Mirae Asset Global Investments Co. Ltd. Has $11.11 Million Stock Position in Truist Financial Corporation $TFC

Key Points

• Mirae Asset Global Investments increased its stake in Truist to 225,702 shares—up 21.5%—worth about $11.11 million at the end of the quarter.
• Truist beat quarterly expectations with EPS of $1.09 (vs. $1.00 est.) and revenue of $5.20 billion, with revenue up 5% year-over-year and analysts forecasting roughly 4 EPS for the fiscal year.
• Analysts have a consensus rating of Moderate Buy on Truist with a $55.03 consensus target (10 Buys, 4 Holds, 1 Sell), and the stock offers a roughly 4.1% dividend yield.

Mirae Asset Global Investments Co. Ltd. grew its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 21.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 225,702 shares of the insurance provider's stock after purchasing an additional 39,924 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Truist Financial were worth $11,107,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Valley Wealth Managers Inc. acquired a new position in shares of Truist Financial in the 3rd quarter valued at $28,000. Maseco LLP raised its stake in Truist Financial by 53.8% during the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider's stock worth $32,000 after buying an additional 228 shares during the period. Ancora Advisors LLC raised its stake in Truist Financial by 259.1% during the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider's stock worth $32,000 after buying an additional 500 shares during the period. Darwin Wealth Management LLC raised its stake in Truist Financial by 631.6% during the 3rd quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider's stock worth $32,000 after buying an additional 600 shares during the period. Finally, Tripletail Wealth Management LLC acquired a new stake in Truist Financial during the 3rd quarter worth $37,000. Institutional investors and hedge funds own 71.28% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Weiss Ratings raised Truist Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday. The Goldman Sachs Group reaffirmed a "buy" rating and set a $58.00 price objective on shares of Truist Financial in a research note on Tuesday, January 6th. Barclays downgraded Truist Financial from an "equal weight" rating to an "underweight" rating and raised their price objective for the stock from $47.00 to $56.00 in a research note on Monday, January 5th. Argus raised their price objective on Truist Financial from $54.00 to $58.00 and gave the stock a "buy" rating in a research note on Friday, January 23rd. Finally, Citigroup raised their price objective on Truist Financial from $60.00 to $63.00 and gave the stock a "buy" rating in a research note on Wednesday, December 31st. Ten investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $55.03.

Truist Financial Price Performance

TFC stock opened at $50.66 on Monday. The stock has a 50-day moving average price of $48.43 and a two-hundred day moving average price of $47.88. The stock has a market cap of $62.87 billion, a PE ratio of 12.57, a price-to-earnings-growth ratio of 0.88 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 1 year low of $35.00 and a 1 year high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.09. The firm had revenue of $5.20 billion during the quarter, compared to analysts' expectations of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The company's revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.87 EPS. Equities analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Friday, February 13th. Truist Financial's dividend payout ratio is 54.59%.

Insider Transactions at Truist Financial

In other Truist Financial news, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the completion of the transaction, the chief accounting officer owned 667 shares in the company, valued at approximately $35,010.83. This represents a 83.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michael Baron Maguire sold 13,000 shares of the stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the transaction, the chief financial officer owned 74,323 shares of the company's stock, valued at approximately $3,725,811.99. This trade represents a 14.89% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.15% of the stock is currently owned by corporate insiders.

About Truist Financial

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.

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