Tower Bridge Advisors Sells 600 Shares of Truist Financial Co. (NYSE:TFC)

Tower Bridge Advisors reduced its position in shares of Truist Financial Co. (NYSE:TFC) by 4.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 14,090 shares of the insurance provider’s stock after selling 600 shares during the quarter. Tower Bridge Advisors’ holdings in Truist Financial were worth $611,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of TFC. Bangor Savings Bank lifted its stake in shares of Truist Financial by 92.5% in the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 272 shares during the last quarter. Valley Wealth Managers Inc. purchased a new stake in Truist Financial during the 3rd quarter valued at $26,000. MidAtlantic Capital Management Inc. bought a new stake in Truist Financial in the third quarter worth $32,000. Ashton Thomas Securities LLC purchased a new position in Truist Financial during the third quarter worth $45,000. Finally, True Wealth Design LLC bought a new position in Truist Financial during the third quarter valued at $51,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Up 1.4 %

NYSE:TFC opened at $46.37 on Friday. The company’s 50-day simple moving average is $45.78 and its 200-day simple moving average is $44.62. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. Truist Financial Co. has a fifty-two week low of $34.51 and a fifty-two week high of $49.06. The stock has a market capitalization of $61.55 billion, a P/E ratio of 13.92, a P/E/G ratio of 1.63 and a beta of 1.08.

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

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.49%. Truist Financial’s dividend payout ratio (DPR) is currently 62.46%.

Insider Activity at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the completion of the transaction, the director now owns 11,246 shares of the company’s stock, valued at approximately $519,565.20. This trade represents a 30.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.17% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on TFC. Piper Sandler lifted their price target on shares of Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Citigroup boosted their target price on Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Keefe, Bruyette & Woods boosted their price objective on Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, January 21st. Finally, Morgan Stanley increased their target price on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 21st. Eleven analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.79.

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.