Truist Financial Co. (NYSE:TFC) Stake Cut by Capital Investment Counsel Inc

Capital Investment Counsel Inc cut its position in shares of Truist Financial Co. (NYSE:TFC) by 2.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 61,867 shares of the insurance provider’s stock after selling 1,686 shares during the quarter. Capital Investment Counsel Inc’s holdings in Truist Financial were worth $2,412,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Glenmede Trust Co. NA lifted its stake in Truist Financial by 19.7% in the third quarter. Glenmede Trust Co. NA now owns 51,512 shares of the insurance provider’s stock valued at $1,474,000 after buying an additional 8,482 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in Truist Financial by 6.0% in the third quarter. Ameriprise Financial Inc. now owns 3,519,783 shares of the insurance provider’s stock valued at $100,694,000 after buying an additional 198,376 shares during the last quarter. Evergreen Capital Management LLC lifted its stake in Truist Financial by 20.8% in the third quarter. Evergreen Capital Management LLC now owns 17,390 shares of the insurance provider’s stock valued at $498,000 after buying an additional 2,998 shares during the last quarter. Legacy Advisors LLC bought a new stake in Truist Financial in the third quarter valued at $445,000. Finally, Sei Investments Co. lifted its stake in Truist Financial by 2.9% in the third quarter. Sei Investments Co. now owns 1,317,560 shares of the insurance provider’s stock valued at $37,695,000 after buying an additional 37,410 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Trading Down 1.7 %

TFC traded down $0.65 during trading on Friday, reaching $38.22. The company had a trading volume of 5,002,197 shares, compared to its average volume of 6,729,153. The firm’s 50-day simple moving average is $37.95 and its 200 day simple moving average is $37.23. The company has a market cap of $51.14 billion, a price-to-earnings ratio of -28.95, a PEG ratio of 2.04 and a beta of 1.07. Truist Financial Co. has a 12-month low of $26.57 and a 12-month high of $40.51. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. The firm had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. Truist Financial’s revenue was down 8.8% on a year-over-year basis. During the same quarter last year, the business posted $1.09 EPS. Equities research analysts anticipate that Truist Financial Co. will post 3.37 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Friday, May 10th were paid a dividend of $0.52 per share. The ex-dividend date was Thursday, May 9th. This represents a $2.08 annualized dividend and a yield of 5.44%. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on TFC shares. Citigroup raised their target price on Truist Financial from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Keefe, Bruyette & Woods lifted their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, May 8th. Compass Point upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $34.00 to $42.00 in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. lifted their price objective on shares of Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Finally, Stephens lifted their price objective on shares of Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, May 16th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Truist Financial has an average rating of “Moderate Buy” and a consensus price target of $43.17.

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.