Norges Bank Acquires Shares of 9,286,034 Truist Financial Co. (NYSE:TFC)

Norges Bank bought a new stake in Truist Financial Co. (NYSE:TFC) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 9,286,034 shares of the insurance provider’s stock, valued at approximately $402,828,000. Norges Bank owned about 0.70% of Truist Financial at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Caisse Des Depots ET Consignations purchased a new position in shares of Truist Financial during the 4th quarter worth approximately $2,269,000. Homestead Advisers Corp grew its holdings in Truist Financial by 3.9% during the fourth quarter. Homestead Advisers Corp now owns 1,263,100 shares of the insurance provider’s stock worth $54,793,000 after acquiring an additional 47,600 shares during the period. AssuredPartners Investment Advisors LLC purchased a new position in Truist Financial in the fourth quarter worth $1,206,000. NEOS Investment Management LLC lifted its holdings in Truist Financial by 31.7% in the fourth quarter. NEOS Investment Management LLC now owns 82,371 shares of the insurance provider’s stock valued at $3,573,000 after acquiring an additional 19,811 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Truist Financial by 7.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,073,644 shares of the insurance provider’s stock worth $91,448,000 after purchasing an additional 140,585 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on TFC shares. Baird R W raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Compass Point raised their price objective on Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Piper Sandler boosted their target price on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and raised their price target for the company from $48.00 to $52.00 in a research report on Wednesday, March 5th. Finally, Keefe, Bruyette & Woods lifted their price target on Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 21st. Nine analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $50.68.

Truist Financial Stock Down 2.3 %

TFC opened at $40.46 on Friday. Truist Financial Co. has a 12 month low of $35.09 and a 12 month high of $49.06. The business has a 50-day moving average of $44.78 and a two-hundred day moving average of $44.42. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $52.81 billion, a price-to-earnings ratio of 12.15, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS 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 during the quarter, compared to analyst estimates of $5.05 billion. During the same quarter in the prior year, the business posted $0.81 earnings per share. Truist Financial’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, research analysts expect that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were paid 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 5.14%. Truist Financial’s dividend payout ratio is presently 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.