Murphy Middleton Hinkle & Parker Inc. lowered its holdings in Truist Financial Co. (NYSE:TFC – Free Report) by 2.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 14,863 shares of the insurance provider’s stock after selling 360 shares during the quarter. Murphy Middleton Hinkle & Parker Inc.’s holdings in Truist Financial were worth $451,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Fairfield Bush & CO. purchased a new position in shares of Truist Financial in the 1st quarter valued at $25,000. Elequin Securities LLC purchased a new position in Truist Financial in the fourth quarter valued at about $26,000. Winch Advisory Services LLC purchased a new stake in shares of Truist Financial during the first quarter valued at about $26,000. Grey Fox Wealth Advisors LLC bought a new stake in shares of Truist Financial in the 4th quarter valued at about $28,000. Finally, J.Safra Asset Management Corp purchased a new position in shares of Truist Financial in the 4th quarter worth approximately $29,000. 71.11% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
TFC has been the subject of several recent analyst reports. Stephens lowered their target price on shares of Truist Financial from $40.00 to $37.00 and set an “equal weight” rating for the company in a research note on Monday, July 24th. Wells Fargo & Company dropped their target price on Truist Financial from $42.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday, July 21st. HSBC started coverage on shares of Truist Financial in a report on Thursday, September 7th. They set a “hold” rating and a $29.00 price objective on the stock. StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. Finally, Citigroup lowered their price objective on shares of Truist Financial from $41.00 to $39.00 and set a “buy” rating for the company in a research note on Monday, July 24th. Twelve analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $40.04.
Truist Financial Stock Performance
TFC traded up $0.80 on Thursday, reaching $29.42. The stock had a trading volume of 3,199,486 shares, compared to its average volume of 12,041,956. The business’s 50-day moving average price is $31.27 and its two-hundred day moving average price is $32.28. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.78. Truist Financial Co. has a 12-month low of $25.56 and a 12-month high of $53.34. The company has a market cap of $39.19 billion, a P/E ratio of 6.63, a price-to-earnings-growth ratio of 1.73 and a beta of 1.05.
Truist Financial (NYSE:TFC – Get Free Report) last announced its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.92 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.08). The business had revenue of $5.97 billion during the quarter, compared to analysts’ expectations of $5.97 billion. Truist Financial had a net margin of 20.17% and a return on equity of 11.73%. Truist Financial’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.20 EPS. Sell-side analysts forecast that Truist Financial Co. will post 3.79 earnings per share for the current year.
Truist Financial Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 11th were given a dividend of $0.52 per share. The ex-dividend date was Thursday, August 10th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 7.07%. Truist Financial’s dividend payout ratio (DPR) is 48.15%.
Truist Financial Company Profile
Truist Financial Corporation, a holding 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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