Resona Asset Management Co. Ltd. Takes Position in Truist Financial Co. (NYSE:TFC)

Resona Asset Management Co. Ltd. acquired a new position in shares of Truist Financial Co. (NYSE:TFC) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 443,368 shares of the insurance provider’s stock, valued at approximately $19,251,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Bangor Savings Bank raised its holdings in shares of Truist Financial by 92.5% during the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after acquiring an additional 272 shares during the period. Hopwood Financial Services Inc. acquired a new stake in Truist Financial during the fourth quarter worth about $26,000. Curio Wealth LLC purchased a new position in Truist Financial during the fourth quarter worth about $45,000. City State Bank boosted its holdings in Truist Financial by 158.1% in the 4th quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock valued at $51,000 after purchasing an additional 716 shares during the last quarter. Finally, Brown Lisle Cummings Inc. purchased a new stake in shares of Truist Financial in the 4th quarter valued at approximately $55,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Trading Down 6.0 %

NYSE TFC opened at $34.80 on Friday. Truist Financial Co. has a 52 week low of $33.71 and a 52 week high of $49.06. The firm has a 50 day moving average of $43.97 and a two-hundred day moving average 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. The stock has a market capitalization 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 (NYSE:TFC) last issued 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. 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 quarter in the previous year, the firm posted $0.81 earnings per share. The company’s revenue was up 3.4% compared to the same quarter last year. As a group, research analysts expect 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. Stockholders of record on Friday, February 14th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.98%. The ex-dividend date of this dividend was Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is presently 62.46%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Citigroup decreased their price objective on Truist Financial from $51.00 to $44.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Robert W. Baird upgraded 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 report on Wednesday, March 5th. Keefe, Bruyette & Woods boosted their price objective on shares of Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, January 21st. 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 research report on Monday, January 6th. Finally, Hsbc Global Res upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and an average target price of $50.42.

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.