Dai ichi Life Insurance Company Ltd Cuts Stake in Truist Financial Co. (NYSE:TFC)

Dai ichi Life Insurance Company Ltd trimmed its holdings in Truist Financial Co. (NYSE:TFC) by 28.0% in the third quarter, HoldingsChannel reports. The fund owned 51,538 shares of the insurance provider’s stock after selling 20,000 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Truist Financial were worth $2,204,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in TFC. Valley Wealth Managers Inc. bought a new stake in Truist Financial in the third quarter worth $26,000. MFA Wealth Advisors LLC bought a new stake in shares of Truist Financial in the 2nd quarter valued at about $30,000. Y.D. More Investments Ltd purchased a new stake in Truist Financial during the 2nd quarter valued at about $31,000. MidAtlantic Capital Management Inc. bought a new position in Truist Financial during the 3rd quarter worth approximately $32,000. Finally, Fortitude Family Office LLC lifted its position in Truist Financial by 376.7% in the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 678 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Royal Bank of Canada raised their target price on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. The Goldman Sachs Group upped their price objective on shares of Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday. UBS Group boosted their price target on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. Citigroup upped their price target on Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a research report on Monday. Finally, JPMorgan Chase & Co. boosted their target price on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Truist Financial presently has a consensus rating of “Hold” and a consensus target price of $47.17.

Truist Financial Trading Up 0.1 %

Truist Financial stock opened at $47.75 on Thursday. Truist Financial Co. has a 12 month low of $31.23 and a 12 month high of $49.06. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. The business’s fifty day simple moving average is $44.03 and its two-hundred day simple moving average is $41.71. The company has a market capitalization of $63.39 billion, a price-to-earnings ratio of -33.39, a price-to-earnings-growth ratio of 1.97 and a beta of 1.05.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.89 by $0.08. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. As a group, equities analysts predict that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.36%. Truist Financial’s payout ratio is currently -145.45%.

Insider Activity at Truist Financial

In related news, CEO William H. Rogers, Jr. acquired 34,180 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was purchased at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the acquisition, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This trade represents a 5.20 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.17% of the stock is currently owned by insiders.

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.