Coerente Capital Management Increases Position in Truist Financial Co. (NYSE:TFC)

Coerente Capital Management lifted its position in shares of Truist Financial Co. (NYSE:TFC) by 0.3% in the 4th quarter, Holdings Channel.com reports. The firm owned 300,669 shares of the insurance provider’s stock after purchasing an additional 930 shares during the period. Truist Financial comprises about 2.4% of Coerente Capital Management’s holdings, making the stock its 20th largest position. Coerente Capital Management’s holdings in Truist Financial were worth $13,043,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Symphony Financial Ltd. Co. boosted its holdings in Truist Financial by 6.6% in the fourth quarter. Symphony Financial Ltd. Co. now owns 30,085 shares of the insurance provider’s stock valued at $1,405,000 after purchasing an additional 1,871 shares in the last quarter. Abundance Wealth Counselors lifted its position in shares of Truist Financial by 1.7% during the 4th quarter. Abundance Wealth Counselors now owns 41,387 shares of the insurance provider’s stock worth $1,795,000 after buying an additional 673 shares during the last quarter. Independence Bank of Kentucky boosted its holdings in shares of Truist Financial by 9.9% in the 4th quarter. Independence Bank of Kentucky now owns 39,168 shares of the insurance provider’s stock valued at $1,699,000 after buying an additional 3,518 shares in the last quarter. Concord Wealth Partners grew its position in shares of Truist Financial by 279.4% in the 4th quarter. Concord Wealth Partners now owns 70,122 shares of the insurance provider’s stock valued at $3,042,000 after buying an additional 51,641 shares during the last quarter. Finally, Heck Capital Advisors LLC acquired a new stake in Truist Financial during the 4th quarter worth $314,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Activity at Truist Financial

In related news, CEO William H. Rogers, Jr. purchased 34,180 shares of Truist Financial stock in a transaction that occurred on Monday, November 25th. The shares were purchased at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the transaction, the chief executive officer now owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. The trade was a 5.20 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director K. David Jr. Boyer sold 4,966 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the completion of the sale, the director now directly owns 11,246 shares of the company’s stock, valued at $519,565.20. This trade represents a 30.63 % decrease in their position. The disclosure for this sale can be found here. 0.17% of the stock is owned by insiders.

Truist Financial Stock Performance

Shares of TFC opened at $47.64 on Friday. Truist Financial Co. has a 12-month low of $34.23 and a 12-month high of $49.06. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The company has a 50-day moving average of $45.55 and a two-hundred day moving average of $44.09. The stock has a market cap of $63.24 billion, a P/E ratio of 14.31, a PEG ratio of 1.68 and a beta of 1.08.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.81 EPS. As a group, research analysts predict that Truist Financial Co. will post 3.95 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Friday, February 14th will be paid a $0.52 dividend. The ex-dividend date is Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 4.37%. Truist Financial’s payout ratio is currently 62.46%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Stephens raised their price objective on Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods increased their price objective on Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, January 21st. Piper Sandler lifted their target price on shares of Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Finally, Morgan Stanley increased their price target on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 21st. Eleven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.79.

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.