Dai ichi Life Insurance Company Ltd Reduces Stock Holdings in Truist Financial Corporation $TFC

Dai ichi Life Insurance Company Ltd lowered its stake in shares of Truist Financial Corporation (NYSE:TFC) by 20.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 39,650 shares of the insurance provider’s stock after selling 9,949 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Truist Financial were worth $1,823,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Pinnacle Financial Partners Inc. lifted its position in Truist Financial by 30.0% in the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock valued at $7,994,000 after acquiring an additional 40,393 shares during the last quarter. Ritholtz Wealth Management boosted its stake in Truist Financial by 91.9% in the fourth quarter. Ritholtz Wealth Management now owns 45,749 shares of the insurance provider’s stock valued at $2,251,000 after acquiring an additional 21,903 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of Truist Financial by 531.8% during the first quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock worth $20,059,000 after purchasing an additional 367,291 shares during the last quarter. LBP AM SA purchased a new position in shares of Truist Financial during the fourth quarter worth about $10,836,000. Finally, Carnegie Investment Counsel grew its holdings in shares of Truist Financial by 57.8% during the fourth quarter. Carnegie Investment Counsel now owns 105,792 shares of the insurance provider’s stock worth $5,206,000 after purchasing an additional 38,750 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC stock opened at $51.75 on Monday. The stock has a market capitalization of $64.48 billion, a PE ratio of 11.87, a price-to-earnings-growth ratio of 0.94 and a beta of 0.89. Truist Financial Corporation has a 52-week low of $40.78 and a 52-week high of $56.19. The stock’s 50-day moving average price is $49.81 and its 200 day moving average price is $49.56. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.24 billion. During the same period last year, the firm earned $0.91 EPS. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. As a group, equities research analysts forecast that Truist Financial Corporation will post 4.59 EPS for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.0%. Truist Financial’s dividend payout ratio (DPR) is currently 47.71%.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Royal Bank Of Canada lifted their target price on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. JPMorgan Chase & Co. restated an “underweight” rating and set a $53.00 price target (down from $53.50) on shares of Truist Financial in a research note on Monday, July 20th. Weiss Ratings raised Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Bank of America reaffirmed a “neutral” rating and set a $56.00 price target (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Finally, Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a research note on Monday, June 29th. Seven analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $54.61.

Truist Financial 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.