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

First City Capital Management Inc. lifted its holdings in Truist Financial Co. (NYSE:TFC) by 28.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,581 shares of the insurance provider’s stock after purchasing 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.

Other institutional investors have also made changes to their positions in the company. Valley Wealth Managers Inc. bought a new stake in shares of Truist Financial in the third quarter worth $26,000. Crewe Advisors LLC bought a new stake in shares of Truist Financial in the first quarter worth $27,000. MFA Wealth Advisors LLC bought a new stake in shares of Truist Financial in the second quarter worth $30,000. Y.D. More Investments Ltd bought a new stake in shares of Truist Financial in the second quarter worth $31,000. Finally, MidAtlantic Capital Management Inc. acquired a new position in Truist Financial during the third quarter worth $32,000. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Up 0.5 %

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

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The business had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. As a group, sell-side analysts anticipate that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Argus boosted their target price on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods boosted their target price on shares of Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Morgan Stanley boosted their target price on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Barclays boosted their target price on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Finally, Wells Fargo & Company upped their price objective on shares of Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a report on Friday. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target 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.