Davis R M Inc. Cuts Stock Holdings in Truist Financial Co. (NYSE:TFC)

Davis R M Inc. reduced its stake in Truist Financial Co. (NYSE:TFC) by 13.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,998 shares of the insurance provider’s stock after selling 780 shares during the quarter. Davis R M Inc.’s holdings in Truist Financial were worth $214,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Valley Wealth Managers Inc. bought a new position in shares of Truist Financial in the 3rd quarter worth $26,000. MidAtlantic Capital Management Inc. purchased a new position in Truist Financial in the third quarter worth $32,000. MFA Wealth Advisors LLC bought a new position in Truist Financial in the second quarter valued at $30,000. Y.D. More Investments Ltd purchased a new stake in Truist Financial during the second quarter valued at about $31,000. Finally, Fortitude Family Office LLC lifted 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 last quarter. 71.28% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

TFC has been the topic of several recent research reports. Wells Fargo & Company increased their price objective on Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. JPMorgan Chase & Co. boosted their price objective on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Morgan Stanley increased their target price on shares of Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Finally, Citigroup boosted their price target on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research note on Monday. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $46.57.

Truist Financial Stock Up 0.3 %

Shares of NYSE TFC opened at $48.12 on Tuesday. The firm has a fifty day simple moving average of $43.80 and a two-hundred day simple moving average of $41.61. Truist Financial Co. has a 12 month low of $31.23 and a 12 month high of $49.06. 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 has a market capitalization of $63.88 billion, a PE ratio of -33.65, a price-to-earnings-growth ratio of 1.97 and a beta of 1.05.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The company had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Equities analysts expect that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date is Friday, November 8th. Truist Financial’s payout ratio is presently -145.45%.

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.