Mitsubishi UFJ Asset Management Co. Ltd. Boosts Stock Holdings in Truist Financial Corporation $TFC

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Truist Financial Corporation (NYSE:TFC) by 3.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,573,653 shares of the insurance provider’s stock after acquiring an additional 77,851 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Truist Financial were worth $117,667,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Aspect Partners LLC boosted its holdings in Truist Financial by 71.5% during the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 268 shares during the last quarter. Valley Wealth Managers Inc. bought a new position in shares of Truist Financial during the 3rd quarter worth approximately $28,000. Capital A Wealth Management LLC lifted its position in shares of Truist Financial by 1,189.5% during the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after buying an additional 678 shares in the last quarter. Darwin Wealth Management LLC boosted its stake in shares of Truist Financial by 631.6% in the 3rd quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after buying an additional 600 shares during the last quarter. Finally, Twin Peaks Wealth Advisors LLC bought a new position in shares of Truist Financial in the second quarter valued at approximately $36,000. 71.28% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on TFC shares. TD Cowen lifted their price target on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. JPMorgan Chase & Co. raised their target price on Truist Financial from $51.50 to $57.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Argus lifted their target price on Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, January 23rd. Keefe, Bruyette & Woods increased their price target on shares of Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research report on Wednesday, December 17th. Finally, Morgan Stanley raised shares of Truist Financial from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $56.00 to $69.00 in a research report on Tuesday, February 17th. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and an average price target of $56.47.

Truist Financial Stock Performance

Shares of TFC stock opened at $51.50 on Friday. The firm’s 50 day moving average is $51.23 and its 200 day moving average is $47.49. The stock has a market capitalization of $64.33 billion, a P/E ratio of 13.52, a PEG ratio of 0.86 and a beta of 0.89. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $56.19. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last issued its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The business had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The company’s revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.91 EPS. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Friday, February 13th. Truist Financial’s payout ratio is presently 54.59%.

Truist Financial announced that its board has authorized a share buyback program on Tuesday, December 16th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the insurance provider to buy up to 15.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Truist Financial

In other Truist Financial news, CAO Cynthia B. Powell sold 3,500 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the sale, the chief accounting officer owned 667 shares in the company, valued at $35,010.83. This trade represents a 83.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Michael Baron Maguire sold 13,000 shares of the company’s stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the completion of the transaction, the chief financial officer owned 74,323 shares of the company’s stock, valued at $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Company 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.