Aster Capital Management DIFC Ltd Buys Shares of 26,331 Truist Financial Corporation $TFC

Aster Capital Management DIFC Ltd bought a new stake in Truist Financial Corporation (NYSE:TFC) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 26,331 shares of the insurance provider’s stock, valued at approximately $1,296,000. Truist Financial makes up approximately 0.6% of Aster Capital Management DIFC Ltd’s holdings, making the stock its 27th largest holding.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Truist Financial by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock valued at $5,892,453,000 after buying an additional 701,049 shares in the last quarter. Capital International Investors increased its stake in shares of Truist Financial by 0.7% during the 4th quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock worth $5,332,835,000 after purchasing an additional 715,433 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Truist Financial by 7.5% during the 4th quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock worth $1,572,968,000 after purchasing an additional 2,226,288 shares in the last quarter. Morgan Stanley raised its position in shares of Truist Financial by 2.9% during the 4th quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock worth $1,030,028,000 after purchasing an additional 597,255 shares during the last quarter. Finally, Federated Hermes Inc. raised its position in shares of Truist Financial by 1.1% during the 4th quarter. Federated Hermes Inc. now owns 10,563,583 shares of the insurance provider’s stock worth $519,834,000 after purchasing an additional 117,925 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Down 6.3%

Shares of NYSE TFC opened at $48.39 on Tuesday. Truist Financial Corporation has a 52-week low of $38.88 and a 52-week high of $56.19. The firm has a fifty day moving average of $49.12 and a 200-day moving average of $49.20. The stock has a market capitalization of $60.29 billion, a PE ratio of 12.01, a P/E/G ratio of 0.88 and a beta of 0.89. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.09. The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.87 EPS. On average, analysts anticipate that Truist Financial Corporation will post 4.52 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, May 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.3%. Truist Financial’s payout ratio is presently 51.61%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on TFC shares. Weiss Ratings upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Morgan Stanley cut their price objective on Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a research report on Monday, April 20th. Robert W. Baird downgraded Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective for the company. in a research report on Friday, May 1st. Stephens started coverage on Truist Financial in a research report on Monday. They set an “overweight” rating and a $59.00 price objective for the company. Finally, JPMorgan Chase & Co. cut their price objective on Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. Ten analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $55.79.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.