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

Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Truist Financial Corporation (NYSE:TFC) by 5.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 211,197 shares of the insurance provider’s stock after buying an additional 10,812 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Truist Financial were worth $9,656,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Aspect Partners LLC grew its holdings in Truist Financial by 71.5% during the 2nd quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 268 shares during the last quarter. Darwin Wealth Management LLC lifted its position in shares of Truist Financial by 631.6% during the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 600 shares in the last quarter. Princeton Global Asset Management LLC bought a new stake in shares of Truist Financial during the second quarter valued at approximately $30,000. Capital A Wealth Management LLC increased its holdings in shares of Truist Financial by 1,189.5% in the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 678 shares in the last quarter. Finally, Ramirez Asset Management Inc. increased its holdings in shares of Truist Financial by 60.0% in the second quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 300 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Insider Buying and Selling at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of the business’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 completion of the transaction, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. The trade was a 33.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have issued reports on TFC shares. Raymond James Financial upped their price objective on Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday. UBS Group set a $55.00 price target on Truist Financial in a research note on Tuesday, October 21st. Evercore ISI upgraded Truist Financial from a “hold” rating to an “outperform” rating and lifted their price objective for the stock from $49.00 to $58.00 in a research report on Tuesday, January 6th. Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a research note on Monday, December 29th. Seven analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $52.80.

Truist Financial Price Performance

Shares of TFC opened at $50.62 on Friday. The stock has a market cap of $64.75 billion, a P/E ratio of 13.61, a price-to-earnings-growth ratio of 0.96 and a beta of 0.89. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $51.51. The stock’s 50-day moving average price is $47.70 and its two-hundred day moving average price is $45.77. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

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

Truist Financial declared that its board has initiated a share repurchase plan on Tuesday, December 16th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the insurance provider to purchase up to 15.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were issued a $0.52 dividend. The ex-dividend date was Friday, November 14th. This represents a $2.08 annualized dividend and a yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is 55.91%.

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.