Burgundy Asset Management Ltd. Has $93.94 Million Holdings in Truist Financial Corporation $TFC

Burgundy Asset Management Ltd. decreased its holdings in Truist Financial Corporation (NYSE:TFC) by 2.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 2,006,383 shares of the insurance provider’s stock after selling 39,984 shares during the period. Burgundy Asset Management Ltd.’s holdings in Truist Financial were worth $93,939,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of TFC. Aspect Partners LLC grew its position in shares of Truist Financial by 71.5% during the 2nd quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 268 shares in the last quarter. Valley Wealth Managers Inc. bought a new stake in shares of Truist Financial in the third quarter valued at approximately $28,000. Capital A Wealth Management LLC grew its position in Truist Financial by 1,189.5% during the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after buying an additional 678 shares in the last quarter. Darwin Wealth Management LLC increased its stake in Truist Financial by 631.6% during the 3rd quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 600 shares during the period. Finally, Twin Peaks Wealth Advisors LLC acquired a new position in Truist Financial in the 2nd quarter valued at $36,000. Institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on TFC shares. TD Cowen increased their target price on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Argus boosted their target price 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. Robert W. Baird lowered shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Finally, Weiss Ratings raised shares of Truist Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, February 25th. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $56.47.

Insider Transactions at Truist Financial

In related news, CAO Cynthia B. Powell sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the transaction, the chief accounting officer owned 667 shares in the company, valued at $35,010.83. This trade represents a 83.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the sale, the chief financial officer directly owned 74,323 shares in the company, valued at $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $49.12 on Thursday. Truist Financial Corporation has a one year low of $33.56 and a one year high of $56.19. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. The company has a market cap of $61.36 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 0.84 and a beta of 0.87. The firm has a 50 day simple moving average of $51.14 and a 200 day simple moving average of $47.65.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.09). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The company had revenue of $4.93 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same quarter last year, the company posted $0.91 earnings per share. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. Research analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were given a $0.52 dividend. The ex-dividend date was Friday, February 13th. This represents a $2.08 annualized dividend and a yield of 4.2%. Truist Financial’s dividend payout ratio (DPR) is currently 54.59%.

Truist Financial declared that its Board of Directors has initiated a stock buyback program on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the insurance provider to repurchase up to 15.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Truist Financial 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.