Patten Group Inc. Has $1.34 Million Position in Truist Financial Co. (NYSE:TFC)

Patten Group Inc. lessened its holdings in Truist Financial Co. (NYSE:TFC) by 15.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 30,802 shares of the insurance provider’s stock after selling 5,475 shares during the period. Patten Group Inc.’s holdings in Truist Financial were worth $1,336,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the business. Steward Partners Investment Advisory LLC raised its position in Truist Financial by 395.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 260,612 shares of the insurance provider’s stock valued at $11,305,000 after purchasing an additional 207,993 shares during the last quarter. Fidelis Capital Partners LLC bought a new position in shares of Truist Financial in the fourth quarter valued at about $210,000. SBI Securities Co. Ltd. acquired a new position in Truist Financial during the 4th quarter worth about $104,000. Jones Financial Companies Lllp lifted its position in shares of Truist Financial by 38.1% during the fourth quarter. Jones Financial Companies Lllp now owns 838,890 shares of the insurance provider’s stock worth $36,391,000 after purchasing an additional 231,288 shares in the last quarter. Finally, SRS Capital Advisors Inc. grew its stake in shares of Truist Financial by 106.7% during the fourth quarter. SRS Capital Advisors Inc. now owns 7,363 shares of the insurance provider’s stock valued at $319,000 after purchasing an additional 3,801 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE TFC opened at $45.41 on Tuesday. The stock has a market capitalization of $59.28 billion, a price-to-earnings ratio of 13.64, a PEG ratio of 1.63 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The firm’s 50 day simple moving average is $45.81 and its 200-day simple moving average is $44.68. Truist Financial Co. has a 12 month low of $34.51 and a 12 month high of $49.06.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data 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. The company 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%. Truist Financial’s revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.81 EPS. Analysts expect that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.58%. The ex-dividend date was Friday, February 14th. Truist Financial’s dividend payout ratio is currently 62.46%.

Insiders Place Their Bets

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 transaction of $229,429.20. Following the transaction, the director now directly owns 11,246 shares of the company’s stock, valued at approximately $519,565.20. This trade represents a 30.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.17% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

TFC has been the topic of several analyst reports. Morgan Stanley increased their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. The Goldman Sachs Group lifted their target price on Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. HSBC raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Citigroup lifted their price target on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Finally, Barclays lifted their price target on Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Eleven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Truist Financial has an average rating of “Moderate Buy” and an average target price of $50.79.

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.