Payden & Rygel Purchases New Holdings in Truist Financial Co. (NYSE:TFC)

Payden & Rygel bought a new position in shares of Truist Financial Co. (NYSE:TFC) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 381,700 shares of the insurance provider’s stock, valued at approximately $16,558,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp grew its stake in shares of Truist Financial by 4.6% in the third quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock worth $2,645,964,000 after acquiring an additional 2,720,223 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Truist Financial by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 27,975,691 shares of the insurance provider’s stock valued at $1,210,348,000 after buying an additional 534,740 shares during the last quarter. Amundi lifted its holdings in shares of Truist Financial by 6.5% in the 4th quarter. Amundi now owns 23,683,345 shares of the insurance provider’s stock valued at $1,040,718,000 after purchasing an additional 1,450,323 shares during the last quarter. American Century Companies Inc. grew its position in shares of Truist Financial by 7.9% during the fourth quarter. American Century Companies Inc. now owns 9,882,885 shares of the insurance provider’s stock worth $428,720,000 after acquiring an additional 722,749 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Truist Financial in the fourth quarter valued at about $402,828,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Keefe, Bruyette & Woods upped their price objective on Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, January 21st. Wells Fargo & Company decreased their price objective on Truist Financial from $52.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, March 28th. Morgan Stanley raised their price objective on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. Stephens upped their price target on shares of Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. Finally, HSBC raised 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. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $50.42.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $34.80 on Friday. The company has a 50 day moving average of $43.97 and a 200-day moving average of $44.30. Truist Financial Co. has a 1-year low of $33.71 and a 1-year high of $49.06. 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 has a market cap of $45.43 billion, a PE ratio of 10.45, a price-to-earnings-growth ratio of 1.63 and a beta of 0.91.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. The company had revenue of $5.11 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.81 earnings per share. As a group, equities research analysts forecast that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 5.98%. Truist Financial’s payout ratio is 62.46%.

Truist Financial 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.