Truist Financial Corporation $TFC Stock Bought by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. grew its holdings in Truist Financial Corporation (NYSE:TFC) by 7.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 219,268 shares of the insurance provider’s stock after purchasing an additional 15,770 shares during the period. Rakuten Investment Management Inc.’s holdings in Truist Financial were worth $10,183,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in TFC. PCB Capital LLC boosted its holdings in shares of Truist Financial by 3.0% during the first quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock worth $310,000 after purchasing an additional 198 shares during the period. Meiji Yasuda Asset Management Co Ltd. grew its position in Truist Financial by 4.0% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,456 shares of the insurance provider’s stock valued at $272,000 after purchasing an additional 211 shares in the last quarter. Csenge Advisory Group grew its position in Truist Financial by 0.3% during the second quarter. Csenge Advisory Group now owns 69,426 shares of the insurance provider’s stock valued at $3,459,000 after purchasing an additional 227 shares in the last quarter. Apella Capital LLC grew its position in Truist Financial by 0.5% during the second quarter. Apella Capital LLC now owns 43,030 shares of the insurance provider’s stock valued at $2,210,000 after purchasing an additional 232 shares in the last quarter. Finally, West Family Investments Inc. increased its stake in Truist Financial by 4.6% in the 2nd quarter. West Family Investments Inc. now owns 5,498 shares of the insurance provider’s stock valued at $274,000 after buying an additional 242 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

Shares of TFC opened at $49.85 on Friday. The company’s fifty day moving average is $48.35 and its 200-day moving average is $49.50. Truist Financial Corporation has a 12 month low of $43.13 and a 12 month high of $56.19. The firm has a market cap of $59.75 billion, a price-to-earnings ratio of 12.85, a price-to-earnings-growth ratio of 1.13 and a beta of 0.90. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.95.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, October 16th. The insurance provider reported $1.16 earnings per share for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.01). Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The business had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter in the prior year, the business posted $1.04 EPS. The firm’s revenue for the quarter was up 1.3% compared to the same quarter last year. Equities analysts expect that Truist Financial Corporation will post 4.66 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Friday, November 13th. Truist Financial’s dividend payout ratio is presently 53.61%.

Insider Buying and Selling

In related news, CEO Michael Lyons bought 25,000 shares of the business’s stock in a transaction on Wednesday, October 28th. The shares were bought at an average cost of $48.36 per share, for a total transaction of $1,209,000.00. Following the completion of the acquisition, the chief executive officer directly owned 46,000 shares in the company, valued at approximately $2,224,560. This represents a 119.05% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

TFC has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Truist Financial in a research report on Tuesday, October 27th. The Goldman Sachs Group decreased their target price on shares of Truist Financial from $59.00 to $58.00 and set a “buy” rating for the company in a research note on Monday, October 19th. Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday, October 31st. Bank of America dropped their price target on shares of Truist Financial from $56.00 to $53.00 in a research note on Thursday, October 8th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Truist Financial from $55.00 to $54.00 and set a “market perform” rating on the stock in a research note on Monday, October 19th. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, Truist Financial has a consensus rating of “Hold” and a consensus target price of $54.73.

Truist Financial Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.