Polar Asset Management Partners Inc. Purchases Shares of 520,000 Truist Financial Co. (NYSE:TFC)

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

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Wedmont Private Capital lifted its holdings in shares of Truist Financial by 19.1% during the 4th quarter. Wedmont Private Capital now owns 12,348 shares of the insurance provider's stock worth $528,000 after acquiring an additional 1,978 shares during the period. Eastern Bank lifted its stake in shares of Truist Financial by 8.5% in the fourth quarter. Eastern Bank now owns 4,859 shares of the insurance provider's stock worth $211,000 after acquiring an additional 381 shares during the period. FNY Investment Advisers LLC increased its position in shares of Truist Financial by 62.5% during the fourth quarter. FNY Investment Advisers LLC now owns 1,300 shares of the insurance provider's stock worth $56,000 after buying an additional 500 shares during the period. Signal Advisors Wealth LLC bought a new position in shares of Truist Financial in the 4th quarter worth about $239,000. Finally, Mayfair Advisory Group LLC increased its holdings in Truist Financial by 12.8% in the fourth quarter. Mayfair Advisory Group LLC now owns 17,597 shares of the insurance provider's stock worth $763,000 after purchasing an additional 2,000 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Baird R W upgraded shares of Truist Financial from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 5th. Piper Sandler cut their price objective on Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a research report on Monday, April 21st. Argus set a $43.00 target price on shares of Truist Financial in a research report on Monday, April 21st. Robert W. Baird upgraded Truist Financial from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $48.00 to $52.00 in a research note on Wednesday, March 5th. Finally, Barclays dropped their target price on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a research report on Monday, April 21st. Eight research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Truist Financial has a consensus rating of "Moderate Buy" and a consensus target price of $48.06.

Truist Financial Stock Down 0.3%

NYSE:TFC opened at $41.21 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The company's 50 day moving average is $38.78 and its two-hundred day moving average is $43.26. Truist Financial Co. has a twelve month low of $33.56 and a twelve month high of $49.06. The company has a market cap of $53.97 billion, a PE ratio of 12.38, a P/E/G ratio of 1.63 and a beta of 0.83.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting the consensus estimate of $0.87. The business had revenue of $4.95 billion for 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 prior year, the firm posted $0.90 EPS. Analysts anticipate that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Announces Dividend

The business 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. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.05%. The ex-dividend date is Friday, May 9th. Truist Financial's dividend payout ratio (DPR) is presently 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.

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