Patten & Patten Inc. TN Sells 8,040 Shares of Truist Financial Co. (NYSE:TFC)

Patten & Patten Inc. TN trimmed its position in Truist Financial Co. (NYSE:TFC) by 6.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 109,658 shares of the insurance provider’s stock after selling 8,040 shares during the quarter. Patten & Patten Inc. TN’s holdings in Truist Financial were worth $4,757,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Bangor Savings Bank increased its stake in Truist Financial by 92.5% in the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 272 shares during the last quarter. Valley Wealth Managers Inc. purchased a new position in shares of Truist Financial in the third quarter valued at $26,000. Hopwood Financial Services Inc. bought a new stake in Truist Financial in the fourth quarter worth $26,000. MidAtlantic Capital Management Inc. purchased a new stake in Truist Financial during the third quarter valued at $32,000. Finally, City State Bank lifted its position in Truist Financial by 158.1% during the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock valued at $51,000 after purchasing an additional 716 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TFC. Morgan Stanley boosted their target price on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. Citigroup boosted their price objective on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. The Goldman Sachs Group raised their price objective on Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Barclays boosted their target price on Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Finally, Baird R W upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Nine investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $51.16.

Truist Financial Stock Up 2.7 %

Shares of NYSE:TFC opened at $40.54 on Friday. The business’s 50 day moving average is $45.38 and its 200 day moving average is $44.56. The stock has a market cap of $52.92 billion, a P/E ratio of 12.17, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. Truist Financial Co. has a 52-week low of $34.51 and a 52-week high of $49.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The business’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.81 EPS. Sell-side analysts predict that Truist Financial Co. will post 4 EPS for the current 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 issued a $0.52 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 5.13%. Truist Financial’s dividend payout ratio is currently 62.46%.

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.