Resona Asset Management Co. Ltd. Decreases Stake in Truist Financial Corporation $TFC

Resona Asset Management Co. Ltd. reduced its position in Truist Financial Corporation (NYSE:TFC) by 5.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 460,786 shares of the insurance provider’s stock after selling 24,128 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Truist Financial were worth $21,081,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jennison Associates LLC raised its position in shares of Truist Financial by 203.1% in the third 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 during the period. Envestnet Portfolio Solutions Inc. grew its stake in Truist Financial by 15.8% in the 3rd quarter. Envestnet Portfolio Solutions Inc. now owns 95,827 shares of the insurance provider’s stock valued at $4,381,000 after buying an additional 13,081 shares in the last quarter. Myriad Asset Management US LP bought a new stake in Truist Financial during the 3rd quarter valued at $417,000. Oak Hill Wealth Advisors LLC lifted its position in shares of Truist Financial by 4.7% during the third quarter. Oak Hill Wealth Advisors LLC now owns 14,494 shares of the insurance provider’s stock worth $663,000 after acquiring an additional 650 shares in the last quarter. Finally, Parkside Financial Bank & Trust boosted its holdings in shares of Truist Financial by 5.3% in the third quarter. Parkside Financial Bank & Trust now owns 11,623 shares of the insurance provider’s stock worth $531,000 after acquiring an additional 584 shares during the period. Institutional investors own 71.28% of the company’s stock.

Insider Transactions at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the transaction, the director directly owned 10,153 shares in the company, valued at approximately $471,606.85. This represents a 33.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is currently owned by company insiders.

Truist Financial Trading Down 1.5%

Shares of TFC opened at $49.57 on Friday. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $51.51. The company has a market capitalization of $63.41 billion, a P/E ratio of 13.01, a P/E/G ratio of 0.84 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. The firm’s 50 day simple moving average is $48.75 and its 200 day simple moving average is $46.18.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.Truist Financial’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.91 EPS. Sell-side analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

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

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were given a dividend of $0.52 per share. The ex-dividend date was Friday, November 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. Truist Financial’s dividend payout ratio (DPR) is presently 54.59%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on TFC shares. Citigroup lifted their price target on Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, December 31st. Keefe, Bruyette & Woods lifted their target price on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. Evercore ISI upgraded Truist Financial from a “hold” rating to an “outperform” rating and upped their price target for the company from $49.00 to $58.00 in a research report on Tuesday, January 6th. The Goldman Sachs Group restated a “buy” rating and issued a $58.00 price objective on shares of Truist Financial in a research report on Tuesday, January 6th. Finally, UBS Group set a $55.00 target price on shares of Truist Financial in a report on Tuesday, October 21st. Seven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $54.20.

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.