Truist Financial Corporation (NYSE:TFC) Shares Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Truist Financial by 12.1%, owning approximately 2.32 million shares valued at $95.66 million at the end of the most recent quarter.
• Analysts have mixed ratings on Truist Financial, with a consensus of "Moderate Buy" and an average price target of $48.65, while recent earnings showed a slight miss compared to expectations.
• Truist Financial announced a quarterly dividend of $0.52, which will be paid to shareholders of record on August 8, representing an annual yield of 4.9%.

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 12.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,324,688 shares of the insurance provider's stock after acquiring an additional 251,044 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.18% of Truist Financial worth $95,661,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TFC. Brighton Jones LLC grew its holdings in Truist Financial by 148.5% during the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider's stock worth $1,023,000 after acquiring an additional 14,093 shares during the period. Russell Investments Group Ltd. grew its holdings in Truist Financial by 13.9% during the fourth quarter. Russell Investments Group Ltd. now owns 412,136 shares of the insurance provider's stock worth $17,878,000 after acquiring an additional 50,347 shares during the period. FMR LLC grew its holdings in Truist Financial by 109.1% during the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock worth $453,762,000 after acquiring an additional 5,457,053 shares during the period. Renaissance Technologies LLC grew its holdings in Truist Financial by 163.8% in the fourth quarter. Renaissance Technologies LLC now owns 263,017 shares of the insurance provider's stock valued at $11,410,000 after purchasing an additional 163,300 shares during the period. Finally, F M Investments LLC grew its holdings in Truist Financial by 6.6% in the fourth quarter. F M Investments LLC now owns 229,086 shares of the insurance provider's stock valued at $9,938,000 after purchasing an additional 14,116 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the sale, the insider owned 500 shares in the company, valued at $22,595. The trade was a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is owned by corporate insiders.

Truist Financial Trading Up 1.6%

Truist Financial stock traded up $0.68 during trading on Tuesday, reaching $43.51. 2,168,712 shares of the company were exchanged, compared to its average volume of 8,565,162. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $56.10 billion, a P/E ratio of 11.86, a PEG ratio of 1.61 and a beta of 0.87. The stock's 50 day simple moving average is $42.93 and its two-hundred day simple moving average is $41.91.

Truist Financial (NYSE:TFC - Get Free Report) last posted its earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business had revenue of $5.04 billion during the quarter, compared to analysts' expectations of $5.04 billion. During the same quarter in the prior year, the firm earned $0.91 EPS. Truist Financial's revenue for the quarter was down 406.0% compared to the same quarter last year. On average, equities research analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th will be given a $0.52 dividend. The ex-dividend date is Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.8%. Truist Financial's payout ratio is currently 56.68%.

Analyst Upgrades and Downgrades

TFC has been the topic of several research analyst reports. Barclays dropped their price objective on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. Argus set a $43.00 price target on Truist Financial in a research note on Monday, April 21st. Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Wall Street Zen raised Truist Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Finally, TD Cowen assumed coverage on Truist Financial in a research note on Thursday, May 15th. They issued a "hold" rating and a $44.00 price target on the stock. Six analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $48.65.

Truist Financial Company 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.