Truist Financial Corporation $TFC Stock Acquired by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. increased its position in shares of Truist Financial Corporation (NYSE:TFC) by 7.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 219,268 shares of the insurance provider’s stock after acquiring an additional 15,770 shares during the period. Rakuten Investment Management Inc.’s holdings in Truist Financial were worth $10,183,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TFC. PCB Capital LLC boosted its position in shares of Truist Financial by 3.0% during the 1st quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock valued at $310,000 after purchasing an additional 198 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. raised its holdings in shares of Truist Financial by 4.0% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,456 shares of the insurance provider’s stock worth $272,000 after purchasing an additional 211 shares in the last quarter. Csenge Advisory Group raised its holdings in shares of Truist Financial by 0.3% in the 2nd quarter. Csenge Advisory Group now owns 69,426 shares of the insurance provider’s stock worth $3,459,000 after purchasing an additional 227 shares in the last quarter. Apella Capital LLC raised its holdings in shares of Truist Financial by 0.5% in the 2nd quarter. Apella Capital LLC now owns 43,030 shares of the insurance provider’s stock worth $2,210,000 after purchasing an additional 232 shares in the last quarter. Finally, West Family Investments Inc. lifted its stake in Truist Financial by 4.6% during the second quarter. West Family Investments Inc. now owns 5,498 shares of the insurance provider’s stock valued at $274,000 after purchasing an additional 242 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on TFC. Keefe, Bruyette & Woods reduced their target price on shares of Truist Financial from $55.00 to $54.00 and set a “market perform” rating for the company in a report on Monday, October 19th. JPMorgan Chase & Co. upped their price target on Truist Financial from $50.50 to $51.50 and gave the company an “underweight” rating in a report on Friday, October 30th. Citigroup cut their price objective on Truist Financial from $54.00 to $50.00 and set a “neutral” rating for the company in a research report on Wednesday, October 21st. TD Cowen initiated coverage on Truist Financial in a research report on Thursday, October 8th. They set a “hold” rating and a $52.00 price objective for the company. Finally, Wall Street Zen lowered Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, October 31st. Nine investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $54.73.

Truist Financial Price Performance

TFC stock opened at $49.85 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.95. Truist Financial Corporation has a one year low of $43.13 and a one year high of $56.19. The firm has a market capitalization of $59.75 billion, a PE ratio of 12.85, a P/E/G ratio of 1.13 and a beta of 0.90. The firm has a 50-day moving average of $48.35 and a two-hundred day moving average of $49.50.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, October 16th. The insurance provider reported $1.16 EPS for the quarter, missing the consensus estimate of $1.17 by ($0.01). The firm had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.35 billion. Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. The business’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.04 earnings per share. On average, analysts forecast that Truist Financial Corporation will post 4.66 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. Truist Financial’s dividend payout ratio (DPR) is currently 53.61%.

Insider Buying and Selling

In other news, CEO Michael Lyons acquired 25,000 shares of the stock in a transaction on Wednesday, October 28th. The shares were purchased at an average cost of $48.36 per share, for a total transaction of $1,209,000.00. Following the transaction, the chief executive officer owned 46,000 shares in the company, valued at approximately $2,224,560. This trade represents a 119.05% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.15% of the company’s stock.

About Truist Financial

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.