Daiwa Securities Group Inc. Has $4.42 Million Stake in Truist Financial Co. (NYSE:TFC)

Daiwa Securities Group Inc. increased its stake in shares of Truist Financial Co. (NYSE:TFC) by 6.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 119,838 shares of the insurance provider’s stock after acquiring an additional 6,995 shares during the period. Daiwa Securities Group Inc.’s holdings in Truist Financial were worth $4,424,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. EPG Wealth Management LLC raised its holdings in shares of Truist Financial by 1.8% during the fourth quarter. EPG Wealth Management LLC now owns 12,219 shares of the insurance provider’s stock worth $526,000 after acquiring an additional 213 shares during the period. Williams Jones Wealth Management LLC. grew its position in Truist Financial by 5.8% in the first quarter. Williams Jones Wealth Management LLC. now owns 4,850 shares of the insurance provider’s stock valued at $275,000 after purchasing an additional 268 shares in the last quarter. Financial Advocates Investment Management grew its position in Truist Financial by 3.5% in the fourth quarter. Financial Advocates Investment Management now owns 9,071 shares of the insurance provider’s stock valued at $390,000 after purchasing an additional 306 shares in the last quarter. Day & Ennis LLC grew its position in Truist Financial by 4.3% in the fourth quarter. Day & Ennis LLC now owns 7,525 shares of the insurance provider’s stock valued at $278,000 after purchasing an additional 311 shares in the last quarter. Finally, Farmers & Merchants Trust Co of Chambersburg PA grew its position in Truist Financial by 32.0% in the fourth quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 1,333 shares of the insurance provider’s stock valued at $49,000 after purchasing an additional 323 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

Shares of TFC opened at $36.80 on Friday. Truist Financial Co. has a 52 week low of $25.56 and a 52 week high of $39.29. The firm’s 50-day simple moving average is $36.64 and its 200 day simple moving average is $34.49. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.74.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Thursday, January 18th. The insurance provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.13. The business had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. During the same quarter in the prior year, the business earned $1.30 EPS. Sell-side analysts forecast that Truist Financial Co. will post 3.33 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 9th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.65%. The ex-dividend date of this dividend was Thursday, February 8th. Truist Financial’s dividend payout ratio is currently -192.59%.

Analysts Set New Price Targets

A number of research firms recently weighed in on TFC. UBS Group raised their target price on shares of Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Piper Sandler raised their target price on shares of Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, January 19th. Raymond James raised their target price on shares of Truist Financial from $34.00 to $41.00 and gave the company an “outperform” rating in a research report on Friday, January 5th. Bank of America raised shares of Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 target price for the company in a research report on Thursday, January 4th. Finally, Barclays lifted their price objective on shares of Truist Financial from $40.00 to $42.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $41.47.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the completion of the sale, the director now owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.17% of the company’s stock.

Truist Financial Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.