Eastover Investment Advisors LLC Sells 3,593 Shares of Truist Financial Co. (NYSE:TFC)

Eastover Investment Advisors LLC lessened its stake in Truist Financial Co. (NYSE:TFC) by 21.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,481 shares of the insurance provider’s stock after selling 3,593 shares during the period. Eastover Investment Advisors LLC’s holdings in Truist Financial were worth $555,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Versant Capital Management Inc raised its position in Truist Financial by 144.3% in the 1st quarter. Versant Capital Management Inc now owns 3,208 shares of the insurance provider’s stock worth $132,000 after purchasing an additional 1,895 shares during the last quarter. First Hawaiian Bank raised its position in Truist Financial by 8.6% in the 1st quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider’s stock worth $493,000 after purchasing an additional 948 shares during the last quarter. Boston Common Asset Management LLC raised its position in Truist Financial by 20.5% in the 1st quarter. Boston Common Asset Management LLC now owns 220,214 shares of the insurance provider’s stock worth $9,062,000 after purchasing an additional 37,401 shares during the last quarter. Neville Rodie & Shaw Inc. raised its position in Truist Financial by 3.2% in the 1st quarter. Neville Rodie & Shaw Inc. now owns 38,683 shares of the insurance provider’s stock worth $1,591,000 after purchasing an additional 1,215 shares during the last quarter. Finally, Chancellor Financial Group WB LP bought a new position in Truist Financial in the 4th quarter worth approximately $329,000. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Up 0.5%

Shares of NYSE:TFC opened at $39.55 on Friday. The company’s 50-day moving average price is $38.63 and its two-hundred day moving average price is $42.95. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. Truist Financial Co. has a one year low of $33.56 and a one year high of $49.06. The stock has a market capitalization of $51.79 billion, a PE ratio of 11.88, a price-to-earnings-growth ratio of 1.63 and a beta of 0.83.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting the consensus estimate of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm had revenue of $4.95 billion for the quarter, compared to analysts’ expectations of $4.99 billion. During the same period in the previous year, the firm posted $0.90 EPS. On average, equities analysts forecast that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Friday, May 9th will be issued a $0.52 dividend. The ex-dividend date is Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.26%. Truist Financial’s payout ratio is 61.36%.

Analyst Ratings Changes

TFC has been the subject of several research analyst reports. Baird R W upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Argus set a $43.00 target price on shares of Truist Financial in a report on Monday, April 21st. Barclays lowered their target price on shares of Truist Financial from $51.00 to $47.00 and set an “equal weight” rating for the company in a report on Monday, April 21st. Keefe, Bruyette & Woods lowered their target price on shares of Truist Financial from $53.00 to $47.00 and set an “outperform” rating for the company in a report on Monday, April 21st. Finally, Piper Sandler lowered their target price on shares of Truist Financial from $45.00 to $41.00 and set a “neutral” rating for the company in a report on Monday, April 21st. Nine analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $47.83.

About Truist Financial

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.