Truist Financial Co. (NYSE:TFC) Shares Sold by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. trimmed its holdings in Truist Financial Co. (NYSE:TFC) by 4.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 12,935 shares of the insurance provider’s stock after selling 629 shares during the period. Summit Investment Advisors Inc.’s holdings in Truist Financial were worth $561,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Bangor Savings Bank raised its holdings in shares of Truist Financial by 92.5% in the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after buying an additional 272 shares during the last quarter. Hopwood Financial Services Inc. acquired a new position in Truist Financial in the 4th quarter valued at about $26,000. Curio Wealth LLC acquired a new stake in Truist Financial during the 4th quarter worth approximately $45,000. City State Bank grew its stake in shares of Truist Financial by 158.1% in the 4th quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock valued at $51,000 after purchasing an additional 716 shares during the last quarter. Finally, Brown Lisle Cummings Inc. acquired a new position in shares of Truist Financial in the fourth quarter valued at approximately $55,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Stephens lifted their price objective on shares of Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, January 21st. Barclays boosted their price target on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. Keefe, Bruyette & Woods raised their price objective on shares of Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, January 21st. HSBC upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Finally, Citigroup reduced their price target on Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a report on Monday, March 24th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $50.22.

Truist Financial Stock Down 0.3 %

Shares of NYSE:TFC opened at $35.88 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $46.83 billion, a P/E ratio of 10.77, a P/E/G ratio of 1.63 and a beta of 0.91. Truist Financial Co. has a 52-week low of $33.56 and a 52-week high of $49.06. The stock’s fifty day simple moving average is $41.21 and its 200-day simple moving average is $43.78.

Truist Financial (NYSE:TFC) last released its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.87. The company had revenue of $4.95 billion for the quarter, compared to analyst estimates of $4.99 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. During the same period in the prior year, the firm earned $0.90 EPS. As a group, equities research analysts forecast that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.80%. The ex-dividend date was Friday, February 14th. Truist Financial’s dividend payout ratio is currently 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.