Arvest Investments Inc. Reduces Position in Truist Financial Co. (NYSE:TFC)

Arvest Investments Inc. reduced its stake in Truist Financial Co. (NYSE:TFC) by 6.2% during the 4th quarter, HoldingsChannel reports. The firm owned 34,739 shares of the insurance provider’s stock after selling 2,310 shares during the period. Arvest Investments Inc.’s holdings in Truist Financial were worth $1,507,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Tradewinds LLC. grew its stake in shares of Truist Financial by 0.5% in the 3rd quarter. Tradewinds LLC. now owns 44,513 shares of the insurance provider’s stock valued at $1,904,000 after purchasing an additional 222 shares during the last quarter. PBMares Wealth Management LLC grew its stake in shares of Truist Financial by 0.8% in the 4th quarter. PBMares Wealth Management LLC now owns 29,270 shares of the insurance provider’s stock valued at $1,270,000 after purchasing an additional 224 shares during the last quarter. Koshinski Asset Management Inc. grew its stake in shares of Truist Financial by 2.1% in the 4th quarter. Koshinski Asset Management Inc. now owns 10,825 shares of the insurance provider’s stock valued at $470,000 after purchasing an additional 225 shares during the last quarter. Aaron Wealth Advisors LLC grew its stake in shares of Truist Financial by 3.0% in the 4th quarter. Aaron Wealth Advisors LLC now owns 7,712 shares of the insurance provider’s stock valued at $335,000 after purchasing an additional 227 shares during the last quarter. Finally, FWG Holdings LLC grew its stake in shares of Truist Financial by 4.3% in the 4th quarter. FWG Holdings LLC now owns 5,694 shares of the insurance provider’s stock valued at $267,000 after purchasing an additional 234 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TFC has been the topic of several analyst reports. Compass Point lifted their target price on Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. The Goldman Sachs Group lifted their price target on Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $48.00 to $52.00 in a research note on Wednesday, March 5th. Baird R W upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 5th. Finally, Piper Sandler lifted their price target on Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Nine investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.16.

Truist Financial Stock Performance

NYSE TFC opened at $41.29 on Thursday. Truist Financial Co. has a fifty-two week low of $35.09 and a fifty-two week high of $49.06. The stock has a market cap of $53.90 billion, a price-to-earnings ratio of 12.40, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. The business has a fifty day moving average of $45.20 and a 200-day moving average of $44.50. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $5.05 billion. During the same period in the previous year, the firm posted $0.81 earnings per share. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, analysts predict that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.04%. Truist Financial’s dividend payout ratio (DPR) is 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.