M&T Bank Corp Sells 3,369 Shares of Truist Financial Co. (NYSE:TFC)

M&T Bank Corp lessened its position in Truist Financial Co. (NYSE:TFC) by 1.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 181,174 shares of the insurance provider’s stock after selling 3,369 shares during the period. M&T Bank Corp’s holdings in Truist Financial were worth $7,859,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Bangor Savings Bank grew its holdings in Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 272 shares during the period. Valley Wealth Managers Inc. bought a new stake in Truist Financial in the third quarter valued at approximately $26,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of Truist Financial in the third quarter valued at approximately $32,000. Ashton Thomas Securities LLC bought a new position in shares of Truist Financial during the 3rd quarter worth approximately $45,000. Finally, True Wealth Design LLC acquired a new position in shares of Truist Financial during the 3rd quarter worth approximately $51,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Trading Down 2.0 %

TFC opened at $42.24 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a twelve month low of $34.51 and a twelve month high of $49.06. The stock has a market capitalization of $55.13 billion, a price-to-earnings ratio of 12.68, a P/E/G ratio of 1.63 and a beta of 1.08. The company has a 50-day simple moving average of $45.76 and a 200 day simple moving average of $44.66.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. The business had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter last year, the business posted $0.81 EPS. Analysts predict that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were paid a $0.52 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.92%. Truist Financial’s payout ratio is 62.46%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Keefe, Bruyette & Woods raised their price target on Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, January 21st. Barclays raised their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. Piper Sandler increased their price target on shares of Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Morgan Stanley boosted their price objective on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. Finally, StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, January 17th. Nine research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.16.

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.