Assenagon Asset Management S.A. Trims Position in Truist Financial Corporation $TFC

Assenagon Asset Management S.A. decreased its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 59.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,336,496 shares of the insurance provider’s stock after selling 1,958,869 shares during the period. Assenagon Asset Management S.A. owned approximately 0.10% of Truist Financial worth $61,105,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in TFC. Wealth Preservation Advisors LLC purchased a new stake in Truist Financial during the 1st quarter valued at approximately $25,000. Aspect Partners LLC increased its holdings in shares of Truist Financial by 71.5% in the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 268 shares during the period. Princeton Global Asset Management LLC acquired a new position in shares of Truist Financial in the second quarter valued at approximately $30,000. Capital A Wealth Management LLC raised its stake in shares of Truist Financial by 1,189.5% during the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 678 shares during the last quarter. Finally, Ramirez Asset Management Inc. lifted its holdings in shares of Truist Financial by 60.0% during the second quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 300 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on TFC. Piper Sandler set a $48.00 price objective on shares of Truist Financial in a research report on Monday, October 20th. Baird R W cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $47.00 target price on shares of Truist Financial in a report on Thursday, August 21st. Evercore ISI increased their price target on shares of Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Finally, TD Cowen upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Tuesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, Truist Financial presently has a consensus rating of “Hold” and an average target price of $49.93.

Truist Financial Stock Up 0.9%

Shares of NYSE TFC opened at $50.15 on Thursday. The stock has a market capitalization of $64.16 billion, a price-to-earnings ratio of 13.48, a price-to-earnings-growth ratio of 1.08 and a beta of 0.90. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $50.43. The firm has a 50-day moving average price of $45.42 and a 200 day moving average price of $44.54. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.05. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The company had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.20 billion. During the same period in the prior year, the business posted $0.97 earnings per share. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. Equities research analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Friday, November 14th. Truist Financial’s dividend payout ratio (DPR) is presently 55.91%.

Truist Financial declared that its Board of Directors has authorized a share repurchase plan on Tuesday, December 16th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the insurance provider to reacquire up to 15.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the transaction, the director directly owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. The trade was a 33.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.17% of the stock is owned by insiders.

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.