Jacobi Capital Management LLC Lowers Holdings in Truist Financial Co. (NYSE:TFC)

Jacobi Capital Management LLC trimmed its position in Truist Financial Co. (NYSE:TFC) by 3.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 28,333 shares of the insurance provider’s stock after selling 880 shares during the quarter. Jacobi Capital Management LLC’s holdings in Truist Financial were worth $1,046,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Valmark Advisers Inc. lifted its holdings in shares of Truist Financial by 2.2% in the 4th quarter. Valmark Advisers Inc. now owns 12,965 shares of the insurance provider’s stock worth $479,000 after buying an additional 277 shares during the period. St. Johns Investment Management Company LLC lifted its holdings in shares of Truist Financial by 0.9% in the 4th quarter. St. Johns Investment Management Company LLC now owns 32,255 shares of the insurance provider’s stock worth $1,191,000 after buying an additional 296 shares during the period. Mechanics Financial Corp lifted its holdings in shares of Truist Financial by 7.4% in the 4th quarter. Mechanics Financial Corp now owns 4,345 shares of the insurance provider’s stock worth $160,000 after buying an additional 300 shares during the period. Day & Ennis LLC lifted its holdings in shares of Truist Financial by 4.3% in the 4th quarter. Day & Ennis LLC now owns 7,525 shares of the insurance provider’s stock worth $278,000 after buying an additional 311 shares during the period. Finally, Carson Advisory Inc. raised its position in shares of Truist Financial by 1.5% in the 4th quarter. Carson Advisory Inc. now owns 21,928 shares of the insurance provider’s stock worth $810,000 after acquiring an additional 315 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Stock Down 0.9 %

Shares of TFC stock opened at $35.70 on Wednesday. The stock’s 50-day simple moving average is $37.99 and its 200-day simple moving average is $36.83. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market capitalization of $47.77 billion, a PE ratio of -27.05, a P/E/G ratio of 1.78 and a beta of 1.06. Truist Financial Co. has a fifty-two week low of $26.57 and a fifty-two week high of $40.51.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. The business had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The company’s revenue was down 8.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.09 earnings per share. Equities analysts expect that Truist Financial Co. will post 3.36 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 10th were paid a $0.52 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.83%. Truist Financial’s payout ratio is -157.58%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on TFC shares. TheStreet lowered Truist Financial from a “b-” rating to a “c” rating in a research report on Tuesday, February 20th. JPMorgan Chase & Co. boosted their price target on Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Keefe, Bruyette & Woods boosted their price target on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 8th. Evercore ISI reissued an “in-line” rating and issued a $44.00 price target on shares of Truist Financial in a research report on Thursday, May 9th. Finally, Jefferies Financial Group boosted their price target on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $43.17.

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.