Citizens & Northern Corp Reduces Stock Holdings in Truist Financial Corporation $TFC

Key Points

• Citizens & Northern Corp trimmed its Truist stake by 86.2% in Q4, selling 29,621 shares and leaving 4,727 shares valued at $233,000.
• Truist beat quarterly estimates with $1.09 EPS (vs. $1.00 expected) and $5.20B revenue, and recently paid a $0.52 quarterly dividend (about a 4.0% yield).
• Analysts are broadly positive: MarketBeat lists an average rating of Moderate Buy and an average price target of $55.41.

Citizens & Northern Corp trimmed its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 86.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,727 shares of the insurance provider's stock after selling 29,621 shares during the quarter. Citizens & Northern Corp's holdings in Truist Financial were worth $233,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Valley Wealth Managers Inc. purchased a new position in Truist Financial during the 3rd quarter worth $28,000. Darwin Wealth Management LLC grew its stake in Truist Financial by 631.6% during the 3rd quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider's stock worth $32,000 after buying an additional 600 shares during the last quarter. Maseco LLP grew its stake in Truist Financial by 53.8% during the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider's stock worth $32,000 after buying an additional 228 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC grew its stake in Truist Financial by 190.7% during the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider's stock worth $32,000 after buying an additional 431 shares during the last quarter. Finally, Ancora Advisors LLC grew its stake in Truist Financial by 259.1% during the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider's stock worth $32,000 after buying an additional 500 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TFC. Royal Bank Of Canada boosted their target price on Truist Financial from $51.00 to $53.00 and gave the stock an "outperform" rating in a research note on Monday. Barclays cut Truist Financial from an "equal weight" rating to an "underweight" rating and lifted their price target for the stock from $47.00 to $56.00 in a research report on Monday, January 5th. Argus lifted their price target on Truist Financial from $54.00 to $58.00 and gave the stock a "buy" rating in a research report on Friday, January 23rd. Raymond James Financial lifted their price target on Truist Financial from $50.00 to $56.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 7th. Finally, Robert W. Baird raised Truist Financial from a "neutral" rating to an "outperform" rating and set a $52.00 price target for the company in a research report on Monday, March 9th. Ten equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $55.41.

Truist Financial Stock Performance

Shares of TFC stock opened at $51.43 on Friday. The stock has a market cap of $63.83 billion, a PE ratio of 12.76, a price-to-earnings-growth ratio of 0.87 and a beta of 0.89. The business has a 50-day simple moving average of $48.20 and a 200-day simple moving average of $48.00. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 52-week low of $36.83 and a 52-week high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.09. The business had revenue of $5.20 billion during the quarter, compared to analysts' expectations of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The company's revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.87 EPS. On average, equities analysts expect that Truist Financial Corporation will post 4.51 EPS for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Friday, February 13th. Truist Financial's payout ratio is 51.61%.

Insider Activity

In other news, CFO Michael Baron Maguire sold 13,000 shares of the business's stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the completion of the transaction, the chief financial officer owned 74,323 shares of the company's stock, valued at $3,725,811.99. The trade was a 14.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Cynthia B. Powell sold 3,500 shares of the business's stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the transaction, the chief accounting officer directly owned 667 shares of the company's stock, valued at approximately $35,010.83. This trade represents a 83.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.15% of the company's stock.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.

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