GUNN & Co INVESTMENT MANAGEMENT INC. acquired a new position in shares of Truist Financial Co. (NYSE:TFC – Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 22,263 shares of the insurance provider’s stock, valued at approximately $822,000.
Several other institutional investors have also recently modified their holdings of TFC. Day & Ennis LLC increased its position in Truist Financial by 4.3% during the fourth quarter. Day & Ennis LLC now owns 7,525 shares of the insurance provider’s stock worth $278,000 after buying an additional 311 shares in the last quarter. Farmers & Merchants Trust Co of Chambersburg PA raised its stake in Truist Financial by 32.0% in the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,333 shares of the insurance provider’s stock valued at $49,000 after purchasing an additional 323 shares during the last quarter. Cape Investment Advisory Inc. raised its stake in Truist Financial by 7.4% in the 3rd quarter. Cape Investment Advisory Inc. now owns 4,849 shares of the insurance provider’s stock valued at $139,000 after purchasing an additional 335 shares during the last quarter. Birmingham Capital Management Co. Inc. AL lifted its holdings in Truist Financial by 4.1% in the 3rd quarter. Birmingham Capital Management Co. Inc. AL now owns 8,544 shares of the insurance provider’s stock valued at $244,000 after purchasing an additional 335 shares in the last quarter. Finally, Farmers Trust Co. boosted its stake in shares of Truist Financial by 2.8% during the 4th quarter. Farmers Trust Co. now owns 12,190 shares of the insurance provider’s stock worth $450,000 after purchasing an additional 336 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In related news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the sale, the director now owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.17% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on TFC shares. TheStreet downgraded shares of Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. Citigroup raised their price objective on Truist Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, April 24th. HSBC upped their target price on Truist Financial from $37.00 to $39.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. Wells Fargo & Company raised their price target on Truist Financial from $39.00 to $45.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a research note on Wednesday. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $41.88.
Read Our Latest Analysis on Truist Financial
Truist Financial Stock Up 1.3 %
Shares of NYSE TFC opened at $38.85 on Friday. The stock has a fifty day moving average price of $37.16 and a 200 day moving average price of $35.14. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. Truist Financial Co. has a 12-month low of $25.56 and a 12-month high of $39.29. The company has a market cap of $51.85 billion, a P/E ratio of -29.43, a P/E/G ratio of 2.01 and a beta of 1.07.
Truist Financial (NYSE:TFC – Get Free Report) last posted its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. The business had revenue of $4.87 billion during the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The company’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.09 earnings per share. Research analysts anticipate that Truist Financial Co. will post 3.3 EPS for the current fiscal year.
Truist Financial Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.35%. Truist Financial’s payout ratio is currently -157.58%.
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.
Further Reading
Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Co. (NYSE:TFC – Free Report).
Receive News & Ratings for Truist Financial Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Truist Financial and related companies with MarketBeat.com’s FREE daily email newsletter.
Source: defenseworld.net
