Tower Bridge Advisors Sells 2,600 Shares of Truist Financial Co. (NYSE:TFC)

Tower Bridge Advisors lessened its stake in Truist Financial Co. (NYSE:TFC) by 15.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,690 shares of the insurance provider’s stock after selling 2,600 shares during the period. Tower Bridge Advisors’ holdings in Truist Financial were worth $628,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Capital Investment Counsel Inc grew its position in shares of Truist Financial by 0.4% in the 2nd quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock valued at $2,413,000 after buying an additional 244 shares during the last quarter. Burkett Financial Services LLC lifted its stake in shares of Truist Financial by 26.8% in the 3rd quarter. Burkett Financial Services LLC now owns 1,198 shares of the insurance provider’s stock valued at $51,000 after purchasing an additional 253 shares during the period. Verum Partners LLC lifted its stake in shares of Truist Financial by 2.5% in the 2nd quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock valued at $411,000 after purchasing an additional 261 shares during the period. CX Institutional lifted its stake in shares of Truist Financial by 3.4% in the 2nd quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock valued at $313,000 after purchasing an additional 263 shares during the period. Finally, Prime Capital Investment Advisors LLC lifted its stake in shares of Truist Financial by 2.7% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 10,399 shares of the insurance provider’s stock valued at $445,000 after purchasing an additional 270 shares during the period. Institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on TFC shares. Barclays boosted their price objective on Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. UBS Group upped their price target on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. The Goldman Sachs Group dropped their price target on Truist Financial from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Wells Fargo & Company upped their price target on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Keefe, Bruyette & Woods upped their price target on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $46.37.

Truist Financial Stock Performance

TFC stock opened at $46.55 on Monday. The firm has a market cap of $61.80 billion, a PE ratio of -32.55, a P/E/G ratio of 1.91 and a beta of 1.05. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. The business has a 50 day moving average of $43.18 and a 200-day moving average of $41.27. Truist Financial Co. has a 12-month low of $31.13 and a 12-month high of $47.57.

Truist Financial (NYSE:TFC) last released its earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.08. The company had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. As a group, sell-side analysts expect that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.47%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is -145.45%.

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.