Truist Financial Co. (NYSE:TFC) Shares Acquired by Sompo Asset Management Co. Ltd.

Sompo Asset Management Co. Ltd. lifted its position in Truist Financial Co. (NYSE:TFC) by 72.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 64,190 shares of the insurance provider’s stock after purchasing an additional 27,020 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Truist Financial were worth $2,745,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in TFC. Legal & General Group Plc grew its position in shares of Truist Financial by 1.0% during the second quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock worth $401,663,000 after acquiring an additional 103,565 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Truist Financial by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after purchasing an additional 299,196 shares during the period. Truist Financial Corp grew its position in Truist Financial by 6.7% during the 2nd quarter. Truist Financial Corp now owns 4,931,783 shares of the insurance provider’s stock worth $191,600,000 after purchasing an additional 311,523 shares during the last quarter. LPL Financial LLC increased its stake in Truist Financial by 21.0% in the third quarter. LPL Financial LLC now owns 3,630,761 shares of the insurance provider’s stock valued at $155,288,000 after purchasing an additional 630,628 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Truist Financial by 1.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,489,411 shares of the insurance provider’s stock valued at $136,018,000 after buying an additional 58,349 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

Truist Financial stock opened at $47.96 on Friday. The firm has a market capitalization of $63.67 billion, a PE ratio of -33.54, a P/E/G ratio of 1.92 and a beta of 1.05. Truist Financial Co. has a 52 week low of $31.23 and a 52 week high of $48.06. The firm’s 50-day simple moving average is $43.68 and its 200 day simple moving average is $41.53. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.05 billion. On average, equities research analysts predict that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.34%. Truist Financial’s dividend payout ratio (DPR) is -145.45%.

Analyst Ratings Changes

A number of research firms recently issued reports on TFC. Keefe, Bruyette & Woods raised their price target on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Morgan Stanley boosted their target price on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Stephens reiterated an “overweight” rating and issued a $50.00 price objective on shares of Truist Financial in a research report on Tuesday, September 10th. Compass Point upped their price objective on shares of Truist Financial from $46.00 to $47.00 in a research report on Wednesday, October 16th. Finally, Royal Bank of Canada lifted their target price on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $46.37.

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.