Freemont Management S.A. Increases Stake in Truist Financial Co. (NYSE:TFC)

Freemont Management S.A. lifted its stake in Truist Financial Co. (NYSE:TFC) by 100.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 116,800 shares of the insurance provider’s stock after purchasing an additional 58,400 shares during the quarter. Truist Financial comprises about 2.2% of Freemont Management S.A.’s portfolio, making the stock its 12th largest holding. Freemont Management S.A.’s holdings in Truist Financial were worth $5,067,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of TFC. Bangor Savings Bank raised its position in shares of Truist Financial by 92.5% in the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 272 shares during the last quarter. Hopwood Financial Services Inc. purchased a new position in shares of Truist Financial in the 4th quarter valued at approximately $26,000. MidAtlantic Capital Management Inc. purchased a new position in Truist Financial during the 3rd quarter worth approximately $32,000. Curio Wealth LLC purchased a new position in Truist Financial during the 4th quarter worth approximately $45,000. Finally, True Wealth Design LLC purchased a new position in Truist Financial during the 3rd quarter worth approximately $51,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TFC has been the subject of a number of recent research reports. Citigroup raised their price target on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. Barclays raised their price target on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Compass Point raised their price target on shares of Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $48.00 to $52.00 in a research report on Wednesday, March 5th. Finally, HSBC raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. Nine investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and an average price target of $51.16.

Truist Financial Price Performance

Truist Financial stock opened at $41.08 on Tuesday. Truist Financial Co. has a 1 year low of $34.51 and a 1 year high of $49.06. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The company’s fifty day moving average price is $45.32 and its 200 day moving average price is $44.54. The stock has a market capitalization of $53.62 billion, a P/E ratio of 12.34, a P/E/G ratio of 1.63 and a beta of 1.08.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. Truist Financial’s revenue was up 3.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.81 EPS. As a group, equities research analysts anticipate that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were issued a $0.52 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 5.06%. Truist Financial’s dividend payout ratio (DPR) is currently 62.46%.

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.