OP Asset Management Ltd Makes New $6.09 Million Investment in Truist Financial Corporation $TFC

OP Asset Management Ltd purchased a new stake in Truist Financial Corporation (NYSE:TFC) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 132,498 shares of the insurance provider’s stock, valued at approximately $6,091,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. 3Chopt Investment Partners LLC increased its holdings in shares of Truist Financial by 1.3% during the fourth quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock worth $724,000 after buying an additional 193 shares in the last quarter. IFP Advisors Inc boosted its holdings in shares of Truist Financial by 2.4% during the 4th quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock valued at $404,000 after acquiring an additional 194 shares in the last quarter. AlphaCore Capital LLC boosted its holdings in shares of Truist Financial by 8.3% during the 4th quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock valued at $128,000 after acquiring an additional 199 shares in the last quarter. CYBER HORNET ETFs LLC grew its position in Truist Financial by 5.5% during the 4th quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock worth $188,000 after acquiring an additional 199 shares during the last quarter. Finally, Mindset Wealth Management LLC increased its holdings in Truist Financial by 0.6% in the 4th quarter. Mindset Wealth Management LLC now owns 34,667 shares of the insurance provider’s stock worth $1,706,000 after purchasing an additional 201 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Price Performance

Shares of TFC opened at $50.63 on Friday. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $63.08 billion, a price-to-earnings ratio of 12.56, a price-to-earnings-growth ratio of 0.85 and a beta of 0.89. The business has a 50-day moving average of $49.15 and a 200-day moving average of $49.33.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS 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 analysts’ expectations of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The firm’s revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.87 earnings per share. As a group, equities research analysts anticipate that Truist Financial Corporation will post 4.5 earnings per share for the current year.

Truist Financial Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have recently commented on TFC. Stephens began coverage on Truist Financial in a research note on Monday, June 15th. They set an “overweight” rating and a $59.00 price target on the stock. Morgan Stanley dropped their price objective on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Monday, April 20th. Robert W. Baird downgraded shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price on the stock. in a research report on Friday, May 1st. Jefferies Financial Group reiterated a “mixed” rating and set a $45.00 target price on shares of Truist Financial in a research report on Friday, April 17th. Finally, JPMorgan Chase & Co. decreased their price target on shares of 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 investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and a consensus target price of $55.79.

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.