First City Capital Management Inc. Buys 3,272 Shares of Truist Financial Co. (NYSE:TFC)

First City Capital Management Inc. raised its stake in Truist Financial Co. (NYSE:TFC) by 28.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,581 shares of the insurance provider’s stock after acquiring an additional 3,272 shares during the quarter. First City Capital Management Inc.’s holdings in Truist Financial were worth $624,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Verity & Verity LLC lifted its holdings in shares of Truist Financial by 1.2% in the third quarter. Verity & Verity LLC now owns 388,139 shares of the insurance provider’s stock worth $16,601,000 after acquiring an additional 4,534 shares during the last quarter. Pathstone Holdings LLC lifted its holdings in shares of Truist Financial by 0.5% in the third quarter. Pathstone Holdings LLC now owns 166,827 shares of the insurance provider’s stock worth $7,135,000 after acquiring an additional 890 shares during the last quarter. Meeder Advisory Services Inc. lifted its holdings in shares of Truist Financial by 5.7% in the third quarter. Meeder Advisory Services Inc. now owns 28,097 shares of the insurance provider’s stock worth $1,202,000 after acquiring an additional 1,527 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new position in shares of Truist Financial in the third quarter valued at approximately $32,000. Finally, Cassaday & Co Wealth Management LLC increased its stake in shares of Truist Financial by 24.0% in the third quarter. Cassaday & Co Wealth Management LLC now owns 13,530 shares of the insurance provider’s stock valued at $579,000 after buying an additional 2,617 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC stock opened at $46.79 on Tuesday. The company has a market cap of $62.11 billion, a price-to-earnings ratio of -32.72, a price-to-earnings-growth ratio of 1.91 and a beta of 1.05. Truist Financial Co. has a 52 week low of $31.23 and a 52 week high of $47.57. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. The firm has a 50 day moving average of $43.27 and a 200-day moving average of $41.33.

Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The company had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. On average, equities analysts forecast that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.45%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio is currently -145.45%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Barclays upped their price objective on Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Stephens reaffirmed an “overweight” rating and issued a $50.00 price objective on shares of Truist Financial in a research note on Tuesday, September 10th. Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and upped their price objective for the company from $45.00 to $47.00 in a research note on Wednesday, July 24th. Bank of America upped their price objective on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Finally, The Goldman Sachs Group decreased their target price on shares of Truist Financial from $50.00 to $48.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $46.37.

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.