OLD Point Trust & Financial Services N A Has $7.22 Million Stock Position in Truist Financial Co. (NYSE:TFC)

OLD Point Trust & Financial Services N A lowered its position in shares of Truist Financial Co. (NYSE:TFC) by 2.5% during the fourth quarter, Holdings Channel reports. The fund owned 166,484 shares of the insurance provider’s stock after selling 4,300 shares during the quarter. Truist Financial makes up 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 (SEC).

Other hedge funds have also made changes to their positions in the company. Raymond James Financial Inc. acquired a new position in Truist Financial during the fourth quarter valued at $198,051,000. State Street Corp increased its holdings in shares of Truist Financial by 4.6% in the 3rd quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock valued at $2,645,964,000 after purchasing an additional 2,720,223 shares during the period. Amundi lifted its position in shares of Truist Financial by 6.5% in the fourth quarter. Amundi now owns 23,683,345 shares of the insurance provider’s stock worth $1,040,718,000 after purchasing an additional 1,450,323 shares in the last quarter. KBC Group NV boosted its holdings in shares of Truist Financial by 96.9% during the fourth quarter. KBC Group NV now owns 2,031,893 shares of the insurance provider’s stock worth $88,144,000 after purchasing an additional 999,763 shares during the period. Finally, HighTower Advisors LLC increased its stake in Truist Financial by 26.1% in the 3rd quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider’s stock valued at $166,892,000 after buying an additional 807,648 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on TFC. Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $48.00 to $52.00 in a research note on Wednesday, March 5th. The Goldman Sachs Group boosted their target price on shares of Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Piper Sandler raised their price target on shares of Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. HSBC upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. Finally, Compass Point raised their target price on Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Nine analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $51.16.

Truist Financial Price Performance

Shares of TFC stock opened at $41.29 on Thursday. 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 Co. has a 12 month low of $35.09 and a 12 month high of $49.06. The firm has a market cap of $53.90 billion, a price-to-earnings ratio of 12.40, a PEG ratio of 1.63 and a beta of 1.08. The stock has a 50-day moving average price of $45.20 and a 200 day moving average price of $44.50.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.81 EPS. Research analysts expect that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Dividend Announcement

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