Mechanics Financial Corp Acquires 300 Shares of Truist Financial Co. (NYSE:TFC)

Mechanics Financial Corp increased its holdings in shares of Truist Financial Co. (NYSE:TFC) by 7.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,345 shares of the insurance provider’s stock after purchasing an additional 300 shares during the quarter. Mechanics Financial Corp’s holdings in Truist Financial were worth $160,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. OFI Invest Asset Management bought a new stake in Truist Financial in the 3rd quarter valued at $26,000. Operose Advisors LLC acquired a new stake in shares of Truist Financial in the 3rd quarter valued at about $31,000. Tyler Stone Wealth Management bought a new stake in shares of Truist Financial in the third quarter valued at about $33,000. Morton Brown Family Wealth LLC boosted its position in shares of Truist Financial by 236.0% during the fourth quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock worth $34,000 after buying an additional 649 shares during the period. Finally, Authentikos Wealth Advisory LLC acquired a new stake in Truist Financial in the 3rd quarter valued at approximately $36,000. Institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

TFC has been the subject of a number of recent research reports. Royal Bank of Canada upped their price target on Truist Financial from $40.00 to $42.00 and gave the stock an “outperform” rating in a research report on Friday, January 19th. Raymond James increased their target price on shares of Truist Financial from $34.00 to $41.00 and gave the stock an “outperform” rating in a report on Friday, January 5th. Keefe, Bruyette & Woods lifted their price target on shares of Truist Financial from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, April 5th. Piper Sandler boosted their price target on shares of Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, January 19th. Finally, Wells Fargo & Company raised their price objective on Truist Financial from $39.00 to $45.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. One analyst has rated the stock with a sell rating, seven have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Truist Financial currently has an average rating of “Moderate Buy” and a consensus price target of $41.88.

Insider Transactions at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the transaction, the director now directly owns 16,132 shares in the company, valued at $604,627.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.17% of the company’s stock.

Truist Financial Stock Performance

Shares of NYSE TFC traded up $0.09 during mid-day trading on Thursday, reaching $38.14. 3,214,500 shares of the company were exchanged, compared to its average volume of 9,451,447. The stock has a market capitalization of $50.90 billion, a P/E ratio of -28.83, a P/E/G ratio of 1.97 and a beta of 1.07. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. The company’s 50-day simple moving average is $37.03 and its 200-day simple moving average is $35.05. Truist Financial Co. has a twelve month low of $25.56 and a twelve month high of $39.29.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The firm had revenue of $4.87 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same period last year, the business posted $1.09 earnings per share. The business’s revenue for the quarter was down 8.8% compared to the same quarter last year. As a group, research analysts predict that Truist Financial Co. will post 3.28 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 5.45%. The ex-dividend date is Thursday, May 9th. Truist Financial’s payout ratio is -157.58%.

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.