Assenagon Asset Management S.A. Purchases 2,287,410 Shares of Truist Financial Co. (NYSE:TFC)

Assenagon Asset Management S.A. lifted its position in shares of Truist Financial Co. (NYSE:TFC - Free Report) by 610.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,661,895 shares of the insurance provider's stock after buying an additional 2,287,410 shares during the quarter. Assenagon Asset Management S.A. owned about 0.20% of Truist Financial worth $109,537,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. FWG Holdings LLC increased its holdings in Truist Financial by 4.3% in the 4th quarter. FWG Holdings LLC now owns 5,694 shares of the insurance provider's stock valued at $267,000 after buying an additional 234 shares during the period. Avestar Capital LLC raised its position in Truist Financial by 4.1% during the fourth quarter. Avestar Capital LLC now owns 6,299 shares of the insurance provider's stock valued at $273,000 after purchasing an additional 250 shares in the last quarter. Pathway Financial Advisors LLC lifted its stake in Truist Financial by 2.2% during the fourth quarter. Pathway Financial Advisors LLC now owns 12,124 shares of the insurance provider's stock worth $526,000 after purchasing an additional 260 shares during the last quarter. Nwam LLC increased its stake in shares of Truist Financial by 3.2% in the 4th quarter. Nwam LLC now owns 8,395 shares of the insurance provider's stock valued at $364,000 after purchasing an additional 263 shares during the last quarter. Finally, Wealth Quarterback LLC raised its holdings in shares of Truist Financial by 1.8% during the 4th quarter. Wealth Quarterback LLC now owns 15,287 shares of the insurance provider's stock worth $663,000 after buying an additional 266 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Keefe, Bruyette & Woods decreased their target price on shares of Truist Financial from $53.00 to $47.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. Barclays cut their price target on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Baird R W upgraded shares of Truist Financial from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, March 5th. Wells Fargo & Company cut their price target on shares of Truist Financial from $52.00 to $50.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. Finally, Citigroup cut their target price on Truist Financial from $51.00 to $44.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Nine analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $47.83.

Truist Financial Stock Down 1.6%

Shares of TFC stock traded down $0.63 on Thursday, hitting $39.63. The stock had a trading volume of 2,460,555 shares, compared to its average volume of 8,271,589. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market cap of $51.90 billion, a price-to-earnings ratio of 11.90, a price-to-earnings-growth ratio of 1.63 and a beta of 0.84. Truist Financial Co. has a 12-month low of $33.56 and a 12-month high of $49.06. The business has a 50 day moving average of $38.59 and a 200 day moving average of $42.53.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly 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. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company had revenue of $4.95 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the previous year, the firm earned $0.90 EPS. As a group, analysts expect that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 5.25%. Truist Financial's payout ratio is 61.36%.

About Truist Financial

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.