Polar Asset Management Partners Inc. Takes $22.56 Million Position in Truist Financial Co. (NYSE:TFC)

Polar Asset Management Partners Inc. purchased a new position in shares of Truist Financial Co. (NYSE:TFC - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 520,000 shares of the insurance provider's stock, valued at approximately $22,558,000.

Several other hedge funds have also modified their holdings of TFC. Comerica Bank raised its position in shares of Truist Financial by 3.6% during the 4th quarter. Comerica Bank now owns 449,484 shares of the insurance provider's stock valued at $19,499,000 after buying an additional 15,499 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its position in shares of Truist Financial by 81.7% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider's stock worth $48,085,000 after purchasing an additional 498,531 shares during the last quarter. Country Club Bank lifted its position in Truist Financial by 719.8% in the fourth quarter. Country Club Bank now owns 45,499 shares of the insurance provider's stock valued at $1,973,000 after acquiring an additional 39,949 shares during the last quarter. David Wealth Management LLC purchased a new stake in shares of Truist Financial in the fourth quarter valued at about $2,354,000. Finally, Stifel Financial Corp raised its holdings in shares of Truist Financial by 2.8% in the fourth quarter. Stifel Financial Corp now owns 2,242,763 shares of the insurance provider's stock valued at $97,291,000 after buying an additional 60,848 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TFC has been the topic of several recent analyst reports. Baird R W raised shares of Truist Financial from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 5th. Morgan Stanley lowered their price target on shares of Truist Financial from $50.00 to $43.00 and set an "equal weight" rating for the company in a report on Monday, April 7th. Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Stephens decreased their price objective on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Finally, Argus set a $43.00 price target on shares of Truist Financial in a research report on Monday, April 21st. Nine equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Truist Financial currently has an average rating of "Moderate Buy" and an average target price of $47.83.

Truist Financial Trading Up 0.5%

Shares of Truist Financial stock traded up $0.21 on Thursday, hitting $39.55. The stock had a trading volume of 6,824,147 shares, compared to its average volume of 8,271,564. The stock has a market cap of $51.79 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 1.63 and a beta of 0.83. The stock's 50-day simple moving average is $38.68 and its two-hundred day simple moving average is $43.00. Truist Financial Co. has a one year low of $33.56 and a one year high of $49.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC - Get Free Report) last issued its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, hitting analysts' consensus estimates of $0.87. The business had revenue of $4.95 billion during the quarter, compared to analyst estimates of $4.99 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. During the same quarter in the previous year, the firm earned $0.90 EPS. As a group, sell-side analysts predict that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Friday, May 9th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.26%. Truist Financial's payout ratio is 61.36%.

Truist Financial 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.