Truist Financial Co. (NYSE:TFC) Shares Bought by Korea Investment CORP

Korea Investment CORP increased its position in Truist Financial Co. (NYSE:TFC) by 138.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 578,432 shares of the insurance provider’s stock after acquiring an additional 335,912 shares during the period. Korea Investment CORP’s holdings in Truist Financial were worth $25,092,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of TFC. Bangor Savings Bank raised its holdings in shares of Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after buying an additional 272 shares during the last quarter. Hopwood Financial Services Inc. acquired a new position in shares of Truist Financial during the fourth quarter valued at approximately $26,000. Curio Wealth LLC acquired a new position in Truist Financial during the fourth quarter worth about $45,000. City State Bank grew its stake in shares of Truist Financial by 158.1% in the 4th quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock worth $51,000 after purchasing an additional 716 shares during the last quarter. Finally, True Wealth Design LLC bought a new position in shares of Truist Financial in the third quarter valued at $51,000. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Performance

NYSE TFC opened at $40.46 on Friday. The stock has a market cap of $52.81 billion, a P/E ratio of 12.15, a PEG ratio of 1.63 and a beta of 1.08. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a twelve month low of $35.09 and a twelve month high of $49.06. The company’s 50-day simple moving average is $44.78 and its 200 day simple moving average is $44.40.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. Truist Financial’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 EPS. As a group, research analysts forecast that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.14%. The ex-dividend date of this dividend was Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is currently 62.46%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on TFC. HSBC raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. Baird R W upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Piper Sandler raised their price objective on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Keefe, Bruyette & Woods increased their price target on shares of Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 21st. Finally, Barclays boosted their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Nine investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and an average target price of $50.68.

Truist Financial Company 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.