Harvest Fund Management Co. Ltd Buys Shares of 7,015 Truist Financial Co. (NYSE:TFC)

Harvest Fund Management Co. Ltd bought a new stake in Truist Financial Co. (NYSE:TFC) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm bought 7,015 shares of the insurance provider’s stock, valued at approximately $304,000.

Several other hedge funds have also recently bought and sold shares of TFC. Raymond James Financial Inc. bought a new position in Truist Financial in the 4th quarter valued at about $198,051,000. State Street Corp grew its holdings in shares of Truist Financial by 4.6% during the 3rd quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock valued at $2,645,964,000 after purchasing an additional 2,720,223 shares during the last quarter. Amundi grew its holdings in shares of Truist Financial by 6.5% during the 4th quarter. Amundi now owns 23,683,345 shares of the insurance provider’s stock valued at $1,040,718,000 after purchasing an additional 1,450,323 shares during the last quarter. KBC Group NV grew 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 valued at $88,144,000 after purchasing an additional 999,763 shares during the last quarter. Finally, HighTower Advisors LLC grew its holdings in Truist Financial by 26.1% during the 3rd quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider’s stock worth $166,892,000 after acquiring an additional 807,648 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on TFC. Raymond James boosted their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Baird R W raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Morgan Stanley boosted their target price on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. Citigroup boosted their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Finally, Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $48.00 to $52.00 in a report on Wednesday, March 5th. Nine research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $51.16.

Truist Financial Stock Performance

TFC opened at $41.41 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The company’s fifty day moving average price is $45.12 and its two-hundred day moving average price is $44.45. Truist Financial Co. has a 1-year low of $35.09 and a 1-year high of $49.06. The company has a market cap of $54.05 billion, a price-to-earnings ratio of 12.43, a PEG ratio of 1.63 and a beta of 1.08.

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

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 5.02%. Truist Financial’s payout ratio is currently 62.46%.

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.