Capital Investment Counsel Inc Has $2.19 Million Position in Truist Financial Corporation (NYSE:TFC)

Capital Investment Counsel Inc reduced its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 12.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 53,225 shares of the insurance provider's stock after selling 7,915 shares during the quarter. Capital Investment Counsel Inc's holdings in Truist Financial were worth $2,190,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hopwood Financial Services Inc. bought a new position in Truist Financial during the fourth quarter worth $26,000. Navigoe LLC bought a new position in Truist Financial during the fourth quarter worth $26,000. Curio Wealth LLC bought a new position in Truist Financial during the fourth quarter worth $45,000. Rossby Financial LCC bought a new position in Truist Financial during the first quarter worth $43,000. Finally, TCTC Holdings LLC lifted its stake in Truist Financial by 28.1% during the fourth quarter. TCTC Holdings LLC now owns 1,310 shares of the insurance provider's stock worth $57,000 after purchasing an additional 287 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Stock Up 0.4%

NYSE TFC traded up $0.20 during trading on Friday, reaching $45.23. 5,612,374 shares of the company's stock were exchanged, compared to its average volume of 8,262,880. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The firm has a market capitalization of $59.23 billion, a PE ratio of 13.34, a P/E/G ratio of 1.69 and a beta of 0.85. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55. The company's fifty day simple moving average is $40.44 and its 200-day simple moving average is $41.95.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.87. The business had revenue of $4.95 billion during the quarter, compared to analyst estimates of $4.99 billion. Truist Financial had a return on equity of 8.96% and a net margin of 15.59%. During the same period in the previous year, the company earned $0.90 EPS. Sell-side analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 4.60%. Truist Financial's dividend payout ratio is 61.36%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TFC. Argus set a $43.00 target price on Truist Financial in a research report 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. Piper Sandler lowered their price target on Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. JPMorgan Chase & Co. lowered their target price on Truist Financial from $48.00 to $42.00 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Finally, Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Eight analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $48.44.

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.