Asahi Life Asset Management CO. LTD. Acquires New Holdings in Truist Financial Corporation $TFC

Asahi Life Asset Management CO. LTD. acquired a new position in Truist Financial Corporation (NYSE:TFC) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 9,878 shares of the insurance provider’s stock, valued at approximately $452,000.

Several other large investors have also made changes to their positions in TFC. Leisure Capital Management boosted its position in shares of Truist Financial by 1.2% in the third quarter. Leisure Capital Management now owns 19,985 shares of the insurance provider’s stock valued at $914,000 after acquiring an additional 230 shares during the period. Smith Thornton Advisors LLC boosted its stake in Truist Financial by 4.1% during the third quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock worth $270,000 after buying an additional 231 shares in the last quarter. Gries Financial LLC increased its holdings in Truist Financial by 4.4% in the 3rd quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock valued at $252,000 after buying an additional 233 shares during the period. TD Waterhouse Canada Inc. raised its stake in shares of Truist Financial by 6.8% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 3,730 shares of the insurance provider’s stock valued at $170,000 after buying an additional 237 shares in the last quarter. Finally, Salomon & Ludwin LLC lifted its holdings in shares of Truist Financial by 1.1% during the 3rd quarter. Salomon & Ludwin LLC now owns 21,934 shares of the insurance provider’s stock worth $998,000 after acquiring an additional 239 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on TFC shares. Barclays cut shares of Truist Financial from an “equal weight” rating to an “underweight” rating and upped their target price for the company from $47.00 to $56.00 in a research note on Monday, January 5th. Piper Sandler upped their price objective on Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Thursday, January 22nd. Weiss Ratings restated a “hold (c+)” rating on shares of Truist Financial in a research report on Monday, December 29th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $58.00 price target on shares of Truist Financial in a research note on Tuesday, January 6th. Finally, Morgan Stanley upgraded Truist Financial from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $56.00 to $69.00 in a research report on Tuesday. Eight investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $56.47.

Insider Activity

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of the stock in a transaction on Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the transaction, the chief financial officer directly owned 74,323 shares in the company, valued at approximately $3,725,811.99. This trade represents a 14.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the sale, the chief accounting officer directly owned 667 shares of the company’s stock, valued at $35,010.83. This trade represents a 83.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 21,660 shares of company stock valued at $1,075,087 over the last three months. 0.17% of the stock is owned by insiders.

Truist Financial Trading Up 1.1%

Shares of TFC opened at $52.35 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. The company has a market cap of $66.97 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 0.88 and a beta of 0.89. The stock has a fifty day moving average price of $51.19 and a two-hundred day moving average price of $47.28. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $56.19.

Truist Financial (NYSE:TFC) last announced its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The business had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.91 earnings per share. Analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Friday, February 13th. Truist Financial’s dividend payout ratio is presently 54.59%.

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

Truist Financial Company 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.