Nemes Rush Group LLC Trims Stock Holdings in Truist Financial Co. (NYSE:TFC)

Nemes Rush Group LLC trimmed its holdings in Truist Financial Co. (NYSE:TFC) by 27.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 3,797 shares of the insurance provider’s stock after selling 1,436 shares during the period. Nemes Rush Group LLC’s holdings in Truist Financial were worth $165,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in TFC. Bangor Savings Bank raised its holdings in 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 acquiring an additional 272 shares in the last quarter. Hopwood Financial Services Inc. acquired a new stake in shares of Truist Financial in the 4th quarter valued at about $26,000. Curio Wealth LLC bought a new position in shares of Truist Financial during the fourth quarter worth about $45,000. City State Bank grew its stake in Truist Financial by 158.1% in the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock worth $51,000 after purchasing an additional 716 shares in the last quarter. Finally, Brown Lisle Cummings Inc. bought a new stake in Truist Financial in the fourth quarter valued at about $55,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Down 0.4 %

TFC stock opened at $41.00 on Wednesday. The firm’s 50-day moving average is $44.51 and its two-hundred day moving average is $44.43. 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 market capitalization of $53.51 billion, a price-to-earnings ratio of 12.31, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. Truist Financial Co. has a 52 week low of $35.09 and a 52 week high of $49.06.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. The firm had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.81 earnings per share. On average, analysts forecast that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 5.07%. Truist Financial’s dividend payout ratio is currently 62.46%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $48.00 to $52.00 in a research report on Wednesday, March 5th. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Wells Fargo & Company decreased their price target on shares of Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, March 28th. Stephens raised their target price on shares of Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. Finally, Raymond James increased their price target on Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Nine equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $50.68.

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.