Resona Asset Management Co. Ltd. Sells 28,993 Shares of Truist Financial Corporation $TFC

Resona Asset Management Co. Ltd. trimmed its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 6.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 431,793 shares of the insurance provider’s stock after selling 28,993 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Truist Financial were worth $21,307,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Truist Financial by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock worth $5,892,453,000 after buying an additional 701,049 shares during the last quarter. Capital International Investors grew its holdings in Truist Financial by 0.3% during the third quarter. Capital International Investors now owns 107,642,731 shares of the insurance provider’s stock valued at $4,921,717,000 after purchasing an additional 346,423 shares during the period. Federated Hermes Inc. increased its stake in Truist Financial by 8.4% in the third quarter. Federated Hermes Inc. now owns 10,445,658 shares of the insurance provider’s stock valued at $477,575,000 after purchasing an additional 813,177 shares in the last quarter. Wellington Management Group LLP increased its stake in Truist Financial by 13,511.7% in the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock valued at $474,886,000 after purchasing an additional 10,310,523 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Truist Financial by 2.0% in the third quarter. Dimensional Fund Advisors LP now owns 8,492,845 shares of the insurance provider’s stock valued at $388,300,000 after purchasing an additional 168,464 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

TFC has been the subject of several recent analyst reports. Robert W. Baird downgraded shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price for the company. in a research note on Friday, May 1st. Jefferies Financial Group reaffirmed a “mixed” rating and issued a $45.00 target price on shares of Truist Financial in a research note on Friday, April 17th. Piper Sandler upped their target price on shares of Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Thursday, January 22nd. Royal Bank Of Canada upped their target price on shares of Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Finally, Weiss Ratings raised shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $55.59.

Truist Financial Stock Down 0.5%

Truist Financial stock opened at $46.81 on Wednesday. Truist Financial Corporation has a twelve month low of $38.27 and a twelve month high of $56.19. The company has a 50 day moving average of $47.76 and a 200-day moving average of $48.67. The stock has a market capitalization of $58.32 billion, a PE ratio of 11.61, a price-to-earnings-growth ratio of 0.80 and a beta of 0.92. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, topping the consensus estimate of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter in the prior year, the company posted $0.87 earnings per share. The firm’s revenue was up 5.0% on a year-over-year basis. On average, equities research analysts anticipate that Truist Financial Corporation will post 4.52 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 8th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, May 8th. This represents a $2.08 annualized dividend and a yield of 4.4%. Truist Financial’s dividend payout ratio is presently 51.61%.

Truist Financial Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.