Truist Financial Corporation $TFC Stock Position Raised by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA increased its stake in shares of Truist Financial Corporation (NYSE:TFC) by 1.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 757,306 shares of the insurance provider’s stock after purchasing an additional 12,945 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Truist Financial were worth $35,063,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Truist Financial in the second quarter valued at about $4,959,834,000. State Street Corp increased its stake in shares of Truist Financial by 0.9% during the second quarter. State Street Corp now owns 58,692,619 shares of the insurance provider’s stock worth $2,924,066,000 after acquiring an additional 501,026 shares during the period. Bank of New York Mellon Corp raised its holdings in Truist Financial by 7.5% during the first quarter. Bank of New York Mellon Corp now owns 11,289,721 shares of the insurance provider’s stock worth $518,988,000 after purchasing an additional 789,179 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Truist Financial by 1.9% during the first quarter. Dimensional Fund Advisors LP now owns 8,608,268 shares of the insurance provider’s stock worth $395,642,000 after purchasing an additional 164,052 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in Truist Financial by 0.6% during the second quarter. Legal & General Group Plc now owns 7,853,887 shares of the insurance provider’s stock worth $391,281,000 after purchasing an additional 44,215 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Trading Down 0.1%

NYSE:TFC opened at $50.26 on Wednesday. The company has a market capitalization of $60.23 billion, a PE ratio of 12.95, a price-to-earnings-growth ratio of 1.12 and a beta of 0.90. Truist Financial Corporation has a 52-week low of $43.13 and a 52-week high of $56.19. The stock has a fifty day simple moving average of $48.35 and a 200-day simple moving average of $49.50. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.95.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, October 16th. The insurance provider reported $1.16 EPS for the quarter, missing the consensus estimate of $1.17 by ($0.01). The business had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.35 billion. Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The firm’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.04 earnings per share. On average, equities research analysts expect that Truist Financial Corporation will post 4.66 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Friday, November 13th. Truist Financial’s payout ratio is currently 53.61%.

Insider Transactions at Truist Financial

In related news, CEO Michael Lyons bought 25,000 shares of the stock in a transaction on Wednesday, October 28th. The shares were purchased at an average price of $48.36 per share, for a total transaction of $1,209,000.00. Following the acquisition, the chief executive officer owned 46,000 shares in the company, valued at $2,224,560. This represents a 119.05% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. TD Cowen began coverage on Truist Financial in a research note on Thursday, October 8th. They issued a “hold” rating and a $52.00 price target on the stock. JPMorgan Chase & Co. raised their target price on Truist Financial from $50.50 to $51.50 and gave the company an “underweight” rating in a report on Friday, October 30th. Robert W. Baird increased their price target on shares of Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Stephens dropped their target price on shares of Truist Financial from $55.00 to $54.00 and set an “overweight” rating for the company in a report on Tuesday, October 20th. Finally, Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, October 31st. Nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Truist Financial has an average rating of “Hold” and an average target price of $54.73.

Truist Financial Profile

Truist Financial Corporation (NYSE: TFC) is a financial services company headquartered in Charlotte, North Carolina. It provides banking and related services to individuals, businesses and institutions, including deposit accounts, loans, credit cards, payment services and treasury management. The company also offers wealth management, investment and mortgage services, along with commercial banking and capital markets solutions. Its operations are concentrated in the southeastern and mid-Atlantic United States, serving customers through branches, digital channels and other delivery platforms.