Oak Harbor Wealth Partners LLC Sells 1,226 Shares of Truist Financial Co. (NYSE:TFC)

Oak Harbor Wealth Partners LLC reduced its holdings in shares of Truist Financial Co. (NYSE:TFC) by 3.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 37,431 shares of the insurance provider’s stock after selling 1,226 shares during the quarter. Oak Harbor Wealth Partners LLC’s holdings in Truist Financial were worth $1,624,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bangor Savings Bank lifted its holdings in 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 acquiring an additional 272 shares during the period. Valley Wealth Managers Inc. bought a new position in Truist Financial in the third quarter valued at about $26,000. MidAtlantic Capital Management Inc. bought a new position in Truist Financial in the third quarter valued at about $32,000. Ashton Thomas Securities LLC bought a new position in Truist Financial in the third quarter valued at about $45,000. Finally, True Wealth Design LLC bought a new position in Truist Financial in the third quarter valued at about $51,000. 71.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

TFC has been the topic of a number of recent research reports. Stephens increased their target price on Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Compass Point upped their price target on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Citigroup upped their price target on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. Wells Fargo & Company upped their price target on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Hsbc Global Res upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Nine equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and an average target price of $51.16.

Truist Financial Stock Performance

NYSE TFC opened at $42.25 on Friday. The stock has a market capitalization of $55.15 billion, a PE ratio of 12.69, a P/E/G ratio of 1.63 and a beta of 1.08. Truist Financial Co. has a 1-year low of $34.51 and a 1-year high of $49.06. The business has a 50 day simple moving average of $45.73 and a two-hundred day simple moving average of $44.65. 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 posted its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period last year, the company earned $0.81 EPS. On average, research analysts predict that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.92%. The ex-dividend date of this dividend was Friday, February 14th. Truist Financial’s payout ratio is 62.46%.

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.