Plimoth Trust Co. LLC Decreases Stake in Truist Financial Co. (NYSE:TFC)

Plimoth Trust Co. LLC cut its holdings in shares of Truist Financial Co. (NYSE:TFC) by 7.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 22,948 shares of the insurance provider’s stock after selling 1,775 shares during the period. Plimoth Trust Co. LLC’s holdings in Truist Financial were worth $895,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Valmark Advisers Inc. increased its position in Truist Financial by 2.2% during the fourth quarter. Valmark Advisers Inc. now owns 12,965 shares of the insurance provider’s stock valued at $479,000 after acquiring an additional 277 shares during the last quarter. St. Johns Investment Management Company LLC increased its position in Truist Financial by 0.9% in the fourth quarter. St. Johns Investment Management Company LLC now owns 32,255 shares of the insurance provider’s stock worth $1,191,000 after buying an additional 296 shares in the last quarter. Mechanics Financial Corp increased its position in Truist Financial by 7.4% in the fourth quarter. Mechanics Financial Corp now owns 4,345 shares of the insurance provider’s stock worth $160,000 after buying an additional 300 shares in the last quarter. Day & Ennis LLC increased its position in Truist Financial by 4.3% in the fourth quarter. Day & Ennis LLC now owns 7,525 shares of the insurance provider’s stock worth $278,000 after buying an additional 311 shares in the last quarter. Finally, Carson Advisory Inc. increased its position in Truist Financial by 1.5% in the fourth quarter. Carson Advisory Inc. now owns 21,928 shares of the insurance provider’s stock worth $810,000 after buying an additional 315 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on TFC. Jefferies Financial Group upped their price target on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Citigroup upped their price target on Truist Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Barclays began coverage on Truist Financial in a research report on Thursday, May 16th. They issued an “equal weight” rating and a $43.00 price target for the company. Keefe, Bruyette & Woods upped their price target on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. increased their target price on Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and an average price target of $43.17.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $39.56 on Wednesday. The stock has a 50 day moving average of $37.92 and a 200 day moving average of $37.17. Truist Financial Co. has a 12 month low of $26.57 and a 12 month high of $40.51. The firm has a market cap of $52.94 billion, a PE ratio of -29.97, a PEG ratio of 2.04 and a beta of 1.07. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. The company had revenue of $4.87 billion during the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm’s revenue was down 8.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.09 earnings per share. On average, research analysts expect that Truist Financial Co. will post 3.36 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 10th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 5.26%. The ex-dividend date was Thursday, May 9th. Truist Financial’s payout ratio is -157.58%.

Truist Financial Company 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.