Man Group plc Purchases 212,128 Shares of Truist Financial Co. (NYSE:TFC)

Man Group plc boosted its position in shares of Truist Financial Co. (NYSE:TFC) by 48.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 649,286 shares of the insurance provider’s stock after acquiring an additional 212,128 shares during the period. Man Group plc’s holdings in Truist Financial were worth $28,166,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hopwood Financial Services Inc. purchased a new position in shares of Truist Financial during the 4th quarter valued at $26,000. Navigoe LLC bought a new stake in Truist Financial during the fourth quarter valued at $26,000. Curio Wealth LLC purchased a new position in Truist Financial during the fourth quarter worth about $45,000. Brown Lisle Cummings Inc. bought a new position in Truist Financial in the 4th quarter worth about $55,000. Finally, FNY Investment Advisers LLC raised its holdings in shares of Truist Financial by 62.5% in the 4th quarter. FNY Investment Advisers LLC now owns 1,300 shares of the insurance provider’s stock valued at $56,000 after acquiring an additional 500 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on TFC shares. Argus set a $43.00 price objective on Truist Financial in a report on Monday, April 21st. Piper Sandler cut their price target on shares of Truist Financial from $45.00 to $41.00 and set a “neutral” rating for the company in a research note on Monday, April 21st. Keefe, Bruyette & Woods lowered their price objective on shares of Truist Financial from $53.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, April 21st. Morgan Stanley cut their target price on shares of Truist Financial from $50.00 to $43.00 and set an “equal weight” rating for the company in a research report on Monday, April 7th. Finally, Raymond James downgraded Truist Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Nine analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Truist Financial has a consensus rating of “Moderate Buy” and a consensus target price of $47.83.

Truist Financial Price Performance

TFC opened at $41.14 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The stock’s 50 day simple moving average is $38.79 and its 200 day simple moving average is $43.24. The firm has a market cap of $53.87 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 1.63 and a beta of 0.83. Truist Financial Co. has a 1 year low of $33.56 and a 1 year high of $49.06.

Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm had revenue of $4.95 billion for the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter last year, the business earned $0.90 earnings per share. As a group, analysts predict that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Friday, May 9th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.06%. The ex-dividend date is Friday, May 9th. Truist Financial’s dividend payout ratio (DPR) is presently 61.36%.

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.