Summit Securities Group LLC Reduces Stock Holdings in Truist Financial Co. (NYSE:TFC)

Summit Securities Group LLC cut its stake in Truist Financial Co. (NYSE:TFC) by 18.8% in the 4th quarter, according to its most recent 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 quarter. Summit Securities Group LLC’s holdings in Truist Financial were worth $226,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of TFC. Bangor Savings Bank raised its stake in Truist Financial by 92.5% in the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after buying an additional 272 shares in the last quarter. Hopwood Financial Services Inc. bought a new position in shares of Truist Financial in the 4th quarter worth approximately $26,000. Curio Wealth LLC purchased a new position in shares of Truist Financial in the 4th quarter valued at approximately $45,000. True Wealth Design LLC purchased a new stake in Truist Financial in the third quarter worth $51,000. Finally, City State Bank raised its holdings in Truist Financial by 158.1% in the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock worth $51,000 after purchasing an additional 716 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, January 21st. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Citigroup dropped their price target on Truist Financial from $51.00 to $44.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Compass Point raised their price objective on Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Finally, Hsbc Global Res raised Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Nine investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.68.

Truist Financial Stock Down 2.3 %

TFC opened at $40.46 on Friday. The firm’s 50 day simple moving average is $44.78 and its two-hundred day simple moving average is $44.42. The company has a market capitalization of $52.81 billion, a PE ratio of 12.15, a PEG ratio of 1.63 and a beta of 1.08. Truist Financial Co. has a 1-year low of $35.09 and a 1-year high of $49.06. The company has a current ratio of 0.83, a quick 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 EPS for the quarter, topping 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 business had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same quarter in the prior year, the business posted $0.81 earnings per share. The business’s quarterly revenue was up 3.4% on a year-over-year basis. As a group, equities analysts forecast that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently disclosed 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 5.14%. Truist Financial’s dividend payout ratio (DPR) is presently 62.46%.

Truist Financial 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.