Mirae Asset Global Investments Co. Ltd. Purchases New Shares in Truist Financial Corporation $TFC

Key Points

• Mirae Asset opened a new Truist position, buying 300,531 shares valued at about $13.9 million; institutional investors collectively own 71.28% of the stock.
• Truist’s latest quarterly results fell slightly short of estimates, with EPS of $1.16 versus $1.17 expected and revenue of $5.30 billion versus $5.35 billion. Analysts’ consensus rating is Hold, with a $53.82 average price target.
• Truist declared a quarterly dividend of $0.52 per share, equivalent to a 4.2% yield, and CEO Michael Lyons bought 25,000 shares for approximately $1.21 million.

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Truist Financial Corporation (NYSE:TFC - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 300,531 shares of the insurance provider's stock, valued at approximately $13,915,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in Truist Financial in the second quarter valued at about $4,959,834,000. Nykredit A S acquired a new position in Truist Financial during the 2nd quarter worth approximately $13,756,000. State Street Corp increased its position in Truist Financial by 0.9% during the 2nd quarter. State Street Corp now owns 58,692,619 shares of the insurance provider's stock worth $2,924,066,000 after purchasing an additional 501,026 shares during the period. Franklin Street Advisors Inc. NC increased its position in Truist Financial by 129.1% during the 2nd quarter. Franklin Street Advisors Inc. NC now owns 37,253 shares of the insurance provider's stock worth $1,856,000 after purchasing an additional 20,991 shares during the period. Finally, Fifth Third Bancorp raised its stake in shares of Truist Financial by 531.8% during the 1st quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider's stock worth $20,059,000 after buying an additional 367,291 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TFC has been the subject of several recent analyst reports. Robert W. Baird raised their price target on Truist Financial from $55.00 to $56.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Wall Street Zen lowered Truist Financial from a "hold" rating to a "sell" rating in a report on Saturday. Wells Fargo & Company set a $52.00 price objective on Truist Financial in a report on Thursday, October 8th. Bank of America cut Truist Financial from a "buy" rating to a "neutral" rating and increased their price objective for the stock from $54.00 to $56.00 in a research report on Wednesday, July 8th. Finally, UBS Group reduced their target price on Truist Financial from $55.00 to $50.00 and set a "neutral" rating for the company in a report on Monday, October 5th. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Truist Financial presently has a consensus rating of "Hold" and a consensus price target of $53.82.

Truist Financial Trading Down 1.6%

Shares of TFC opened at $49.38 on Wednesday. Truist Financial Corporation has a twelve month low of $43.13 and a twelve month high of $56.19. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $59.18 billion, a P/E ratio of 12.73, a PEG ratio of 1.10 and a beta of 0.90. The firm's 50-day moving average is $48.36 and its two-hundred day moving average is $49.50.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings results on Friday, October 16th. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.17 by ($0.01). The company had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.35 billion. Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. Truist Financial's revenue was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.04 earnings per share. On average, research analysts predict that Truist Financial Corporation will post 4.71 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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 issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $2.08 annualized dividend and a yield of 4.2%. Truist Financial's payout ratio is currently 53.61%.

Insider Buying and Selling

In other news, CEO Michael Lyons bought 25,000 shares of the firm's stock in a transaction on Wednesday, October 28th. The shares were bought at an average cost of $48.36 per share, for a total transaction of $1,209,000.00. Following the completion of the transaction, the chief executive officer owned 46,000 shares in the company, valued at $2,224,560. This trade represents a 119.05% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.15% of the company's stock.

Truist Financial Company Profile

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.

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