M&T Bank Corp Cuts Holdings in Truist Financial Co. (NYSE:TFC)

M&T Bank Corp trimmed its position in shares of Truist Financial Co. (NYSE:TFC) by 2.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 110,701 shares of the insurance provider’s stock after selling 3,130 shares during the period. M&T Bank Corp’s holdings in Truist Financial were worth $4,087,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Morton Brown Family Wealth LLC increased its stake in Truist Financial by 236.0% in the 4th quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 649 shares during the period. OFI Invest Asset Management purchased a new stake in Truist Financial during the 3rd quarter valued at $26,000. Criterion Capital Advisors LLC purchased a new stake in shares of Truist Financial during the fourth quarter worth about $38,000. Operose Advisors LLC purchased a new position in Truist Financial during the 3rd quarter valued at about $31,000. Finally, Tyler Stone Wealth Management bought a new position in Truist Financial during the 3rd quarter valued at approximately $33,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

TFC has been the subject of several research reports. Compass Point raised Truist Financial from a “neutral” rating to a “buy” rating and increased their target price for the stock from $34.00 to $42.00 in a research report on Tuesday, April 23rd. Royal Bank of Canada lifted their target price on shares of Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Morgan Stanley reaffirmed an “equal weight” rating and set a $43.00 price objective on shares of Truist Financial in a research report on Monday, April 22nd. Citigroup increased their target price on Truist Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Finally, HSBC lifted their price target on Truist Financial from $37.00 to $39.00 and gave the stock a “hold” rating in a research report on Thursday, March 28th. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and a consensus price target of $41.88.

Insider Transactions at Truist Financial

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 value of $141,074.72. Following the completion of the sale, the director now directly owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.17% of the company’s stock.

Truist Financial Stock Performance

NYSE TFC opened at $39.11 on Wednesday. The stock has a market capitalization of $52.20 billion, a PE ratio of -29.63, a P/E/G ratio of 2.03 and a beta of 1.07. Truist Financial Co. has a 1-year low of $26.49 and a 1-year high of $40.35. The business has a 50 day simple moving average of $37.34 and a two-hundred day simple moving average of $35.39. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The business had revenue of $4.87 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter last year, the firm earned $1.09 earnings per share. The firm’s quarterly revenue was down 8.8% compared to the same quarter last year. On average, research analysts predict that Truist Financial Co. will post 3.3 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.32%. The ex-dividend date is Thursday, May 9th. Truist Financial’s dividend payout ratio is currently -157.58%.

Truist Financial Company 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.