Verdence Capital Advisors LLC Cuts Stake in Truist Financial Co. (NYSE:TFC)

Verdence Capital Advisors LLC reduced its holdings in shares of Truist Financial Co. (NYSE:TFC) by 1.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 87,147 shares of the insurance provider’s stock after selling 1,107 shares during the period. Verdence Capital Advisors LLC’s holdings in Truist Financial were worth $3,780,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in TFC. Bangor Savings Bank increased its position in shares of Truist Financial by 92.5% in the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 272 shares during the last quarter. Valley Wealth Managers Inc. purchased a new stake in shares of Truist Financial in the 3rd quarter valued at approximately $26,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Truist Financial in the 3rd quarter valued at approximately $32,000. Ashton Thomas Securities LLC purchased a new stake in shares of Truist Financial in the 3rd quarter valued at approximately $45,000. Finally, True Wealth Design LLC purchased a new stake in shares of Truist Financial in the 3rd quarter valued at approximately $51,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Down 3.7 %

TFC stock opened at $43.75 on Wednesday. Truist Financial Co. has a one year low of $34.51 and a one year high of $49.06. The stock has a market capitalization of $57.10 billion, a PE ratio of 13.14, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The company has a fifty day moving average of $45.81 and a 200-day moving average of $44.69.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same quarter last year, the business earned $0.81 EPS. The business’s revenue was up 3.4% on a year-over-year basis. As a group, analysts expect that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Dividend Announcement

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 was Friday, February 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.75%. Truist Financial’s dividend payout ratio is presently 62.46%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on TFC. Barclays increased their price objective 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. Citigroup upped their target price on shares of Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a report on Monday, November 25th. StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Stephens upped their target price on shares of Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Finally, Wells Fargo & Company upped their target price on shares of Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Eleven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.79.

Truist Financial 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.