Truist Financial Corporation $TFC Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lowered its stake in shares of Truist Financial Corporation (NYSE:TFC) by 11.6% during the first quarter, HoldingsChannel.com reports. The firm owned 730,463 shares of the insurance provider’s stock after selling 95,932 shares during the period. Pictet Asset Management Holding SA’s holdings in Truist Financial were worth $33,579,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Kemnay Advisory Services Inc. acquired a new stake in shares of Truist Financial during the 4th quarter worth $25,000. Swiss RE Ltd. acquired a new position in Truist Financial in the fourth quarter valued at $26,000. McMillan Office Inc. purchased a new stake in Truist Financial during the fourth quarter valued at about $31,000. Maseco LLP grew its position in Truist Financial by 53.8% during the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 228 shares during the period. Finally, Mowery & Schoenfeld Wealth Management LLC increased its stake in Truist Financial by 190.7% during 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 during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE TFC opened at $49.83 on Wednesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The company has a market capitalization of $62.08 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 0.87 and a beta of 0.89. The business has a 50-day moving average of $49.17 and a 200-day moving average of $49.37.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.00 by $0.09. The business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The company’s revenue was up 5.0% on a year-over-year basis. During the same period last year, the business posted $0.87 EPS. On average, equities analysts anticipate that Truist Financial Corporation will post 4.5 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 annualized dividend and a yield of 4.2%. Truist Financial’s dividend payout ratio (DPR) is 51.61%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Royal Bank Of Canada boosted their target price on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. Morgan Stanley cut their price target on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a report on Monday, April 20th. JPMorgan Chase & Co. decreased their price objective on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Jefferies Financial Group reissued a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a research report on Friday, April 17th. Finally, Robert W. Baird downgraded shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price on the stock. in a research note on Friday, May 1st. Nine research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.26.

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.