16th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 15.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were issued a $0.52 dividend. The ex-dividend date was Friday, November 14th. This represents a $2.08 annualized dividend and a yield of 4.3%. Truist Financial’s payout ratio is 55.91%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Piper Sandler set a $48.00 price target on shares of Truist Financial in a report on Monday, October 20th. Keefe, Bruyette & Woods upped their price target on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research note on Wednesday, December 17th. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Baird R W cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Finally, Barclays cut shares of Truist Financial from an “equal weight” rating to an “underweight” rating and lifted their price target for the company from $47.00 to $56.00 in a research report on Monday, January 5th. Seven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Truist Financial has an average rating of “Hold” and a consensus target price of $52.80.

Truist Financial Company Profile

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.