First County Bank CT Sells 502 Shares of Truist Financial Co. (NYSE:TFC)

First County Bank CT reduced its stake in shares of Truist Financial Co. (NYSE:TFC) by 2.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,121 shares of the insurance provider’s stock after selling 502 shares during the quarter. First County Bank CT’s holdings in Truist Financial were worth $786,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Bangor Savings Bank increased its stake in Truist Financial by 92.5% in the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 272 shares during the period. Valley Wealth Managers Inc. purchased a new position in shares of Truist Financial in the third quarter worth $26,000. Y.D. More Investments Ltd bought a new stake in Truist Financial during the 2nd quarter valued at $31,000. MidAtlantic Capital Management Inc. purchased a new stake in Truist Financial during the 3rd quarter valued at $32,000. Finally, Fortitude Family Office LLC grew its holdings in Truist Financial by 376.7% in the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 678 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

Truist Financial stock traded down $0.23 during mid-day trading on Tuesday, hitting $43.87. The stock had a trading volume of 4,069,071 shares, compared to its average volume of 5,069,620. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. The firm’s 50 day moving average is $45.31 and its 200 day moving average is $43.20. The firm has a market capitalization of $58.24 billion, a P/E ratio of -30.68, a P/E/G ratio of 1.88 and a beta of 1.08. Truist Financial Co. has a one year low of $34.23 and a one year high of $49.06.

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

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.74%. Truist Financial’s dividend payout ratio (DPR) is -145.45%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on TFC shares. Wells Fargo & Company increased their target price on shares of Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Compass Point boosted their target price on Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Barclays raised their price target on Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday. Piper Sandler boosted their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Royal Bank of Canada raised their target price on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Eleven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $49.89.

Insider Activity at Truist Financial

In other news, CEO William H. Rogers, Jr. acquired 34,180 shares of Truist Financial stock in a transaction that occurred on Monday, November 25th. The shares were bought 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 directly owns 691,451 shares of the company’s stock, valued at $33,576,860.56. This trade represents a 5.20 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director K. David Jr. Boyer sold 4,966 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the completion of the sale, the director now owns 11,246 shares in the company, valued at approximately $519,565.20. The trade was 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 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.