Sumitomo Mitsui DS Asset Management Company Ltd Buys 11,702 Shares of Truist Financial Co. (NYSE:TFC)

Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of Truist Financial Co. (NYSE:TFC) by 6.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 193,301 shares of the insurance provider’s stock after acquiring an additional 11,702 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Truist Financial were worth $8,385,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. State Street Corp lifted its position in Truist Financial by 4.6% in the third quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock worth $2,645,964,000 after purchasing an additional 2,720,223 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Truist Financial by 316.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock valued at $90,585,000 after buying an additional 1,609,351 shares in the last quarter. KBC Group NV lifted its holdings in shares of Truist Financial by 96.9% during the 4th quarter. KBC Group NV now owns 2,031,893 shares of the insurance provider’s stock worth $88,144,000 after acquiring an additional 999,763 shares during the period. HighTower Advisors LLC boosted its position in shares of Truist Financial by 26.1% during the 3rd quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider’s stock valued at $166,892,000 after acquiring an additional 807,648 shares in the last quarter. Finally, LPL Financial LLC increased its stake in Truist Financial by 21.0% in the third quarter. LPL Financial LLC now owns 3,630,761 shares of the insurance provider’s stock valued at $155,288,000 after acquiring an additional 630,628 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Trading Down 1.0 %

TFC stock opened at $47.68 on Friday. The business has a fifty day moving average of $45.53 and a 200-day moving average of $44.23. The company has a market cap of $63.30 billion, a P/E ratio of 14.32, a PEG ratio of 1.69 and a beta of 1.08. Truist Financial Co. has a twelve month low of $34.23 and a twelve month high of $49.06. 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 (NYSE:TFC) last released its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period in the prior year, the company posted $0.81 EPS. The company’s revenue was up 3.4% compared to the same quarter last year. As a group, equities research analysts expect that Truist Financial Co. will post 3.95 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.36%. The ex-dividend date is Friday, February 14th. Truist Financial’s payout ratio is 62.46%.

Analysts Set New Price Targets

A number of brokerages have commented on TFC. Morgan Stanley raised their price target on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 21st. Compass Point boosted their price target on Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. increased their price objective on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Raymond James boosted their target price on shares of Truist Financial from $47.00 to $51.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Finally, HSBC upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. Eleven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $50.79.

Insider Activity

In related news, CEO William H. Rogers, Jr. purchased 34,180 shares of the stock in a transaction dated Monday, November 25th. The stock was bought at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the purchase, the chief executive officer now directly owns 691,451 shares in the company, valued at $33,576,860.56. The trade was a 5.20 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total transaction of $229,429.20. Following the transaction, the director now directly owns 11,246 shares in the company, valued at $519,565.20. The trade was a 30.63 % decrease in their position. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by company insiders.

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.