Richardson Financial Services Inc. Takes Position in Truist Financial Co. (NYSE:TFC)

Richardson Financial Services Inc. bought a new position in shares of Truist Financial Co. (NYSE:TFC) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 1,695 shares of the insurance provider’s stock, valued at approximately $74,000.

Several other hedge funds also recently added to or reduced their stakes in TFC. Bangor Savings Bank increased its holdings in shares of Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 272 shares in the last quarter. Valley Wealth Managers Inc. acquired a new position in Truist Financial during the 3rd quarter valued at approximately $26,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Truist Financial in the third quarter worth $32,000. Fortitude Family Office LLC grew its holdings in shares of Truist Financial by 376.7% during the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after buying an additional 678 shares during the last quarter. Finally, Ashton Thomas Securities LLC acquired a new position in shares of Truist Financial in the 3rd quarter valued at $45,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Price Performance

NYSE:TFC opened at $47.64 on Monday. The firm has a market cap of $63.24 billion, a P/E ratio of 14.31, a price-to-earnings-growth ratio of 1.68 and a beta of 1.08. The stock has a 50 day moving average of $45.55 and a two-hundred day moving average of $44.10. Truist Financial Co. has a 12 month low of $34.23 and a 12 month high of $49.06. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The firm had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.05 billion. During the same period in the prior year, the company earned $0.81 EPS. The firm’s revenue was up 3.4% compared to the same quarter last year. On average, analysts expect that Truist Financial Co. will post 3.95 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.37%. The ex-dividend date is Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is 62.46%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on TFC. Raymond James boosted their price target on Truist Financial from $47.00 to $51.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Keefe, Bruyette & Woods increased their price target on shares of Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, January 21st. Hsbc Global Res upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. JPMorgan Chase & Co. increased their price objective on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Finally, Barclays boosted their target price on shares of Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Eleven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.79.

Insider Transactions at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 4,966 shares of the business’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total transaction of $229,429.20. Following the transaction, the director now owns 11,246 shares of the company’s stock, valued at approximately $519,565.20. The trade was a 30.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William H. Rogers, Jr. bought 34,180 shares of the business’s stock in a transaction on Monday, November 25th. The stock was bought at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the purchase, the chief executive officer now directly owns 691,451 shares in the company, valued at approximately $33,576,860.56. The trade was a 5.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.17% of the company’s stock.

Truist Financial Company 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.