Deere & Company $DE Shares Acquired by Truist Financial Corp

Key Points

• Truist Financial Corp increased its stake in Deere & Company by 30.3%, acquiring an additional 54,967 shares, bringing its total ownership to 236,269 shares, valued at approximately $120.14 million.
• Deere & Company announced a quarterly dividend of $1.62 per share, with a yield of 1.4% and a payout ratio of 33.87%, to be distributed on November 10th.
• Analysts have set new price targets for Deere & Company, with the consensus rating currently at "Moderate Buy" and an average target price of $518.06.

Truist Financial Corp increased its holdings in Deere & Company (NYSE:DE - Free Report) by 30.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 236,269 shares of the industrial products company's stock after buying an additional 54,967 shares during the period. Truist Financial Corp owned about 0.09% of Deere & Company worth $120,140,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Deere & Company by 0.8% in the first quarter. Vanguard Group Inc. now owns 22,063,590 shares of the industrial products company's stock valued at $10,355,546,000 after purchasing an additional 185,671 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Deere & Company by 4.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,876,013 shares of the industrial products company's stock worth $3,227,258,000 after purchasing an additional 286,253 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Deere & Company by 2.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,815,817 shares of the industrial products company's stock valued at $852,254,000 after buying an additional 35,075 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Deere & Company by 1.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,549,048 shares of the industrial products company's stock valued at $727,046,000 after buying an additional 25,725 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in Deere & Company by 23.4% during the 1st quarter. Invesco Ltd. now owns 1,353,255 shares of the industrial products company's stock valued at $635,150,000 after buying an additional 256,806 shares during the last quarter. 68.58% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DE has been the subject of a number of analyst reports. Daiwa Capital Markets cut their price target on Deere & Company from $565.00 to $530.00 and set an "outperform" rating for the company in a report on Thursday, September 25th. DA Davidson dropped their price objective on Deere & Company from $595.00 to $580.00 and set a "buy" rating for the company in a research report on Monday, August 18th. Evercore ISI set a $491.00 target price on shares of Deere & Company in a report on Tuesday, August 19th. JPMorgan Chase & Co. decreased their price target on shares of Deere & Company from $500.00 to $495.00 and set a "neutral" rating on the stock in a research note on Tuesday, September 2nd. Finally, Melius Research raised shares of Deere & Company from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $518.06.

Deere & Company Stock Down 1.9%

Shares of NYSE:DE opened at $456.78 on Wednesday. The stock's 50-day moving average price is $488.06 and its two-hundred day moving average price is $489.62. The company has a current ratio of 2.19, a quick ratio of 1.98 and a debt-to-equity ratio of 1.76. Deere & Company has a 12-month low of $387.03 and a 12-month high of $533.78. The firm has a market cap of $123.48 billion, a price-to-earnings ratio of 23.88, a PEG ratio of 2.99 and a beta of 1.00.

Deere & Company (NYSE:DE - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The industrial products company reported $4.75 EPS for the quarter, beating analysts' consensus estimates of $4.62 by $0.13. The company had revenue of $10.36 billion during the quarter, compared to the consensus estimate of $10.33 billion. Deere & Company had a net margin of 11.72% and a return on equity of 21.97%. The company's quarterly revenue was down 9.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $6.29 EPS. On average, research analysts forecast that Deere & Company will post 19.32 EPS for the current year.

Deere & Company Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 10th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $1.62 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $6.48 dividend on an annualized basis and a yield of 1.4%. Deere & Company's dividend payout ratio (DPR) is currently 33.87%.

About Deere & Company

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.

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