MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Purchases 70,456 Shares of Truist Financial Corporation $TFC

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Truist Financial Corporation by 41.0%, acquiring an additional 70,456 shares to bring total holdings to 242,489 shares, valued at approximately $9.96 million.
• Truist Financial's latest earnings report revealed an EPS of $0.91, missing analysts' expectations of $0.93, with revenue staying flat at $5.04 billion compared to last year.
• The company's quarterly dividend of $0.52 represents a 4.6% yield, with a payout ratio of 56.68%, indicating solid shareholder returns amidst current market conditions.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 41.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 242,489 shares of the insurance provider's stock after acquiring an additional 70,456 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Truist Financial were worth $9,964,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Klingman & Associates LLC grew its holdings in Truist Financial by 2.2% during the first quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider's stock worth $484,000 after purchasing an additional 248 shares during the period. Haverford Trust Co raised its stake in Truist Financial by 3.5% in the first quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider's stock valued at $319,000 after buying an additional 262 shares during the period. Manchester Capital Management LLC lifted its position in shares of Truist Financial by 8.0% in the first quarter. Manchester Capital Management LLC now owns 3,898 shares of the insurance provider's stock valued at $160,000 after buying an additional 288 shares during the last quarter. Ballast Inc. boosted its stake in shares of Truist Financial by 0.7% during the 1st quarter. Ballast Inc. now owns 39,348 shares of the insurance provider's stock worth $1,619,000 after acquiring an additional 290 shares during the period. Finally, Integrated Advisors Network LLC increased its holdings in shares of Truist Financial by 4.8% during the 4th quarter. Integrated Advisors Network LLC now owns 6,316 shares of the insurance provider's stock worth $274,000 after acquiring an additional 291 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $45.29 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75. The stock has a market capitalization of $58.40 billion, a price-to-earnings ratio of 12.34, a price-to-earnings-growth ratio of 1.72 and a beta of 0.88. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The company has a 50-day simple moving average of $45.02 and a two-hundred day simple moving average of $41.72.

Truist Financial (NYSE:TFC - Get Free Report) last announced its earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02). The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The firm's revenue for the quarter was down 406.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.91 earnings per share. Analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.6%. Truist Financial's payout ratio is currently 56.68%.

Insider Buying and Selling at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the sale, the insider directly owned 500 shares of the company's stock, valued at approximately $22,595. This represents a 96.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.14% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $47.00 price target on shares of Truist Financial in a report on Thursday, August 21st. Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price for the company in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods downgraded shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price for the company. in a report on Wednesday, July 9th. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and increased their price target for the company from $44.00 to $55.00 in a report on Thursday, June 26th. Finally, Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $48.47.

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.

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