Fulton Bank N.A. Decreases Holdings in Truist Financial Co. (NYSE:TFC)

Fulton Bank N.A. trimmed its position in shares of Truist Financial Co. (NYSE:TFC) by 0.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 60,884 shares of the insurance provider’s stock after selling 299 shares during the quarter. Fulton Bank N.A.’s holdings in Truist Financial were worth $2,505,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. LaFleur & Godfrey LLC boosted its position in Truist Financial by 4.5% in the fourth quarter. LaFleur & Godfrey LLC now owns 108,168 shares of the insurance provider’s stock worth $4,692,000 after purchasing an additional 4,670 shares during the last quarter. Brighton Jones LLC lifted its stake in shares of Truist Financial by 148.5% in the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after purchasing an additional 14,093 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its holdings in shares of Truist Financial by 3.4% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 36,844 shares of the insurance provider’s stock worth $1,598,000 after buying an additional 1,208 shares during the last quarter. DAVENPORT & Co LLC grew its position in Truist Financial by 8.0% during the fourth quarter. DAVENPORT & Co LLC now owns 491,216 shares of the insurance provider’s stock valued at $21,309,000 after buying an additional 36,240 shares during the period. Finally, Richardson Financial Services Inc. purchased a new stake in Truist Financial during the fourth quarter valued at approximately $74,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $39.19 on Tuesday. The firm has a market cap of $51.32 billion, a price-to-earnings ratio of 11.77, a P/E/G ratio of 1.63 and a beta of 0.83. The firm has a fifty day moving average price of $38.52 and a 200 day moving average price of $42.80. Truist Financial Co. has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. 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 announced its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting the consensus estimate of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business had revenue of $4.95 billion for the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter in the previous year, the company earned $0.90 EPS. As a group, sell-side analysts expect that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.31%. The ex-dividend date of this dividend was Friday, May 9th. Truist Financial’s payout ratio is presently 61.36%.

Wall Street Analyst Weigh In

TFC has been the topic of several analyst reports. Barclays dropped their price target on shares of Truist Financial from $51.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Monday, April 21st. Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a report on Wednesday, May 7th. TD Cowen started coverage on Truist Financial in a research report on Thursday, May 15th. They issued a “hold” rating and a $44.00 price target for the company. Wells Fargo & Company lowered their price objective on Truist Financial from $52.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. Finally, Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $48.00 to $52.00 in a report on Wednesday, March 5th. Nine research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.83.

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.