Mirae Asset Global Investments Co. Ltd. raised its holdings in Truist Financial Co. (NYSE:TFC – Get Rating) by 36.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 172,486 shares of the insurance provider’s stock after buying an additional 46,477 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Truist Financial were worth $9,779,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of TFC. Norges Bank bought a new stake in Truist Financial in the fourth quarter valued at approximately $710,595,000. American Century Companies Inc. increased its stake in shares of Truist Financial by 70.9% during the first quarter. American Century Companies Inc. now owns 11,788,064 shares of the insurance provider’s stock worth $668,383,000 after purchasing an additional 4,889,702 shares during the period. Capital World Investors increased its stake in shares of Truist Financial by 585.1% during the first quarter. Capital World Investors now owns 2,712,800 shares of the insurance provider’s stock worth $153,816,000 after purchasing an additional 2,316,800 shares during the period. State Street Corp increased its stake in shares of Truist Financial by 2.7% during the fourth quarter. State Street Corp now owns 63,687,255 shares of the insurance provider’s stock worth $3,728,889,000 after purchasing an additional 1,687,751 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Truist Financial by 1.2% during the first quarter. Vanguard Group Inc. now owns 117,904,719 shares of the insurance provider’s stock worth $6,685,197,000 after purchasing an additional 1,410,643 shares during the period. Institutional investors own 73.31% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have recently weighed in on the company. Wolfe Research lowered their target price on Truist Financial from $57.00 to $41.00 and set an “underperform” rating on the stock in a research note on Thursday, May 26th. Jefferies Financial Group lowered their target price on Truist Financial from $56.00 to $51.00 in a research note on Monday, July 11th. Barclays lowered their target price on Truist Financial to $61.00 in a research note on Friday, July 22nd. Deutsche Bank Aktiengesellschaft lowered their target price on Truist Financial from $70.00 to $61.00 and set a “buy” rating on the stock in a research note on Monday, September 12th. Finally, Wells Fargo & Company reduced their price target on Truist Financial from $69.00 to $59.00 and set an “overweight” rating on the stock in a research report on Friday, July 1st. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $57.63.
Truist Financial Trading Down 1.5 %
Truist Financial (NYSE:TFC – Get Rating) last issued its earnings results on Tuesday, July 19th. The insurance provider reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. The firm had revenue of $5.66 billion for the quarter, compared to the consensus estimate of $5.65 billion. Truist Financial had a return on equity of 12.14% and a net margin of 27.25%. The company’s revenue was up .1% compared to the same quarter last year. During the same quarter last year, the business posted $1.55 EPS. Equities analysts predict that Truist Financial Co. will post 5 EPS for the current fiscal year.
Truist Financial Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 12th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.40%. This is a boost from Truist Financial’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend was Thursday, August 11th. Truist Financial’s dividend payout ratio is presently 47.17%.
In other news, CEO William H. Rogers, Jr. sold 142,606 shares of the stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $47.78, for a total value of $6,813,714.68. Following the completion of the transaction, the chief executive officer now directly owns 862,590 shares in the company, valued at approximately $41,214,550.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.31% of the stock is owned by corporate insiders.
Truist Financial Company Profile
Truist Financial Corporation, a holding 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.
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