Skandinaviska Enskilda Banken AB publ Boosts Holdings in Truist Financial Co. (NYSE:TFC)

Skandinaviska Enskilda Banken AB publ lifted its stake in Truist Financial Co. (NYSE:TFC) by 1.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 267,617 shares of the insurance provider’s stock after buying an additional 4,923 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Truist Financial were worth $11,607,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Bangor Savings Bank grew its position in shares of Truist Financial by 92.5% in the 4th 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. Valley Wealth Managers Inc. acquired a new stake in Truist Financial during the 3rd quarter worth $26,000. Hopwood Financial Services Inc. acquired a new stake in Truist Financial during the 4th quarter worth $26,000. MidAtlantic Capital Management Inc. acquired a new stake in Truist Financial during the 3rd quarter worth $32,000. Finally, True Wealth Design LLC acquired a new stake in Truist Financial during the 3rd quarter worth $51,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Up 2.7 %

Shares of NYSE TFC opened at $40.54 on Friday. 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 52 week low of $34.51 and a 52 week high of $49.06. The firm has a 50-day moving average price of $45.38 and a 200 day moving average price of $44.55. The stock has a market capitalization of $52.92 billion, a price-to-earnings ratio of 12.17, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08.

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

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were issued 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 5.13%. Truist Financial’s dividend payout ratio (DPR) is currently 62.46%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Robert W. Baird upgraded shares of Truist Financial from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $48.00 to $52.00 in a research note on Wednesday, March 5th. StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Morgan Stanley increased their price target 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. Baird R W upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 5th. Finally, Compass Point raised their target price on shares of Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Nine 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’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $51.16.

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.