Advisory Services Network LLC Has $6.57 Million Stock Position in Truist Financial Co. (NYSE:TFC)

Advisory Services Network LLC lessened its position in Truist Financial Co. (NYSE:TFC) by 15.8% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 151,427 shares of the insurance provider’s stock after selling 28,470 shares during the period. Advisory Services Network LLC’s holdings in Truist Financial were worth $6,569,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Bangor Savings Bank grew its position 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 during the period. Hopwood Financial Services Inc. acquired a new stake in shares of Truist Financial in the 4th quarter worth about $26,000. Curio Wealth LLC bought a new position in Truist Financial in the 4th quarter valued at about $45,000. City State Bank boosted its stake in Truist Financial by 158.1% during the 4th quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock valued at $51,000 after purchasing an additional 716 shares during the last quarter. Finally, Brown Lisle Cummings Inc. bought a new stake in Truist Financial during the 4th quarter worth approximately $55,000. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

NYSE TFC opened at $34.87 on Wednesday. The company’s 50 day simple moving average is $43.22 and its two-hundred day simple moving average is $44.16. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. Truist Financial Co. has a 1 year low of $33.56 and a 1 year high of $49.06. The stock has a market capitalization of $45.51 billion, a PE ratio of 10.47, a P/E/G ratio of 1.63 and a beta of 0.91.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. The company had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the company earned $0.81 earnings per share. Analysts predict that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.97%. The ex-dividend date of this dividend was Friday, February 14th. Truist Financial’s dividend payout ratio is currently 62.46%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. dropped their target price on Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. Stephens raised their price target on shares of Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, January 21st. Wells Fargo & Company reduced their price objective on shares of Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. Barclays upped their target price on Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Finally, Morgan Stanley reduced their price target on shares of Truist Financial from $50.00 to $43.00 and set an “equal weight” rating for the company in a research report on Monday. One investment analyst has rated the stock with a sell rating, eight have issued 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.com, Truist Financial presently has an average rating of “Moderate Buy” and a consensus price target of $50.22.

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.