Dai ichi Life Insurance Company Ltd Acquires 15,230 Shares of Truist Financial Co. (NYSE:TFC)

Dai ichi Life Insurance Company Ltd lifted its holdings in shares of Truist Financial Co. (NYSE:TFC) by 27.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,538 shares of the insurance provider’s stock after purchasing an additional 15,230 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Truist Financial were worth $2,779,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital International Investors raised its position in shares of Truist Financial by 93.7% in the first quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after purchasing an additional 5,632,493 shares during the period. Norges Bank bought a new stake in Truist Financial during the fourth quarter valued at $307,787,000. UBS Group AG grew its position in Truist Financial by 2.7% during the fourth quarter. UBS Group AG now owns 3,914,044 shares of the insurance provider’s stock worth $144,507,000 after buying an additional 101,288 shares in the last quarter. Jennison Associates LLC increased its stake in Truist Financial by 48.9% in the 1st quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock worth $149,698,000 after acquiring an additional 1,261,598 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Truist Financial by 1.7% in the 1st 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 acquiring an additional 58,349 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on TFC shares. Bank of America boosted their price target on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada raised their price target on Truist Financial from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Morgan Stanley upped their price objective on Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Finally, Barclays increased their price target on shares of Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Truist Financial has an average rating of “Hold” and a consensus price target of $45.45.

Truist Financial Stock Up 0.5 %

Shares of Truist Financial stock opened at $41.84 on Monday. Truist Financial Co. has a 12-month low of $26.57 and a 12-month high of $45.31. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The company’s fifty day simple moving average is $42.53 and its two-hundred day simple moving average is $39.34. The company has a market cap of $56.03 billion, a P/E ratio of -31.70, a PEG ratio of 1.95 and a beta of 1.06.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.07. The firm had revenue of $5.02 billion during the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The business’s revenue was down 15.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.95 EPS. Research analysts anticipate that Truist Financial Co. will post 3.55 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.97%. The ex-dividend date was Friday, August 9th. Truist Financial’s payout ratio is currently -157.58%.

Insiders Place Their Bets

In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO William H. Rogers, Jr. bought 57,300 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were acquired at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the transaction, the chief executive officer now owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The disclosure for this sale can be found here. Corporate insiders own 0.17% of the company’s stock.

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.