Mitsubishi UFJ Asset Management Co. Ltd. Takes $151.53 Million Position in Truist Financial Corporation $TFC

Key Points

• Mitsubishi UFJ Asset Management acquired 3.04 million Truist Financial shares worth approximately $151.5 million, giving it a 0.25% stake. Institutional investors collectively own 71.28% of the company.
• Truist reported quarterly EPS of $1.23, beating estimates by $0.15, while revenue rose 5.6% year over year to $5.31 billion. The company declared a quarterly dividend of $0.52 per share, representing a 4.0% annualized yield.
• Analysts maintain a consensus “Hold” rating, with an average price target of $54.67 versus the reported share price of $52.58; insiders sold more than $1.58 million in shares over the past three months.

Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Truist Financial Corporation (NYSE:TFC - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 3,041,462 shares of the insurance provider's stock, valued at approximately $151,526,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.25% of Truist Financial at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Auto Owners Insurance Co grew its holdings in Truist Financial by 4,821.0% in the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider's stock valued at $697,428,000 after buying an additional 13,884,480 shares during the period. Wellington Management Group LLP boosted its position in shares of Truist Financial by 13,511.7% in the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider's stock worth $474,886,000 after acquiring an additional 10,310,523 shares during the last quarter. Norges Bank acquired a new stake in shares of Truist Financial in the fourth quarter worth approximately $502,340,000. Bank of New York Mellon Corp purchased a new stake in Truist Financial in the second quarter valued at approximately $338,855,000. Finally, American Assets Investment Management LLC grew its holdings in Truist Financial by 781.2% in the fourth quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider's stock valued at $166,527,000 after purchasing an additional 3,000,000 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Stock Down 1.0%

Shares of Truist Financial stock opened at $52.58 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm has a market cap of $64.23 billion, a P/E ratio of 12.06, a P/E/G ratio of 1.12 and a beta of 0.89. Truist Financial Corporation has a fifty-two week low of $40.78 and a fifty-two week high of $56.19. The business has a 50-day moving average price of $51.21 and a 200 day moving average price of $49.81.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.15. The firm had revenue of $5.31 billion for the quarter, compared to analysts' expectations of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The firm's revenue for the quarter was up 5.6% on a year-over-year basis. During the same period last year, the business posted $0.91 earnings per share. On average, sell-side analysts forecast that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Friday, August 14th. Truist Financial's dividend payout ratio is presently 47.71%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on TFC shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Truist Financial in a research report on Wednesday, July 29th. Bank of America reiterated a "neutral" rating and issued a $56.00 price target (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. JPMorgan Chase & Co. upped their price objective on Truist Financial from $53.00 to $54.00 and gave the stock an "underweight" rating in a report on Wednesday, July 29th. Raymond James Financial reaffirmed a "market perform" rating on shares of Truist Financial in a research report on Wednesday, July 1st. Finally, Evercore reissued an "outperform" rating and set a $57.00 price target on shares of Truist Financial in a research report on Monday, July 6th. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $54.67.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 3,986 shares of Truist Financial stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the sale, the director owned 10,270 shares of the company's stock, valued at approximately $520,689. The trade was a 27.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Donta L. Wilson sold 13,280 shares of Truist Financial stock in a transaction on Friday, July 31st. The shares were sold at an average price of $51.85, for a total value of $688,568.00. Following the sale, the insider directly owned 56,009 shares in the company, valued at $2,904,066.65. The trade was a 19.17% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 30,516 shares of company stock valued at $1,584,428 over the last three months. Company insiders own 0.15% of the company's stock.

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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