Rakuten Securities Inc. Buys New Shares in Truist Financial Co. (NYSE:TFC)

Rakuten Securities Inc. bought a new stake in Truist Financial Co. (NYSE:TFC) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 11,022 shares of the insurance provider’s stock, valued at approximately $407,000.

A number of other hedge funds have also added to or reduced their stakes in TFC. Fairfield Bush & CO. bought a new position in Truist Financial in the first quarter valued at $25,000. United Bank grew its position in Truist Financial by 4.1% in the first quarter. United Bank now owns 74,457 shares of the insurance provider’s stock valued at $4,222,000 after purchasing an additional 2,938 shares in the last quarter. Panagora Asset Management Inc. grew its position in shares of Truist Financial by 33.3% in the 1st quarter. Panagora Asset Management Inc. now owns 26,365 shares of the insurance provider’s stock valued at $1,495,000 after acquiring an additional 6,593 shares during the period. Vontobel Holding Ltd. grew its position in shares of Truist Financial by 3.3% in the 1st quarter. Vontobel Holding Ltd. now owns 22,951 shares of the insurance provider’s stock valued at $1,348,000 after acquiring an additional 738 shares during the period. Finally, Blair William & Co. IL grew its position in shares of Truist Financial by 8.1% in the 1st quarter. Blair William & Co. IL now owns 56,690 shares of the insurance provider’s stock valued at $3,214,000 after acquiring an additional 4,234 shares during the period. Institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on TFC shares. Piper Sandler lifted their price objective on shares of Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, January 19th. Wells Fargo & Company lifted their price objective on shares of Truist Financial from $39.00 to $45.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Morgan Stanley raised their target price on shares of Truist Financial from $38.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 30th. Keefe, Bruyette & Woods raised their target price on shares of Truist Financial from $44.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, April 5th. Finally, Jefferies Financial Group raised their target price on shares of Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $41.47.

Insider Activity at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the sale, the director now directly owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is currently owned by insiders.

Truist Financial Stock Performance

Truist Financial stock traded down $1.06 during midday trading on Wednesday, hitting $35.64. The company’s stock had a trading volume of 12,902,686 shares, compared to its average volume of 8,127,603. The company has a 50-day moving average price of $36.62 and a two-hundred day moving average price of $34.36. The company has a market cap of $47.56 billion, a price-to-earnings ratio of -33.00, a PEG ratio of 2.26 and a beta of 1.08. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.82 and a quick ratio of 0.82. Truist Financial Co. has a 1-year low of $25.56 and a 1-year high of $39.29.

Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, January 18th. The insurance provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.68 by $0.13. The company had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. During the same period in the previous year, the company earned $1.30 EPS. As a group, sell-side analysts predict that Truist Financial Co. will post 3.33 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.84%. The ex-dividend date was Thursday, February 8th. Truist Financial’s dividend payout ratio (DPR) is presently -192.59%.

Truist Financial Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.