First County Bank CT Lowers Position in Truist Financial Co. (NYSE:TFC)

First County Bank CT trimmed its position in shares of Truist Financial Co. (NYSE:TFC) by 21.6% during the third quarter, Holdings Channel.com reports. The fund owned 18,623 shares of the insurance provider’s stock after selling 5,119 shares during the quarter. First County Bank CT’s holdings in Truist Financial were worth $797,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in TFC. Valley Wealth Managers Inc. bought a new position in shares of Truist Financial during the 3rd quarter worth approximately $26,000. Crewe Advisors LLC bought a new stake in Truist Financial during the first quarter worth $27,000. MFA Wealth Advisors LLC purchased a new position in Truist Financial in the second quarter worth $30,000. Y.D. More Investments Ltd bought a new position in Truist Financial in the 2nd quarter valued at $31,000. Finally, MidAtlantic Capital Management Inc. bought a new stake in shares of Truist Financial during the 3rd quarter worth $32,000. Institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

TFC has been the subject of a number of research analyst reports. Compass Point raised their price objective on shares of Truist Financial from $46.00 to $47.00 in a report on Wednesday, October 16th. UBS Group raised their price target on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Stephens reissued an “overweight” rating and set a $50.00 price objective on shares of Truist Financial in a report on Tuesday, September 10th. Wells Fargo & Company increased 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, November 15th. Finally, Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Truist Financial has an average rating of “Hold” and an average target price of $46.37.

Truist Financial Stock Up 1.6 %

Shares of NYSE TFC opened at $46.91 on Friday. The company has a market cap of $62.27 billion, a price-to-earnings ratio of -32.80, a PEG ratio of 1.92 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 firm’s fifty day moving average is $43.56 and its 200 day moving average is $41.45. Truist Financial Co. has a 52 week low of $31.23 and a 52 week high of $47.57.

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

Truist Financial Announces Dividend

The business 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 $0.52 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.43%. Truist Financial’s dividend payout ratio (DPR) is presently -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.