J.Safra Asset Management Corp Purchases New Position in Truist Financial Co. (NYSE:TFC)

J.Safra Asset Management Corp acquired a new stake in Truist Financial Co. (NYSE:TFC – Get Rating) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 683 shares of the insurance provider’s stock, valued at approximately $29,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TFC. Sowell Financial Services LLC purchased a new stake in shares of Truist Financial during the fourth quarter worth approximately $795,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Truist Financial during the fourth quarter worth approximately $254,000. National Pension Service raised its stake in shares of Truist Financial by 3.6% during the third quarter. National Pension Service now owns 1,992,619 shares of the insurance provider’s stock worth $87,615,000 after purchasing an additional 69,309 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Truist Financial by 4.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 245,646 shares of the insurance provider’s stock worth $10,570,000 after acquiring an additional 9,393 shares in the last quarter. Finally, Prudential PLC raised its position in Truist Financial by 52.6% in the fourth quarter. Prudential PLC now owns 114,365 shares of the insurance provider’s stock worth $4,921,000 after acquiring an additional 39,440 shares in the last quarter. Hedge funds and other institutional investors own 72.49% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on TFC. Morgan Stanley lowered their target price on Truist Financial from $42.00 to $41.00 and set an “equal weight” rating on the stock in a report on Friday, April 21st. Credit Suisse Group lowered their target price on Truist Financial from $52.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, April 21st. TheStreet lowered Truist Financial from a “b” rating to a “c+” rating in a research note on Friday, March 17th. The Goldman Sachs Group decreased their price target on Truist Financial from $55.00 to $39.00 and set a “buy” rating on the stock in a research note on Thursday, March 30th. Finally, Citigroup raised Truist Financial from a “neutral” rating to a “buy” rating and set a $52.00 price target on the stock in a research note on Wednesday, March 15th. One analyst has rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $46.24.

Insider Buying and Selling

In related news, Director Charles A. Patton acquired 3,668 shares of the stock in a transaction that occurred on Tuesday, May 2nd. The stock was purchased at an average cost of $19.00 per share, for a total transaction of $69,692.00. Following the purchase, the director now directly owns 3,668 shares in the company, valued at $69,692. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Truist Financial news, Director Charles A. Patton purchased 3,668 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The stock was bought at an average price of $19.00 per share, with a total value of $69,692.00. Following the completion of the purchase, the director now owns 3,668 shares in the company, valued at approximately $69,692. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director David M. Ratcliffe purchased 13,125 shares of the firm’s stock in a transaction dated Friday, March 10th. The stock was acquired at an average cost of $38.08 per share, with a total value of $499,800.00. Following the purchase, the director now owns 39,025 shares of the company’s stock, valued at approximately $1,486,072. The disclosure for this purchase can be found here. 0.31% of the stock is owned by company insiders.

Truist Financial Stock Performance

Shares of TFC traded up $0.44 during mid-day trading on Friday, hitting $30.97. The stock had a trading volume of 3,304,776 shares, compared to its average volume of 13,008,273. The company has a market cap of $41.25 billion, a PE ratio of 6.80, a PEG ratio of 1.58 and a beta of 1.05. The company’s fifty day simple moving average is $31.31 and its two-hundred day simple moving average is $40.34. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. Truist Financial Co. has a fifty-two week low of $25.56 and a fifty-two week high of $53.34.

Truist Financial (NYSE:TFC – Get Rating) last issued its earnings results on Thursday, April 20th. The insurance provider reported $1.09 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.04). The firm had revenue of $6.15 billion during the quarter, compared to analyst estimates of $6.09 billion. Truist Financial had a return on equity of 12.37% and a net margin of 22.81%. Truist Financial’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.23 EPS. On average, equities analysts expect that Truist Financial Co. will post 4.3 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Friday, May 12th will be paid a dividend of $0.52 per share. The ex-dividend date is Thursday, May 11th. This represents a $2.08 dividend on an annualized basis and a yield of 6.72%. Truist Financial’s payout ratio is currently 46.33%.

About Truist Financial

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Truist Financial Corp. is a financial holding company, which engages in the provision of banking services to individuals, businesses, and municipalities. It operates through the following segments: Consumer Banking and Wealth, Corporate and Commercial Banking, Insurance Holdings, and Other, Treasury & Corporate.