Richardson Financial Services Inc. Takes Position in Truist Financial Co. (NYSE:TFC)

Richardson Financial Services Inc. bought a new stake in Truist Financial Co. (NYSE:TFC) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 1,695 shares of the insurance provider’s stock, valued at approximately $74,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bangor Savings Bank grew its stake in shares of Truist Financial by 92.5% in the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after buying an additional 272 shares in the last quarter. Valley Wealth Managers Inc. acquired a new position in Truist Financial in the 3rd quarter valued at about $26,000. MidAtlantic Capital Management Inc. purchased a new stake in Truist Financial during the third quarter worth about $32,000. Fortitude Family Office LLC increased its stake in Truist Financial by 376.7% during the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 678 shares during the period. Finally, Ashton Thomas Securities LLC purchased a new position in shares of Truist Financial in the third quarter valued at approximately $45,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

TFC has been the topic of a number of research reports. Royal Bank of Canada increased their target price on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Citigroup lifted their target price on Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a report on Monday, November 25th. Hsbc Global Res raised Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, January 17th. Finally, HSBC raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Tuesday, January 7th. Eleven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $50.79.

Truist Financial Price Performance

Shares of NYSE TFC opened at $47.64 on Monday. The stock has a market cap of $63.24 billion, a P/E ratio of 14.31, a P/E/G ratio of 1.68 and a beta of 1.08. Truist Financial Co. has a twelve month low of $34.23 and a twelve month high of $49.06. The stock has a 50 day moving average of $45.55 and a two-hundred day moving average of $44.10. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same quarter in the prior year, the business earned $0.81 EPS. Truist Financial’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, research analysts forecast that Truist Financial Co. will post 3.95 earnings per share for the current year.

Truist Financial Announces Dividend

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

Insiders Place Their Bets

In related news, Director K. David Jr. Boyer sold 4,966 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total transaction of $229,429.20. Following the transaction, the director now owns 11,246 shares of the company’s stock, valued at $519,565.20. This represents a 30.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William H. Rogers, Jr. bought 34,180 shares of the stock in a transaction on Monday, November 25th. The shares were bought at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of 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 disclosure for this purchase can be found here. 0.17% of the stock is owned by insiders.

About Truist Financial

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.