Sumitomo Mitsui DS Asset Management Company Ltd Acquires 10,812 Shares of Truist Financial Corporation $TFC

Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Truist Financial Corporation (NYSE:TFC) by 5.4% during the third quarter, HoldingsChannel reports. The fund owned 211,197 shares of the insurance provider’s stock after buying an additional 10,812 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Truist Financial were worth $9,656,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in Truist Financial during the 3rd quarter worth approximately $208,000. Oregon Public Employees Retirement Fund raised its holdings in shares of Truist Financial by 30.2% in the third quarter. Oregon Public Employees Retirement Fund now owns 147,314 shares of the insurance provider’s stock valued at $6,735,000 after purchasing an additional 34,139 shares during the last quarter. Invested Advisors bought a new stake in shares of Truist Financial in the third quarter worth $214,000. Steigerwald Gordon & Koch Inc. acquired a new position in Truist Financial during the third quarter worth $41,000. Finally, tru Independence LLC boosted its holdings in Truist Financial by 4.0% during the third quarter. tru Independence LLC now owns 7,757 shares of the insurance provider’s stock worth $355,000 after purchasing an additional 298 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Activity at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the transaction, the director directly owned 10,153 shares in the company, valued at $471,606.85. The trade was a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on TFC shares. Cowen reiterated a “buy” rating on shares of Truist Financial in a research note on Wednesday. Raymond James Financial lifted their target price on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday. Keefe, Bruyette & Woods increased their price target on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research report on Wednesday, December 17th. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Finally, TD Cowen upped their price objective on Truist Financial from $55.00 to $59.00 and gave the stock a “buy” rating in a research note on Wednesday. Seven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Truist Financial has a consensus rating of “Hold” and an average target price of $52.80.

Truist Financial Price Performance

Shares of NYSE TFC opened at $50.62 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. The business’s 50 day moving average price is $47.70 and its two-hundred day moving average price is $45.77. The company has a market cap of $64.75 billion, a PE ratio of 13.61, a price-to-earnings-growth ratio of 0.96 and a beta of 0.89. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $51.51.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, October 17th. The insurance provider reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. The company had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $5.20 billion. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The business’s revenue was up 1.9% on a year-over-year basis. During the same period last year, the firm posted $0.97 earnings per share. On average, analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial declared that its Board of Directors has approved a share buyback plan on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to reacquire up to 15.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Friday, November 14th. Truist Financial’s payout ratio is 55.91%.

About Truist Financial

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.