Independence Bank of Kentucky Has $1.31 Million Stock Holdings in Truist Financial Co. (NYSE:TFC)

Independence Bank of Kentucky decreased its holdings in shares of Truist Financial Co. (NYSE:TFCFree Report) by 5.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,453 shares of the insurance provider’s stock after selling 2,150 shares during the period. Independence Bank of Kentucky’s holdings in Truist Financial were worth $1,309,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Stonegate Investment Group LLC bought a new position in Truist Financial during the fourth quarter worth about $270,000. TIAA Trust National Association lifted its stake in Truist Financial by 51.5% during the fourth quarter. TIAA Trust National Association now owns 25,652 shares of the insurance provider’s stock worth $947,000 after purchasing an additional 8,725 shares during the period. State of Michigan Retirement System lifted its stake in Truist Financial by 0.8% during the fourth quarter. State of Michigan Retirement System now owns 394,043 shares of the insurance provider’s stock worth $14,548,000 after purchasing an additional 3,300 shares during the period. Oak Thistle LLC bought a new position in Truist Financial during the fourth quarter worth about $551,000. Finally, Country Club Bank GFN bought a new position in Truist Financial during the fourth quarter worth about $207,000. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Up 0.2 %

TFC opened at $37.95 on Thursday. The stock has a market capitalization of $50.65 billion, a P/E ratio of -35.14, a P/E/G ratio of 1.60 and a beta of 1.08. Truist Financial Co. has a 12 month low of $25.56 and a 12 month high of $39.29. The firm’s fifty day simple moving average is $36.55 and its 200 day simple moving average is $33.71. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.74.

Truist Financial (NYSE:TFCGet Free Report) last posted its quarterly earnings data on Thursday, January 18th. The insurance provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.68 by $0.13. The business had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. During the same period in the previous year, the firm posted $1.30 EPS. As a group, research analysts anticipate that Truist Financial Co. will post 3.39 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 9th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $2.08 annualized dividend and a yield of 5.48%. Truist Financial’s dividend payout ratio (DPR) is presently -192.59%.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of the business’s stock in a transaction dated 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 directly owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on TFC shares. Piper Sandler boosted their price objective on shares of Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, January 19th. Keefe, Bruyette & Woods boosted their price objective on shares of Truist Financial from $42.00 to $44.00 and gave the stock an “outperform” rating in a research report on Friday, January 19th. Stephens upgraded shares of Truist Financial from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $41.00 to $43.00 in a research report on Tuesday, March 19th. Morgan Stanley lifted their target price on shares of Truist Financial from $38.00 to $43.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 30th. Finally, Barclays boosted their price target on shares of Truist Financial from $40.00 to $42.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $40.38.

View Our Latest Stock Report on Truist Financial

About Truist Financial

(Free Report)

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.

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Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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