Delta Asset Management LLC TN Reduces Stock Position in Truist Financial Co. (NYSE:TFC)

Delta Asset Management LLC TN trimmed its holdings in shares of Truist Financial Co. (NYSE:TFC) by 0.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 317,411 shares of the insurance provider’s stock after selling 3,025 shares during the quarter. Truist Financial accounts for approximately 1.2% of Delta Asset Management LLC TN’s holdings, making the stock its 24th biggest holding. Delta Asset Management LLC TN’s holdings in Truist Financial were worth $13,769,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Bangor Savings Bank lifted its stake 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. Hopwood Financial Services Inc. purchased a new stake in Truist Financial during the 4th quarter valued at $26,000. Curio Wealth LLC bought a new stake in Truist Financial in the fourth quarter worth $45,000. City State Bank boosted its stake in Truist Financial by 158.1% during the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock worth $51,000 after buying an additional 716 shares during the period. Finally, True Wealth Design LLC bought a new position in Truist Financial during the third quarter valued at $51,000. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Down 0.1 %

Shares of NYSE TFC opened at $41.97 on Thursday. Truist Financial Co. has a 1-year low of $35.09 and a 1-year high of $49.06. The business has a fifty day moving average price of $45.00 and a 200 day moving average price of $44.43. The stock has a market capitalization of $54.79 billion, a P/E ratio of 12.60, 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 current ratio of 0.83 and a quick ratio of 0.83.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, beating 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 business had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same period in the prior year, the firm posted $0.81 earnings per share. The company’s quarterly revenue was up 3.4% on a year-over-year basis. Equities research analysts expect that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.96%. The ex-dividend date was Friday, February 14th. Truist Financial’s payout ratio is presently 62.46%.

Analysts Set New Price Targets

TFC has been the subject of several analyst reports. StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $48.00 to $52.00 in a research report on Wednesday, March 5th. Compass Point increased their price target on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Stephens boosted their price objective on Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Finally, 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 note on Tuesday, January 7th. Nine research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $50.79.

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.