Concord Asset Management LLC VA Acquires 55,149 Shares of Truist Financial Co. (NYSE:TFC)

Concord Asset Management LLC VA grew its holdings in Truist Financial Co. (NYSE:TFC - Free Report) by 523.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 65,686 shares of the insurance provider's stock after purchasing an additional 55,149 shares during the period. Concord Asset Management LLC VA's holdings in Truist Financial were worth $2,809,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Atlanta Consulting Group Advisors LLC bought a new stake in Truist Financial during the 3rd quarter worth $844,000. Natixis Advisors LLC grew its holdings in shares of Truist Financial by 7.3% during the third quarter. Natixis Advisors LLC now owns 451,576 shares of the insurance provider's stock worth $19,314,000 after purchasing an additional 30,626 shares during the last quarter. Valley Wealth Managers Inc. acquired a new position in shares of Truist Financial in the third quarter valued at approximately $26,000. Empowered Funds LLC raised its holdings in Truist Financial by 155.8% in the 3rd quarter. Empowered Funds LLC now owns 198,158 shares of the insurance provider's stock valued at $8,475,000 after buying an additional 120,706 shares during the last quarter. Finally, Empirical Finance LLC boosted its position in Truist Financial by 1.9% during the 3rd quarter. Empirical Finance LLC now owns 45,691 shares of the insurance provider's stock worth $1,954,000 after buying an additional 851 shares during the period. Institutional investors and hedge funds own 71.28% of the company's stock.

Truist Financial Stock Up 0.6 %

Shares of NYSE:TFC traded up $0.30 during midday trading on Friday, hitting $46.55. 5,665,179 shares of the company's stock were exchanged, compared to its average volume of 8,550,114. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. Truist Financial Co. has a 12 month low of $31.13 and a 12 month high of $47.57. The company has a market cap of $61.80 billion, a PE ratio of -32.55, a price-to-earnings-growth ratio of 1.91 and a beta of 1.05. The stock has a 50 day moving average price of $43.18 and a 200-day moving average price of $41.24.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.89 by $0.08. The business had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. On average, sell-side analysts anticipate that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.47%. Truist Financial's payout ratio is currently -145.45%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Compass Point raised their price target on shares of Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. Keefe, Bruyette & Woods lifted their target price on Truist Financial from $48.00 to $49.00 and gave the stock an "overweight" rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. raised their price objective on Truist Financial from $43.50 to $47.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 16th. Argus upped their target price on Truist Financial from $44.00 to $51.00 and gave the company a "buy" rating in a report on Tuesday, July 23rd. Finally, The Goldman Sachs Group lowered their price target on shares of Truist Financial from $50.00 to $48.00 and set a "buy" rating for the company in a report on Wednesday, October 16th. Twelve research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $46.37.

Truist Financial Company 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.