Norway Savings Bank Decreases Holdings in Truist Financial Co. (NYSE:TFC)

Norway Savings Bank reduced its position in Truist Financial Co. (NYSE:TFC) by 8.2% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 18,090 shares of the insurance provider’s stock after selling 1,620 shares during the period. Norway Savings Bank’s holdings in Truist Financial were worth $549,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in TFC. Fairfield Bush & CO. acquired a new position in Truist Financial in the 1st quarter valued at about $25,000. Grey Fox Wealth Advisors LLC acquired a new position in Truist Financial in the 4th quarter valued at about $28,000. J.Safra Asset Management Corp acquired a new position in Truist Financial in the 4th quarter valued at about $29,000. AXS Investments LLC acquired a new position in Truist Financial in the 4th quarter valued at about $31,000. Finally, Winch Advisory Services LLC acquired a new position in Truist Financial in the 1st quarter valued at about $26,000. 71.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on TFC shares. Jefferies Financial Group cut Truist Financial from a “buy” rating to a “hold” rating and dropped their target price for the stock from $37.00 to $32.00 in a research report on Tuesday, July 11th. Citigroup dropped their target price on Truist Financial from $41.00 to $39.00 and set a “buy” rating on the stock in a research report on Monday, July 24th. Raymond James upgraded Truist Financial from a “market perform” rating to an “outperform” rating and set a $36.00 target price on the stock in a research report on Thursday, July 6th. They noted that the move was a valuation call. Morgan Stanley dropped their target price on Truist Financial from $42.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Friday, July 21st. Finally, Stephens dropped their target price on Truist Financial from $40.00 to $37.00 and set an “equal weight” rating on the stock in a research report on Monday, July 24th. Thirteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $39.83.

Truist Financial Price Performance

TFC stock traded down $0.42 on Friday, reaching $29.00. The company had a trading volume of 21,392,136 shares, compared to its average volume of 9,271,370. Truist Financial Co. has a 1 year low of $25.56 and a 1 year high of $53.34. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.82 and a current ratio of 0.83. The company’s fifty day moving average is $31.19 and its 200 day moving average is $32.03. The company has a market cap of $38.63 billion, a P/E ratio of 6.71, a PEG ratio of 1.74 and a beta of 1.05.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.92 earnings per share for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.08). Truist Financial had a return on equity of 11.73% and a net margin of 20.17%. The business had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $5.97 billion. During the same period in the prior year, the company earned $1.20 EPS. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, research analysts forecast that Truist Financial Co. will post 3.78 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 11th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 7.17%. The ex-dividend date was Thursday, August 10th. Truist Financial’s dividend payout ratio is presently 48.15%.

About Truist Financial

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.