Mitsubishi UFJ Asset Management Co. Ltd. Purchases Shares of 3,041,462 Truist Financial Corporation $TFC

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Truist Financial Corporation (NYSE:TFC) during the 2nd quarter, HoldingsChannel reports. The fund purchased 3,041,462 shares of the insurance provider’s stock, valued at approximately $151,526,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of TFC. Kemnay Advisory Services Inc. acquired a new stake in shares of Truist Financial in the fourth quarter valued at $25,000. Swiss RE Ltd. acquired a new position in Truist Financial during the fourth quarter worth about $26,000. N.E.W. Advisory Services LLC acquired a new position in Truist Financial during the second quarter worth about $30,000. McMillan Office Inc. bought a new stake in Truist Financial in the fourth quarter worth about $31,000. Finally, Mowery & Schoenfeld Wealth Management LLC raised its position in Truist Financial by 190.7% in the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 431 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

TFC has been the subject of several research reports. UBS Group lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $58.00 to $55.00 in a research report on Tuesday, July 7th. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $63.00 to $54.00 in a report on Tuesday, June 30th. Robert W. Baird raised their target price on shares of Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. Stephens reduced their target price on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a report on Tuesday, July 21st. Finally, Royal Bank Of Canada lifted their price target on shares of Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Truist Financial presently has an average rating of “Hold” and a consensus price target of $54.67.

Insider Activity at Truist Financial

In other Truist Financial news, insider Donta L. Wilson sold 13,280 shares of the business’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $51.85, for a total value of $688,568.00. Following the transaction, the insider owned 56,009 shares in the company, valued at $2,904,066.65. The trade was a 19.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director K. David Jr. Boyer sold 3,986 shares of the business’s stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the completion of the transaction, the director owned 10,270 shares in the company, valued at $520,689. This trade represents a 27.96% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 30,516 shares of company stock valued at $1,584,428. Insiders own 0.15% of the company’s stock.

Truist Financial Stock Down 1.0%

Truist Financial stock opened at $52.58 on Tuesday. Truist Financial Corporation has a twelve month low of $40.78 and a twelve month high of $56.19. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market cap of $64.23 billion, a PE ratio of 12.06, a P/E/G ratio of 1.12 and a beta of 0.89. The firm’s 50 day moving average price is $51.21 and its two-hundred day moving average price is $49.81.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.24 billion. During the same quarter last year, the business posted $0.91 EPS. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. On average, research analysts predict that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. Truist Financial’s dividend payout ratio (DPR) is presently 47.71%.

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.