Haverford Trust Co Buys 998 Shares of Truist Financial Co. (NYSE:TFC)

Haverford Trust Co grew its position in Truist Financial Co. (NYSE:TFC) by 8.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,629 shares of the insurance provider’s stock after acquiring an additional 998 shares during the period. Haverford Trust Co’s holdings in Truist Financial were worth $540,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of TFC. Crewe Advisors LLC acquired a new position in Truist Financial in the first quarter worth $27,000. MFA Wealth Advisors LLC acquired a new stake in shares of Truist Financial during the 2nd quarter worth approximately $30,000. Y.D. More Investments Ltd bought a new stake in shares of Truist Financial during the second quarter worth approximately $31,000. Fortitude Family Office LLC lifted its holdings in Truist Financial by 376.7% in 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 period. Finally, Hobbs Group Advisors LLC bought a new position in Truist Financial in the second quarter valued at approximately $38,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently weighed in on TFC shares. Compass Point increased their price target on Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. Argus upped their price target on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Morgan Stanley lifted their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and upped their target price for the company from $45.00 to $47.00 in a research note on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $46.02.

Truist Financial Price Performance

Shares of NYSE TFC opened at $46.25 on Friday. Truist Financial Co. has a fifty-two week low of $31.12 and a fifty-two week high of $47.57. The stock has a market capitalization of $61.40 billion, a price-to-earnings ratio of -32.34, a PEG ratio of 1.92 and a beta of 1.05. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. The business has a 50-day moving average of $43.03 and a 200-day moving average of $41.13.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share 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 firm had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.05 billion. As a group, sell-side analysts predict that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.50%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio is currently -145.45%.

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.