Mirae Asset Global Investments Co. Ltd. Purchases 32,854 Shares of Truist Financial Co. (NYSE:TFC)

Mirae Asset Global Investments Co. Ltd. raised its holdings in Truist Financial Co. (NYSE:TFC) by 31.9% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 135,803 shares of the insurance provider’s stock after purchasing an additional 32,854 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Truist Financial were worth $5,922,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in TFC. AMF Tjanstepension AB acquired a new position in Truist Financial in the third quarter worth about $3,208,000. CWM LLC raised its holdings in shares of Truist Financial by 25.9% in the 3rd quarter. CWM LLC now owns 47,534 shares of the insurance provider’s stock worth $2,033,000 after buying an additional 9,769 shares in the last quarter. Wedmont Private Capital lifted its position in shares of Truist Financial by 10.1% during the 3rd quarter. Wedmont Private Capital now owns 10,370 shares of the insurance provider’s stock worth $436,000 after buying an additional 953 shares during the period. USA Financial Formulas boosted its stake in Truist Financial by 8.2% in the 3rd quarter. USA Financial Formulas now owns 5,532 shares of the insurance provider’s stock valued at $237,000 after buying an additional 421 shares in the last quarter. Finally, Quotient Wealth Partners LLC grew its position in Truist Financial by 11.4% in the third quarter. Quotient Wealth Partners LLC now owns 6,751 shares of the insurance provider’s stock valued at $289,000 after acquiring an additional 691 shares during the period. 71.28% of the stock is owned by institutional investors.

Truist Financial Stock Down 1.0 %

Shares of NYSE TFC opened at $47.68 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $63.30 billion, a PE ratio of 14.32, a price-to-earnings-growth ratio of 1.69 and a beta of 1.08. The firm’s 50-day moving average is $45.53 and its 200-day moving average is $44.23. Truist Financial Co. has a 1 year low of $34.23 and a 1 year high of $49.06.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.81 EPS. Equities analysts expect that Truist Financial Co. will post 3.95 EPS for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.36%. The ex-dividend date of this dividend is Friday, February 14th. Truist Financial’s payout ratio is 62.46%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Piper Sandler lifted their price objective on Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Barclays lifted their price target 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. Morgan Stanley upped their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 21st. Royal Bank of Canada lifted their target price on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Finally, Hsbc Global Res upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Eleven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.79.

Insiders Place Their Bets

In related news, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the transaction, the director now owns 11,246 shares of the company’s stock, valued at $519,565.20. This trade represents a 30.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William H. Rogers, Jr. acquired 34,180 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were purchased at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the acquisition, the chief executive officer now owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This trade represents a 5.20 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.17% of the company’s stock.

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.