Old North State Trust LLC Has $1.48 Million Position in Truist Financial Co. (NYSE:TFC)

Posted by Defense World Staff on Sep 16th, 2023

Old North State Trust LLC lowered its stake in shares of Truist Financial Co. (NYSE:TFC – Free Report) by 15.7% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 43,274 shares of the insurance provider’s stock after selling 8,053 shares during the period. Truist Financial makes up 1.0% of Old North State Trust LLC’s investment portfolio, making the stock its 16th biggest holding. Old North State Trust LLC’s holdings in Truist Financial were worth $1,476,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Fairfield Bush & CO. acquired a new position in shares of Truist Financial during the first quarter valued at about $25,000. Elequin Securities LLC acquired a new position in shares of Truist Financial during the fourth quarter valued at about $26,000. Grey Fox Wealth Advisors LLC acquired a new position in shares of Truist Financial during the fourth quarter valued at about $28,000. J.Safra Asset Management Corp acquired a new position in shares of Truist Financial during the fourth quarter valued at about $29,000. Finally, AXS Investments LLC acquired a new position in shares of Truist Financial during the fourth quarter valued at about $31,000. Institutional investors and hedge funds own 71.11% of the company’s stock.

Analyst Ratings Changes

TFC has been the subject of several recent research reports. Raymond James raised shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $36.00 price target for the company in a research report on Thursday, July 6th. They noted that the move was a valuation call. Odeon Capital Group lowered shares of Truist Financial from a “buy” rating to a “hold” rating and set a $32.75 price target for the company. in a research report on Friday, June 16th. Wells Fargo & Company dropped their price target on shares of Truist Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday, July 21st. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. Finally, Barclays dropped their price target on shares of Truist Financial from $44.00 to $40.00 in a research report on Tuesday, June 27th. Thirteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $39.83.

Read Our Latest Stock Analysis on TFC

Truist Financial Price Performance

TFC opened at $29.00 on Friday. Truist Financial Co. has a one year low of $25.56 and a one year high of $53.34. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.83 and a quick ratio of 0.82. The company’s 50 day simple moving average is $31.24 and its 200-day simple moving average is $32.26. The stock has a market capitalization of $38.62 billion, a P/E ratio of 6.71, a price-to-earnings-growth ratio of 1.74 and a beta of 1.05.

Truist Financial (NYSE:TFC – Get Free Report) last released its quarterly earnings results on Thursday, July 20th. The insurance provider reported $0.92 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.08). Truist Financial had a net margin of 20.17% and a return on equity of 11.73%. The company had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $5.97 billion. During the same period last year, the company earned $1.20 earnings per share. Truist Financial’s revenue for the quarter was up 5.1% compared to the same quarter last year. Sell-side analysts anticipate that Truist Financial Co. will post 3.78 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 11th were paid a $0.52 dividend. The ex-dividend date was Thursday, August 10th. This represents a $2.08 dividend on an annualized basis and a yield of 7.17%. Truist Financial’s payout ratio is presently 48.15%.

Truist Financial Profile

(Free Report)

Truist Financial Corporation, a holding 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.