Mitsubishi UFJ Asset Management Co. Ltd. Acquires 77,851 Shares of Truist Financial Corporation $TFC

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Truist Financial Corporation (NYSE:TFC) by 3.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm 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. owned approximately 0.20% of Truist Financial worth $117,667,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of TFC. Independent Advisor Alliance raised its position in shares of Truist Financial by 9.7% during the third quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock worth $15,046,000 after acquiring an additional 29,191 shares during the last quarter. Cullen Capital Management LLC boosted its holdings in Truist Financial by 10.3% in the third quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider’s stock valued at $209,936,000 after acquiring an additional 427,067 shares during the last quarter. Brookstone Capital Management increased its position in Truist Financial by 12.3% during the 3rd quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider’s stock valued at $15,366,000 after purchasing an additional 36,916 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in Truist Financial by 2.6% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider’s stock worth $19,285,000 after purchasing an additional 10,706 shares during the last quarter. Finally, Versor Investments LP lifted its position in shares of Truist Financial by 64.4% in the 3rd quarter. Versor Investments LP now owns 25,008 shares of the insurance provider’s stock worth $1,143,000 after purchasing an additional 9,800 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Transactions at Truist Financial

In other Truist Financial news, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial 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 completion of the transaction, the chief accounting officer owned 667 shares in the company, valued at approximately $35,010.83. The trade was a 83.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the sale, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This represents a 14.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.17% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TFC. JPMorgan Chase & Co. increased their price objective on shares of Truist Financial from $51.50 to $57.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Argus upped their price target on shares of Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Raymond James Financial lifted their price objective on Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Robert W. Baird downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Finally, Evercore reaffirmed an “outperform” rating on shares of Truist Financial in a research note on Thursday, February 5th. Nine 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’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $56.47.

Truist Financial Trading Up 1.8%

Shares of Truist Financial stock opened at $51.50 on Friday. The stock has a market capitalization of $64.33 billion, a PE ratio of 13.52, a price-to-earnings-growth ratio of 0.86 and a beta of 0.89. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $56.19. The stock has a 50 day moving average price of $51.23 and a two-hundred day moving average price of $47.49. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87.

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). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The firm had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $5.32 billion. During the same quarter in the prior year, the business earned $0.91 earnings per share. Truist Financial’s revenue for the quarter was up 3.6% on a year-over-year basis. As a group, equities analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial announced that its Board of Directors has initiated a stock buyback program on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the insurance provider to reacquire up to 15.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be issued 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 dividend payout ratio (DPR) is currently 54.59%.

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.