Pictet Asset Management Holding SA Has $38.40 Million Stock Holdings in Truist Financial Co. (NYSE:TFC)

Pictet Asset Management Holding SA grew its stake in shares of Truist Financial Co. (NYSE:TFC) by 13.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 885,234 shares of the insurance provider’s stock after buying an additional 104,363 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.07% of Truist Financial worth $38,401,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in TFC. Nomura Asset Management Co. Ltd. lifted its stake in Truist Financial by 9.2% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 457,320 shares of the insurance provider’s stock valued at $19,839,000 after buying an additional 38,604 shares during the period. New Age Alpha Advisors LLC bought a new position in Truist Financial during the fourth quarter worth $4,215,000. Norges Bank acquired a new stake in shares of Truist Financial in the 4th quarter valued at about $402,828,000. Caisse Des Depots ET Consignations acquired a new stake in Truist Financial in the fourth quarter valued at approximately $2,269,000. Finally, Homestead Advisers Corp grew its position in Truist Financial by 3.9% in the 4th quarter. Homestead Advisers Corp now owns 1,263,100 shares of the insurance provider’s stock valued at $54,793,000 after purchasing an additional 47,600 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Price Performance

TFC opened at $40.46 on Monday. The firm has a 50-day moving average price of $44.78 and a 200-day moving average price of $44.44. Truist Financial Co. has a twelve month low of $35.09 and a twelve month high of $49.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $52.81 billion, a price-to-earnings ratio of 12.15, a PEG ratio of 1.63 and a beta of 1.08.

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

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were issued 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 payout ratio is 62.46%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on TFC shares. Barclays lifted their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Piper Sandler raised their target price on Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Stephens upped their price target on Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. Keefe, Bruyette & Woods raised their price objective on Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, January 21st. Finally, Hsbc Global Res upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Nine investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $50.68.

About Truist Financial

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.