Schwartz Investment Counsel Inc. Trims Holdings in Truist Financial Co. (NYSE:TFC)

Schwartz Investment Counsel Inc. reduced its stake in Truist Financial Co. (NYSE:TFC) by 1.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 838,695 shares of the insurance provider’s stock after selling 11,100 shares during the quarter. Schwartz Investment Counsel Inc. owned 0.06% of Truist Financial worth $36,383,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in TFC. Bangor Savings Bank lifted its position in shares of Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 272 shares in the last quarter. Valley Wealth Managers Inc. purchased a new stake in Truist Financial during the 3rd quarter worth approximately $26,000. MidAtlantic Capital Management Inc. acquired a new stake in Truist Financial during the 3rd quarter worth approximately $32,000. Fortitude Family Office LLC boosted its position in Truist Financial by 376.7% in the 3rd 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, Ashton Thomas Securities LLC acquired a new position in shares of Truist Financial in the third quarter worth $45,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Up 0.4 %

TFC opened at $47.36 on Wednesday. Truist Financial Co. has a one year low of $34.23 and a one year high of $49.06. The company has a market cap of $62.87 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 1.69 and a beta of 1.08. The business’s fifty day moving average is $45.53 and its two-hundred day moving average is $44.28. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $5.11 billion during the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period last year, the firm posted $0.81 EPS. Analysts anticipate that Truist Financial Co. will post 3.98 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.39%. The ex-dividend date of this dividend is Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is presently 62.46%.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 4,966 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total transaction of $229,429.20. Following the transaction, the director now owns 11,246 shares of the company’s stock, valued at $519,565.20. This represents a 30.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO William H. Rogers, Jr. acquired 34,180 shares of the stock in a transaction dated Monday, November 25th. The stock was acquired at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the transaction, the chief executive officer now owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This trade represents a 5.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

TFC has been the subject of several recent analyst reports. Piper Sandler lifted their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Morgan Stanley increased their target price on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 21st. Citigroup boosted their price target on shares of Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. JPMorgan Chase & Co. raised their price objective on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Finally, Hsbc Global Res raised Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Eleven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $50.79.

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.