Resona Asset Management Co. Ltd. Makes New Investment in Truist Financial Co. (NYSE:TFC)

Resona Asset Management Co. Ltd. purchased a new position 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 purchased 443,368 shares of the insurance provider’s stock, valued at approximately $19,251,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Geode Capital Management LLC raised its stake in Truist Financial by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 27,975,691 shares of the insurance provider’s stock worth $1,210,348,000 after acquiring an additional 534,740 shares during the last quarter. Amundi raised its stake in shares of Truist Financial by 6.5% in the fourth quarter. Amundi now owns 23,683,345 shares of the insurance provider’s stock worth $1,040,718,000 after purchasing an additional 1,450,323 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Truist Financial by 7.9% during the fourth quarter. American Century Companies Inc. now owns 9,882,885 shares of the insurance provider’s stock worth $428,720,000 after purchasing an additional 722,749 shares during the period. Norges Bank purchased a new stake in Truist Financial in the fourth quarter valued at approximately $402,828,000. Finally, Bank of New York Mellon Corp increased its holdings in Truist Financial by 8.5% in the 4th quarter. Bank of New York Mellon Corp now owns 8,484,992 shares of the insurance provider’s stock worth $368,079,000 after buying an additional 662,179 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $48.00 to $52.00 in a report on Wednesday, March 5th. Citigroup lowered their price target on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Baird R W upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 5th. Hsbc Global Res raised Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Wells Fargo & Company decreased their price target on Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, March 28th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.42.

Truist Financial Stock Down 6.0 %

TFC opened at $34.80 on Friday. The company has a market cap of $45.43 billion, a PE ratio of 10.45, a price-to-earnings-growth ratio of 1.63 and a beta of 0.91. Truist Financial Co. has a twelve month low of $33.71 and a twelve month high of $49.06. The company has a 50-day moving average price of $43.97 and a 200 day moving average price of $44.32. 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 (NYSE:TFC) last announced its earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The business’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.81 earnings per share. Sell-side analysts expect that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 5.98%. Truist Financial’s dividend payout ratio (DPR) is presently 62.46%.

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.