Verdence Capital Advisors LLC Acquires 9,046 Shares of Truist Financial Corporation $TFC

Verdence Capital Advisors LLC grew its holdings in Truist Financial Corporation (NYSE:TFC) by 9.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 101,380 shares of the insurance provider’s stock after acquiring an additional 9,046 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Truist Financial were worth $4,358,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Concord Asset Management LLC VA raised its stake in shares of Truist Financial by 568.5% in the second quarter. Concord Asset Management LLC VA now owns 69,847 shares of the insurance provider’s stock valued at $3,003,000 after purchasing an additional 59,398 shares in the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Truist Financial by 6.5% in the second quarter. Sequoia Financial Advisors LLC now owns 40,827 shares of the insurance provider’s stock valued at $1,755,000 after purchasing an additional 2,494 shares in the last quarter. MGO One Seven LLC raised its stake in shares of Truist Financial by 0.9% in the second quarter. MGO One Seven LLC now owns 28,849 shares of the insurance provider’s stock valued at $1,240,000 after purchasing an additional 246 shares in the last quarter. Welch Group LLC raised its stake in shares of Truist Financial by 3.5% in the second quarter. Welch Group LLC now owns 1,298,835 shares of the insurance provider’s stock valued at $55,837,000 after purchasing an additional 44,464 shares in the last quarter. Finally, GW Henssler & Associates Ltd. raised its stake in shares of Truist Financial by 3.2% in the second quarter. GW Henssler & Associates Ltd. now owns 667,015 shares of the insurance provider’s stock valued at $28,675,000 after purchasing an additional 20,400 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Stock Performance

Shares of NYSE: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 firm 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. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. The business has a fifty day moving average of $45.16 and a 200-day moving average of $42.17.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $5.04 billion. During the same quarter last year, the business posted $0.91 earnings per share. The business’s quarterly revenue was down 406.0% compared to the same quarter last year. On average, equities research analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

TFC has been the subject of a number of recent research reports. Raymond James Financial restated an “outperform” rating on shares of Truist Financial in a research note on Tuesday, October 7th. Weiss Ratings restated a “hold (c+)” rating on shares of Truist Financial in a research note on Wednesday, October 8th. Evercore ISI upped their target price on Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. Citigroup upgraded Truist Financial from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $47.00 price objective on shares of Truist Financial in a research note on Thursday, August 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, Truist Financial has a consensus rating of “Moderate Buy” and an average target price of $48.89.

Insider Buying and Selling at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the firm’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the sale, the insider directly owned 500 shares in the company, valued at approximately $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.14% of the company’s stock.

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.