Pictet Asset Management Holding SA Raises Stock Holdings in Truist Financial Co. (NYSE:TFC)

Pictet Asset Management Holding SA boosted its stake in Truist Financial Co. (NYSE:TFC) by 13.4% during the fourth quarter, HoldingsChannel reports. The firm owned 885,234 shares of the insurance provider’s stock after buying an additional 104,363 shares during the period. Pictet Asset Management Holding SA’s holdings in Truist Financial were worth $38,401,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Nomura Asset Management Co. Ltd. increased its holdings in shares of Truist Financial by 9.2% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 457,320 shares of the insurance provider’s stock worth $19,839,000 after buying an additional 38,604 shares during the last quarter. New Age Alpha Advisors LLC bought a new position in Truist Financial in the fourth quarter valued at $4,215,000. Norges Bank purchased a new stake in Truist Financial during the fourth quarter valued at about $402,828,000. Caisse Des Depots ET Consignations purchased a new position in shares of Truist Financial in the 4th quarter worth about $2,269,000. Finally, Homestead Advisers Corp increased its position in shares of Truist Financial by 3.9% during 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 last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Down 2.3 %

TFC stock opened at $40.46 on Monday. Truist Financial Co. has a fifty-two week low of $35.09 and a fifty-two week high of $49.06. The company has a market capitalization of $52.81 billion, a price-to-earnings ratio of 12.15, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. The business’s 50 day moving average price is $44.78 and its two-hundred day moving average price is $44.44. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share 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 the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the firm earned $0.81 earnings per share. As a group, analysts forecast that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

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 dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.14%. The ex-dividend date was Friday, February 14th. Truist Financial’s payout ratio is 62.46%.

Analysts Set New Price Targets

A number of research firms recently weighed in on TFC. Raymond James boosted their target price on Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Barclays increased their target price 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. Citigroup lowered their price target on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Baird R W upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Finally, Hsbc Global Res upgraded 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 issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Truist Financial currently has an average rating of “Moderate Buy” and an average price target of $50.68.

Truist Financial 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.