Resona Asset Management Co. Ltd. Acquires 29,413 Shares of Truist Financial Corporation (NYSE:TFC)

Key Points

• Resona Asset Management Co. Ltd. has increased its stake in Truist Financial Corporation (NYSE:TFC) by 6.6%, now owning 472,781 shares worth approximately $19.4 million.
• Insider Bradley D. Bender sold 12,540 shares of Truist Financial, which represents a 96.17% decrease in their ownership of the stock.
• Truist Financial recently announced a quarterly dividend of $0.52 per share, yielding 4.7% annually, with the payout ratio at 56.68%.

Resona Asset Management Co. Ltd. lifted its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 6.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 472,781 shares of the insurance provider's stock after purchasing an additional 29,413 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Truist Financial were worth $19,408,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Comerica Bank boosted its stake in Truist Financial by 3.6% in the fourth quarter. Comerica Bank now owns 449,484 shares of the insurance provider's stock worth $19,499,000 after buying an additional 15,499 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in Truist Financial by 81.7% in the fourth 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 buying an additional 498,531 shares in the last quarter. Code Waechter LLC purchased a new stake in Truist Financial in the first quarter worth approximately $365,000. Cantor Fitzgerald Investment Advisors L.P. boosted its stake in Truist Financial by 4.6% in the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider's stock worth $17,927,000 after buying an additional 19,286 shares in the last quarter. Finally, Stifel Financial Corp boosted its stake in Truist Financial by 2.8% in the fourth quarter. Stifel Financial Corp now owns 2,242,763 shares of the insurance provider's stock worth $97,291,000 after buying an additional 60,848 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Raymond James Financial raised 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. Barclays dropped their price objective on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Piper Sandler dropped their price objective on Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Stephens dropped their price objective on Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Finally, Argus set a $43.00 price objective on Truist Financial in a research note on Monday, April 21st. Six investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $48.65.

Insider Activity at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the transaction, the insider owned 500 shares of the company's stock, valued at $22,595. This trade represents a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.17% of the stock is owned by company insiders.

Truist Financial Trading Down 1.0%

Shares of Truist Financial stock traded down $0.45 during midday trading on Friday, reaching $44.50. 6,876,737 shares of the company's stock traded hands, compared to its average volume of 7,136,164. The stock has a 50 day moving average of $43.31 and a 200-day moving average of $41.91. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market cap of $57.38 billion, a PE ratio of 12.13, a price-to-earnings-growth ratio of 1.68 and a beta of 0.87. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data 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 analysts' expectations of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The company's quarterly revenue was down 406.0% on a year-over-year basis. During the same period last year, the business earned $0.91 earnings per share. As a group, equities analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.7%. Truist Financial's dividend payout ratio (DPR) is 56.68%.

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.