Capital Investment Counsel Inc Sells 753 Shares of Truist Financial Co. (NYSE:TFC)

Capital Investment Counsel Inc lessened its holdings in shares of Truist Financial Co. (NYSE:TFC) by 1.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 61,140 shares of the insurance provider’s stock after selling 753 shares during the quarter. Capital Investment Counsel Inc’s holdings in Truist Financial were worth $2,652,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. ING Groep NV bought a new position in shares of Truist Financial during the fourth quarter valued at approximately $2,594,000. Hardy Reed LLC raised its holdings in shares of Truist Financial by 51.7% during the fourth quarter. Hardy Reed LLC now owns 8,742 shares of the insurance provider’s stock valued at $379,000 after acquiring an additional 2,980 shares in the last quarter. Meitav Investment House Ltd. raised its holdings in shares of Truist Financial by 15.5% during the fourth quarter. Meitav Investment House Ltd. now owns 20,554 shares of the insurance provider’s stock valued at $892,000 after acquiring an additional 2,762 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in Truist Financial by 16.9% in the fourth quarter. Handelsbanken Fonder AB now owns 326,384 shares of the insurance provider’s stock worth $14,159,000 after purchasing an additional 47,245 shares in the last quarter. Finally, Ieq Capital LLC raised its holdings in Truist Financial by 97.9% in the fourth quarter. Ieq Capital LLC now owns 116,070 shares of the insurance provider’s stock worth $5,035,000 after purchasing an additional 57,429 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Hsbc Global Res upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Morgan Stanley increased their price objective on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. Wells Fargo & Company increased their price objective on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. The Goldman Sachs Group increased their price objective on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods increased their price objective on Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, January 21st. 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 stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.79.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 4,966 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total transaction of $229,429.20. Following the completion of the sale, the director now directly owns 11,246 shares in the company, valued at $519,565.20. The trade was a 30.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William H. Rogers, Jr. purchased 34,180 shares of the business’s stock in a transaction on Monday, November 25th. The shares were purchased at an average price 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 owns 691,451 shares in the company, valued at approximately $33,576,860.56. This trade represents 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 Trading Down 1.8 %

Truist Financial stock opened at $46.67 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. Truist Financial Co. has a one year low of $34.26 and a one year high of $49.06. The stock has a market capitalization of $61.96 billion, a PE ratio of 14.02, a price-to-earnings-growth ratio of 1.66 and a beta of 1.08. The business’s fifty day moving average is $45.61 and its 200 day moving average is $44.44.

Truist Financial (NYSE:TFC) last released 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 company had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.05 billion. During the same period last year, the firm posted $0.81 earnings per share. Truist Financial’s revenue was up 3.4% compared to the same quarter last year. On average, sell-side analysts predict that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Friday, February 14th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.46%. Truist Financial’s dividend payout ratio (DPR) is presently 62.46%.

About Truist Financial

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.