OP Asset Management Ltd Buys New Position in Truist Financial Corporation $TFC

OP Asset Management Ltd bought a new position in shares of Truist Financial Corporation (NYSE:TFC) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 132,498 shares of the insurance provider’s stock, valued at approximately $6,091,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Brighton Jones LLC boosted its holdings in shares of Truist Financial by 148.5% during the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after buying an additional 14,093 shares in the last quarter. Woodline Partners LP grew its position in shares of Truist Financial by 39.5% during the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after buying an additional 31,454 shares during the period. Sivia Capital Partners LLC bought a new stake in shares of Truist Financial in the 2nd quarter valued at $575,000. AXA S.A. lifted its position in shares of Truist Financial by 23.1% during the 2nd quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock valued at $1,126,000 after acquiring an additional 4,921 shares during the period. Finally, Main Street Financial Solutions LLC lifted its position in shares of Truist Financial by 20.1% during the 2nd quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock valued at $292,000 after acquiring an additional 1,134 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on TFC shares. Stephens initiated coverage on shares of Truist Financial in a report on Monday, June 15th. They issued an “overweight” rating and a $59.00 price target for the company. JPMorgan Chase & Co. dropped their price objective on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. Weiss Ratings raised shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Morgan Stanley reduced their target price on Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a research note on Monday, April 20th. Finally, Royal Bank Of Canada upped their price target on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Ten investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.79.

Truist Financial Stock Performance

TFC opened at $50.63 on Friday. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The company has a market cap of $63.08 billion, a price-to-earnings ratio of 12.56, a PEG ratio of 0.85 and a beta of 0.89. The company’s fifty day moving average price is $49.15 and its two-hundred day moving average price is $49.33. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business’s revenue was up 5.0% on a year-over-year basis. During the same period last year, the company earned $0.87 earnings per share. On average, analysts expect that Truist Financial Corporation will post 4.5 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. Truist Financial’s payout ratio is 51.61%.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.