Truist Financial Corporation $TFC Stake Cut by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. decreased its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 55.4% in the 1st quarter, Holdings Channel reports. The firm owned 1,045,032 shares of the insurance provider’s stock after selling 1,295,738 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Truist Financial were worth $48,040,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Kemnay Advisory Services Inc. bought a new position in Truist Financial during the 4th quarter worth $25,000. Swiss RE Ltd. acquired a new position in shares of Truist Financial during the fourth quarter valued at $26,000. McMillan Office Inc. acquired a new position in shares of Truist Financial during the fourth quarter valued at $31,000. Ancora Advisors LLC grew its position in shares of Truist Financial by 259.1% during the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 500 shares during the last quarter. Finally, Maseco LLP grew its position in shares of Truist Financial by 53.8% during the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 228 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Up 1.7%

TFC opened at $50.63 on Friday. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The stock’s fifty day moving average is $49.15 and its 200-day moving average is $49.33. The company has a market capitalization of $63.08 billion, a PE ratio of 12.56, a P/E/G ratio of 0.85 and a beta of 0.89.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, topping the consensus estimate of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The firm had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same period in the previous year, the business earned $0.87 earnings per share. Truist Financial’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, equities analysts predict that Truist Financial Corporation will post 4.5 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date was Friday, May 8th. Truist Financial’s dividend payout ratio is 51.61%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Stephens began coverage on shares of Truist Financial in a research report on Monday, June 15th. They issued an “overweight” rating and a $59.00 price objective on the stock. Robert W. Baird lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research note on Friday, May 1st. Jefferies Financial Group reaffirmed a “mixed” rating and set a $45.00 price target on shares of Truist Financial in a report on Friday, April 17th. JPMorgan Chase & Co. decreased their price objective on Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Finally, Royal Bank Of Canada raised their target price on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. Ten research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.