Gabelli Funds LLC Reduces Position in Truist Financial Co. (NYSE:TFC)

Gabelli Funds LLC reduced its stake in Truist Financial Co. (NYSE:TFC) by 1.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,700 shares of the insurance provider’s stock after selling 300 shares during the quarter. Gabelli Funds LLC’s holdings in Truist Financial were worth $724,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Bangor Savings Bank lifted its holdings in Truist Financial by 92.5% in the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 272 shares in the last quarter. Hopwood Financial Services Inc. purchased a new position in shares of Truist Financial during the fourth quarter valued at approximately $26,000. Curio Wealth LLC acquired a new stake in Truist Financial during the fourth quarter worth approximately $45,000. City State Bank grew its stake in Truist Financial by 158.1% in the 4th quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock worth $51,000 after acquiring an additional 716 shares during the period. Finally, Brown Lisle Cummings Inc. acquired a new position in Truist Financial in the 4th quarter valued at $55,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Wells Fargo & Company lowered their price objective on Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $48.00 to $52.00 in a report on Wednesday, March 5th. Hsbc Global Res upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Citigroup dropped their price target on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. Nine equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $50.22.

Truist Financial Stock Down 0.3 %

NYSE TFC opened at $35.88 on Friday. 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 fifty-two week low of $33.56 and a fifty-two week high of $49.06. The business has a 50 day moving average price of $41.21 and a two-hundred day moving average price of $43.79. The stock has a market cap of $46.83 billion, a PE ratio of 10.77, a P/E/G ratio of 1.63 and a beta of 0.91.

Truist Financial (NYSE:TFC) last announced its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, meeting the consensus estimate of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business had revenue of $4.95 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the prior year, the firm earned $0.90 earnings per share. As a group, sell-side analysts predict that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.80%. The ex-dividend date was Friday, February 14th. Truist Financial’s dividend payout ratio is currently 61.36%.

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.