Summit Securities Group LLC Sells 1,200 Shares of Truist Financial Co. (NYSE:TFC)

Summit Securities Group LLC cut its stake in shares of Truist Financial Co. (NYSE:TFC) by 18.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,200 shares of the insurance provider’s stock after selling 1,200 shares during the period. Summit Securities Group LLC’s holdings in Truist Financial were worth $226,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. increased its position in shares of Truist Financial by 48.7% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,963 shares of the insurance provider’s stock valued at $129,000 after acquiring an additional 971 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Truist Financial by 3.5% during the 3rd quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider’s stock worth $64,638,000 after purchasing an additional 50,637 shares during the period. Country Club Bank boosted its holdings in shares of Truist Financial by 719.8% in the 4th quarter. Country Club Bank now owns 45,499 shares of the insurance provider’s stock worth $1,973,000 after buying an additional 39,949 shares during the last quarter. David Wealth Management LLC purchased a new stake in Truist Financial during the fourth quarter worth about $2,354,000. Finally, Glass Wealth Management Co LLC raised its position in Truist Financial by 9.5% in the fourth quarter. Glass Wealth Management Co LLC now owns 67,978 shares of the insurance provider’s stock worth $2,949,000 after acquiring an additional 5,900 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TFC has been the subject of several research analyst reports. Stephens raised their price target on shares of Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 21st. HSBC raised Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, January 17th. Piper Sandler boosted their price objective on Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Raymond James increased 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. Nine investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Truist Financial has a consensus rating of “Moderate Buy” and an average price target of $50.68.

Truist Financial Stock Down 2.3 %

Shares of TFC opened at $40.46 on Friday. 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 has a market cap of $52.81 billion, a P/E ratio of 12.15, a P/E/G ratio of 1.63 and a beta of 1.08. The stock has a 50 day simple moving average of $44.78 and a two-hundred day simple moving average of $44.42. Truist Financial Co. has a 1 year low of $35.09 and a 1 year high of $49.06.

Truist Financial (NYSE:TFC) last released its 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. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same quarter in the previous year, the company posted $0.81 EPS. Truist Financial’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, analysts forecast that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 5.14%. The ex-dividend date was Friday, February 14th. Truist Financial’s dividend payout ratio is 62.46%.

About Truist Financial

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.