Mirae Asset Global Investments Co. Ltd. Purchases New Shares in Truist Financial Corporation $TFC

Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Truist Financial Corporation (NYSE:TFC) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 300,531 shares of the insurance provider’s stock, valued at approximately $13,915,000.

Several other institutional investors have also recently modified their holdings of TFC. Aviance Capital Partners LLC raised its holdings in shares of Truist Financial by 3.3% in the third quarter. Aviance Capital Partners LLC now owns 13,778 shares of the insurance provider’s stock worth $638,000 after acquiring an additional 438 shares during the last quarter. Profund Advisors LLC boosted its stake in shares of Truist Financial by 6.2% during the third quarter. Profund Advisors LLC now owns 13,234 shares of the insurance provider’s stock valued at $613,000 after acquiring an additional 775 shares during the last quarter. Cidel Asset Management Inc. boosted its stake in shares of Truist Financial by 2.8% during the third quarter. Cidel Asset Management Inc. now owns 14,820 shares of the insurance provider’s stock valued at $686,000 after acquiring an additional 397 shares during the last quarter. Aprio Wealth Management LLC boosted its stake in shares of Truist Financial by 7.7% during the third quarter. Aprio Wealth Management LLC now owns 12,754 shares of the insurance provider’s stock valued at $591,000 after acquiring an additional 913 shares during the last quarter. Finally, Avestar Capital LLC purchased a new stake in Truist Financial during the 3rd quarter worth about $437,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

Truist Financial stock opened at $49.38 on Wednesday. The stock has a fifty day moving average price of $48.36 and a 200 day moving average price of $49.50. Truist Financial Corporation has a 52 week low of $43.13 and a 52 week high of $56.19. The firm has a market capitalization of $59.18 billion, a P/E ratio of 12.73, a PEG ratio of 1.10 and a beta of 0.90. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.95.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, October 16th. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.01). The business had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.35 billion. Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. The firm’s quarterly revenue was up 1.3% on a year-over-year basis. During the same period in the previous year, the business posted $1.04 earnings per share. Equities research analysts anticipate that Truist Financial Corporation will post 4.71 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.2%. The ex-dividend date is Friday, November 13th. Truist Financial’s dividend payout ratio is presently 53.61%.

Analyst Ratings Changes

TFC has been the subject of several analyst reports. Wolfe Research began coverage on shares of Truist Financial in a research note on Tuesday, October 27th. They issued a “peer perform” rating for the company. Robert W. Baird upped their target price on shares of Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Wells Fargo & Company set a $52.00 price target on shares of Truist Financial in a research note on Thursday, October 8th. Citigroup lowered their price target on shares of Truist Financial from $54.00 to $50.00 and set a “neutral” rating for the company in a report on Wednesday, October 21st. Finally, TD Cowen assumed coverage on shares of Truist Financial in a research report on Thursday, October 8th. They issued a “hold” rating and a $52.00 price objective for the company. Seven research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $53.82.

Insider Buying and Selling at Truist Financial

In related news, CEO Michael Lyons acquired 25,000 shares of the business’s stock in a transaction dated Wednesday, October 28th. The shares were acquired at an average cost of $48.36 per share, for a total transaction of $1,209,000.00. Following the acquisition, the chief executive officer directly owned 46,000 shares in the company, valued at approximately $2,224,560. The trade was a 119.05% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.15% of the stock is currently owned by insiders.

Truist Financial Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.