Fulton Bank N.A. Reduces Stock Position in Truist Financial Co. (NYSE:TFC)

Fulton Bank N.A. trimmed its holdings in shares of Truist Financial Co. (NYSE:TFCFree Report) by 4.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 63,714 shares of the insurance provider’s stock after selling 3,108 shares during the quarter. Fulton Bank N.A.’s holdings in Truist Financial were worth $1,934,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fairfield Bush & CO. purchased a new position in shares of Truist Financial in the 1st quarter worth approximately $25,000. Elequin Securities LLC purchased a new stake in shares of Truist Financial in the fourth quarter valued at $26,000. Winch Advisory Services LLC purchased a new position in shares of Truist Financial during the 1st quarter worth about $26,000. Grey Fox Wealth Advisors LLC purchased a new stake in Truist Financial in the 4th quarter worth about $28,000. Finally, J.Safra Asset Management Corp bought a new stake in shares of Truist Financial during the 4th quarter worth approximately $29,000. Hedge funds and other institutional investors own 71.11% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on TFC shares. Stephens dropped their target price on shares of Truist Financial from $40.00 to $37.00 and set an “equal weight” rating on the stock in a research note on Monday, July 24th. HSBC started coverage on Truist Financial in a report on Thursday, September 7th. They set a “hold” rating and a $29.00 price objective on the stock. Piper Sandler lowered Truist Financial from an “overweight” rating to a “neutral” rating and cut their price target for the company from $36.00 to $32.00 in a research note on Friday. Jefferies Financial Group lowered shares of Truist Financial from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $37.00 to $32.00 in a research note on Tuesday, July 11th. Finally, Barclays cut their target price on shares of Truist Financial from $44.00 to $40.00 in a research report on Tuesday, June 27th. Thirteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $39.83.

Check Out Our Latest Research Report on TFC

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $29.42 on Friday. The company has a 50 day moving average price of $31.24 and a 200 day moving average price of $32.26. The firm has a market capitalization of $39.19 billion, a P/E ratio of 6.81, a PEG ratio of 1.69 and a beta of 1.05. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.78. Truist Financial Co. has a 52 week low of $25.56 and a 52 week high of $53.34.

Truist Financial (NYSE:TFCGet Free Report) last posted its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.92 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.08). Truist Financial had a return on equity of 11.73% and a net margin of 20.17%. The company had revenue of $5.97 billion for the quarter, compared to analyst estimates of $5.97 billion. During the same quarter in the previous year, the firm posted $1.20 earnings per share. The company’s quarterly revenue was up 5.1% on a year-over-year basis. Sell-side analysts expect that Truist Financial Co. will post 3.78 EPS for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 11th were given a $0.52 dividend. The ex-dividend date was Thursday, August 10th. This represents a $2.08 dividend on an annualized basis and a yield of 7.07%. Truist Financial’s dividend payout ratio is currently 48.15%.

About Truist Financial

(Free Report)

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

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