Mirae Asset Global Investments Co. Ltd. Purchases 7,224 Shares of Truist Financial Corporation $TFC

Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Truist Financial Corporation (NYSE:TFC) by 4.6% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 163,325 shares of the insurance provider’s stock after purchasing an additional 7,224 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Truist Financial were worth $7,021,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wealth Preservation Advisors LLC bought a new position in shares of Truist Financial in the 1st quarter worth about $25,000. Centennial Bank AR increased its holdings in Truist Financial by 360.2% in the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 580 shares in the last quarter. Motco lifted its stake in Truist Financial by 435.6% in the first quarter. Motco now owns 798 shares of the insurance provider’s stock valued at $33,000 after buying an additional 649 shares during the period. Meeder Asset Management Inc. lifted its stake in Truist Financial by 115.3% in the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock valued at $36,000 after buying an additional 468 shares during the period. Finally, Sierra Ocean LLC grew its position in shares of Truist Financial by 64.4% during the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock worth $37,000 after buying an additional 352 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Trading Up 0.4%

NYSE:TFC opened at $45.53 on Monday. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a one year low of $33.56 and a one year high of $49.06. The company has a market cap of $58.71 billion, a PE ratio of 12.41, a PEG ratio of 1.46 and a beta of 0.88. The firm has a 50-day moving average of $45.15 and a 200-day moving average of $42.08.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.93 by ($0.02). The business had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. Truist Financial’s revenue was down 406.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.91 EPS. As a group, equities research analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial’s dividend payout ratio is presently 56.68%.

Insiders Place Their Bets

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider directly owned 500 shares of the company’s stock, valued at $22,595. The trade was a 96.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.14% of the company’s stock.

Wall Street Analysts Forecast Growth

TFC has been the topic of a number of research reports. Citigroup upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and boosted their target price for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $47.00 price target on shares of Truist Financial in a research note on Thursday, August 21st. Raymond James Financial upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a report on Tuesday, July 8th. Morgan Stanley raised their target price on Truist Financial from $48.00 to $54.00 and gave the company an “equal weight” rating in a research note on Monday, September 29th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a research note on Saturday, September 27th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.89.

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.