Assenagon Asset Management S.A. Increases Holdings in Truist Financial Corporation $TFC

Assenagon Asset Management S.A. increased its stake in Truist Financial Corporation (NYSE:TFC) by 75.1% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 2,340,770 shares of the insurance provider’s stock after buying an additional 1,004,274 shares during the quarter. Assenagon Asset Management S.A. owned 0.18% of Truist Financial worth $115,189,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Independent Advisor Alliance boosted its position in Truist Financial by 9.7% during the third quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock worth $15,046,000 after purchasing an additional 29,191 shares during the period. Cullen Capital Management LLC raised its position in shares of Truist Financial by 10.3% in the third quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider’s stock valued at $209,936,000 after purchasing an additional 427,067 shares during the period. Brookstone Capital Management raised its position in shares of Truist Financial by 12.3% in the third quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider’s stock valued at $15,366,000 after purchasing an additional 36,916 shares during the period. Oppenheimer Asset Management Inc. lifted its stake in shares of Truist Financial by 2.6% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider’s stock valued at $19,285,000 after buying an additional 10,706 shares in the last quarter. Finally, Oppenheimer & Co. Inc. boosted its holdings in Truist Financial by 18.6% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 169,030 shares of the insurance provider’s stock worth $7,728,000 after buying an additional 26,530 shares during the period. Institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research note on Wednesday, December 17th. Barclays downgraded Truist Financial from an “equal weight” rating to an “underweight” rating and increased their target price for the stock from $47.00 to $56.00 in a research report on Monday, January 5th. Argus lifted their price target on Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Piper Sandler boosted 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. Finally, Raymond James Financial increased their price objective on Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, January 7th. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $56.47.

Insider Activity

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer owned 74,323 shares in the company, valued at approximately $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer directly owned 667 shares of the company’s stock, valued at approximately $35,010.83. This trade represents a 83.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.15% of the stock is currently owned by insiders.

Truist Financial Trading Up 1.5%

TFC stock opened at $44.81 on Tuesday. The company has a market capitalization of $55.61 billion, a PE ratio of 11.76, a price-to-earnings-growth ratio of 0.75 and a beta of 0.87. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. Truist Financial Corporation has a one year low of $33.56 and a one year high of $56.19. The company’s 50 day moving average price is $49.83 and its two-hundred day moving average price is $47.60.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The business had revenue of $4.93 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. Truist Financial’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period last year, the company posted $0.91 EPS. As a group, analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend was Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is 54.59%.

Truist Financial announced that its Board of Directors has authorized a stock buyback plan on Tuesday, December 16th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the insurance provider to buy up to 15.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is 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.