Truist Financial Corporation $TFC Shares Bought by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. grew its stake in Truist Financial Corporation (NYSE:TFC) by 13.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 185,778 shares of the insurance provider’s stock after purchasing an additional 22,453 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Truist Financial were worth $8,494,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Truist Financial in the second quarter valued at about $487,401,000. Jennison Associates LLC boosted its holdings in Truist Financial by 203.1% in the 3rd quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider’s stock valued at $179,176,000 after purchasing an additional 2,625,847 shares in the last quarter. Laurel Wealth Advisors LLC increased its position in Truist Financial by 4,121.3% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider’s stock worth $100,424,000 after purchasing an additional 2,280,653 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Truist Financial by 811.0% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,018,457 shares of the insurance provider’s stock worth $86,773,000 after buying an additional 1,796,884 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Truist Financial by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock valued at $5,177,722,000 after buying an additional 1,529,478 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on TFC. Morgan Stanley increased their price objective on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 17th. Robert W. Baird cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. UBS Group set a $55.00 target price on shares of Truist Financial in a research report on Tuesday, October 21st. Keefe, Bruyette & Woods boosted their price target on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 17th. Finally, Evercore ISI upgraded Truist Financial from a “hold” rating to an “outperform” rating and upped their price target for the stock from $49.00 to $58.00 in a report on Tuesday, January 6th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $54.20.

Insiders Place Their Bets

In other news, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the sale, the chief financial officer owned 74,323 shares in the company, valued at $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the transaction, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. The trade was a 33.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.17% of the company’s stock.

Truist Financial Stock Up 0.2%

TFC opened at $51.44 on Friday. The firm has a market cap of $65.80 billion, a P/E ratio of 13.50, a PEG ratio of 0.87 and a beta of 0.89. The business’s fifty day simple moving average is $49.37 and its 200 day simple moving average is $46.38. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $51.67. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last released its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The firm had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. Truist Financial’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter last year, the company posted $0.91 earnings per share. As a group, equities research analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be issued a $0.52 dividend. The ex-dividend date is Friday, February 13th. This represents a $2.08 annualized dividend and a yield of 4.0%. Truist Financial’s payout ratio is 54.59%.

Truist Financial declared that its Board of Directors has approved a stock repurchase program on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the insurance provider to buy up to 15.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Truist Financial Profile

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.