DNB Asset Management AS Acquires 95,213 Shares of Truist Financial Corporation $TFC

DNB Asset Management AS lifted its holdings in Truist Financial Corporation (NYSE:TFC) by 39.0% in the fourth quarter, HoldingsChannel reports. The fund owned 339,357 shares of the insurance provider’s stock after buying an additional 95,213 shares during the period. DNB Asset Management AS’s holdings in Truist Financial were worth $16,700,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Truist Financial by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock worth $5,892,453,000 after acquiring an additional 701,049 shares during the last quarter. Capital International Investors lifted its holdings in shares of Truist Financial by 0.3% in the 3rd quarter. Capital International Investors now owns 107,642,731 shares of the insurance provider’s stock worth $4,921,717,000 after acquiring an additional 346,423 shares during the last quarter. Federated Hermes Inc. lifted its holdings in shares of Truist Financial by 8.4% in the 3rd quarter. Federated Hermes Inc. now owns 10,445,658 shares of the insurance provider’s stock worth $477,575,000 after acquiring an additional 813,177 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Truist Financial by 13,511.7% in the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after acquiring an additional 10,310,523 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Truist Financial by 2.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 8,492,845 shares of the insurance provider’s stock worth $388,300,000 after acquiring an additional 168,464 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TFC has been the subject of a number of recent analyst reports. Royal Bank Of Canada upped their price target on shares of Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a report on Monday, April 20th. JPMorgan Chase & Co. cut their price target on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. TD Cowen raised their price target on shares of Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. 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. Finally, Argus raised their price target on shares of Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $55.59.

Truist Financial Stock Down 0.4%

Shares of Truist Financial stock opened at $46.93 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The company’s fifty day simple moving average is $47.78 and its two-hundred day simple moving average is $48.60. The company has a market cap of $58.47 billion, a P/E ratio of 11.65, a PEG ratio of 0.80 and a beta of 0.92. Truist Financial Corporation has a 12-month low of $38.27 and a 12-month high of $56.19.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 18.14% and a return on equity of 9.55%. The company’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.87 EPS. Research analysts anticipate that Truist Financial Corporation will post 4.52 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.4%. Truist Financial’s dividend payout ratio is currently 51.61%.

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.