UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Boosts Stake in Truist Financial Co. (NYSE:TFC)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Truist Financial Co. (NYSE:TFC) by 13.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 10,738,289 shares of the insurance provider’s stock after purchasing an additional 1,307,252 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Truist Financial were worth $465,827,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of TFC. Hopwood Financial Services Inc. purchased a new position in shares of Truist Financial in the fourth quarter worth about $26,000. Navigoe LLC purchased a new position in Truist Financial during the fourth quarter worth about $26,000. Curio Wealth LLC purchased a new position in Truist Financial during the fourth quarter worth about $45,000. Brown Lisle Cummings Inc. purchased a new position in Truist Financial during the fourth quarter worth about $55,000. Finally, TCTC Holdings LLC raised its stake in Truist Financial by 28.1% during the fourth quarter. TCTC Holdings LLC now owns 1,310 shares of the insurance provider’s stock worth $57,000 after purchasing an additional 287 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on TFC shares. Stephens reduced their target price on shares of Truist Financial from $48.00 to $46.00 and set an “overweight” rating on the stock in a research note on Monday, April 21st. Baird R W raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 5th. Morgan Stanley reduced their target price on shares of Truist Financial from $50.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Monday, April 7th. Wells Fargo & Company reduced their target price on shares of Truist Financial from $52.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, March 28th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Truist Financial from $53.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, April 21st. Nine research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $47.83.

Truist Financial Stock Down 1.8%

Shares of Truist Financial stock opened at $40.65 on Wednesday. The company has a market cap of $53.23 billion, a P/E ratio of 12.21, a PEG ratio of 1.63 and a beta of 0.83. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. Truist Financial Co. has a one year low of $33.56 and a one year high of $49.06. The firm has a fifty day moving average of $38.88 and a two-hundred day moving average of $43.21.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.87. The business had revenue of $4.95 billion for the quarter, compared to analysts’ expectations of $4.99 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. During the same quarter in the prior year, the firm posted $0.90 EPS. On average, analysts forecast that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Friday, May 9th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.12%. The ex-dividend date is Friday, May 9th. Truist Financial’s dividend payout ratio is currently 61.36%.

Truist Financial Company 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.