OLD Point Trust & Financial Services N A Has $6.60 Million Holdings in Truist Financial Corporation $TFC

OLD Point Trust & Financial Services N A cut its holdings in Truist Financial Corporation (NYSE:TFC) by 5.1% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 153,450 shares of the insurance provider’s stock after selling 8,225 shares during the quarter. Truist Financial makes up 2.3% of OLD Point Trust & Financial Services N A’s holdings, making the stock its 16th biggest holding. OLD Point Trust & Financial Services N A’s holdings in Truist Financial were worth $6,597,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Wealth Preservation Advisors LLC acquired a new stake in shares of Truist Financial during the first quarter valued at about $25,000. Centennial Bank AR boosted its stake in shares of Truist Financial by 360.2% during the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 580 shares in the last quarter. Motco boosted its stake in shares of Truist Financial by 435.6% during the first quarter. Motco now owns 798 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 649 shares in the last quarter. Meeder Asset Management Inc. boosted its stake in shares of Truist Financial by 115.3% during the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 468 shares in the last quarter. Finally, Sierra Ocean LLC boosted its stake in shares of Truist Financial by 64.4% during the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 352 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Trading Down 0.5%

Shares of TFC stock opened at $45.70 on Wednesday. The company has a market cap of $58.93 billion, a P/E ratio of 12.45, a PEG ratio of 1.47 and a beta of 0.88. The stock has a 50 day simple moving average of $45.15 and a two-hundred day simple moving average of $41.99. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). The business had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The company’s revenue for the quarter was down 406.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.91 earnings per share. Research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date was Friday, August 8th. Truist Financial’s payout ratio is presently 56.68%.

Insiders Place Their Bets

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the sale, the insider directly owned 500 shares in the company, valued at approximately $22,595. The trade was a 96.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on TFC shares. Wells Fargo & Company reissued an “equal weight” rating and set a $47.00 price target on shares of Truist Financial in a research note on Thursday, August 21st. Raymond James Financial raised Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research note on Tuesday, July 8th. Citigroup raised Truist Financial from a “neutral” rating to a “buy” rating and lifted their price target for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Morgan Stanley raised their price objective on Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Monday. Finally, Keefe, Bruyette & Woods downgraded Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price objective for the company. in a research report on Wednesday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.89.

About Truist Financial

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.