OLD Point Trust & Financial Services N A Cuts Stock Position in Truist Financial Co. (NYSE:TFC)

OLD Point Trust & Financial Services N A cut its stake in Truist Financial Co. (NYSE:TFC) by 2.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 166,484 shares of the insurance provider’s stock after selling 4,300 shares during the period. Truist Financial comprises about 2.5% of OLD Point Trust & Financial Services N A’s holdings, making the stock its 13th largest holding. OLD Point Trust & Financial Services N A’s holdings in Truist Financial were worth $7,222,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of TFC. Bangor Savings Bank lifted its position in shares of Truist Financial by 92.5% during the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after buying an additional 272 shares during the last quarter. Hopwood Financial Services Inc. purchased a new stake in Truist Financial in the fourth quarter valued at approximately $26,000. Curio Wealth LLC acquired a new position in shares of Truist Financial in the 4th quarter valued at $45,000. City State Bank increased its position in Truist Financial by 158.1% in the 4th quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock valued at $51,000 after acquiring an additional 716 shares during the period. Finally, True Wealth Design LLC purchased a new position in Truist Financial during the 3rd quarter worth $51,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on TFC. Raymond James boosted their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Piper Sandler boosted their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Keefe, Bruyette & Woods upped their target price on Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, January 21st. Baird R W raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 5th. Finally, Barclays lifted their price objective 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. Nine 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. According to data from MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and a consensus price target of $51.16.

Truist Financial Trading Up 1.1 %

Shares of Truist Financial stock opened at $41.29 on Thursday. The business has a fifty day simple moving average of $45.20 and a 200-day simple moving average of $44.50. Truist Financial Co. has a fifty-two week low of $35.09 and a fifty-two week high of $49.06. The firm has a market cap of $53.90 billion, a price-to-earnings ratio of 12.40, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. The company has a quick ratio of 0.83, a current 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, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. Truist Financial’s revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.81 EPS. On average, equities analysts forecast that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 5.04%. Truist Financial’s dividend payout ratio (DPR) is 62.46%.

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.