Citizens & Northern Corp Cuts Position in Truist Financial Corporation $TFC

Citizens & Northern Corp lessened its holdings in Truist Financial Corporation (NYSE:TFC) by 86.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 4,727 shares of the insurance provider’s stock after selling 29,621 shares during the quarter. Citizens & Northern Corp’s holdings in Truist Financial were worth $233,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Mowery & Schoenfeld Wealth Management LLC increased its stake in shares of Truist Financial by 190.7% in the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 431 shares in the last quarter. WPG Advisers LLC increased its stake in shares of Truist Financial by 163.1% in the 4th quarter. WPG Advisers LLC now owns 1,021 shares of the insurance provider’s stock valued at $50,000 after purchasing an additional 633 shares in the last quarter. Wealth Science Advisors LLC purchased a new position in shares of Truist Financial in the 4th quarter valued at about $444,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Truist Financial in the 4th quarter valued at about $345,000. Finally, Teacher Retirement System of Texas increased its stake in shares of Truist Financial by 14.4% in the 4th quarter. Teacher Retirement System of Texas now owns 231,969 shares of the insurance provider’s stock valued at $11,415,000 after purchasing an additional 29,241 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $51.43 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The business has a 50 day simple moving average of $48.20 and a two-hundred day simple moving average of $48.00. The stock has a market capitalization of $63.83 billion, a P/E ratio of 12.76, a PEG ratio of 0.87 and a beta of 0.89. Truist Financial Corporation has a 12 month low of $36.83 and a 12 month high of $56.19.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. The business had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The business’s revenue was up 5.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.87 earnings per share. As a group, analysts predict that Truist Financial Corporation will post 4.51 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were given a $0.52 dividend. The ex-dividend date was Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. Truist Financial’s dividend payout ratio is 51.61%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on TFC shares. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and set a $52.00 price target for the company in a research note on Monday, March 9th. Morgan Stanley cut their price target on Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a research note on Monday. Argus lifted their price target on Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. Barclays lowered Truist Financial from an “equal weight” rating to an “underweight” rating and lifted their price target for the company from $47.00 to $56.00 in a research note on Monday, January 5th. Finally, Raymond James Financial lifted their price target on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Ten equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $55.41.

Insider Buying and Selling

In other news, CAO Cynthia B. Powell sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the sale, the chief accounting officer directly owned 667 shares in the company, valued at $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the company’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the completion of the sale, the chief financial officer owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.15% of the stock is owned by corporate insiders.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.