381,700 Shares in Truist Financial Co. (NYSE:TFC) Purchased by Payden & Rygel

Payden & Rygel acquired a new position in Truist Financial Co. (NYSE:TFC) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 381,700 shares of the insurance provider’s stock, valued at approximately $16,558,000.

A number of other large investors also recently modified their holdings of the stock. Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of Truist Financial by 48.7% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,963 shares of the insurance provider’s stock valued at $129,000 after purchasing an additional 971 shares during the last quarter. Principal Financial Group Inc. grew its position in Truist Financial by 3.5% in the 3rd quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider’s stock worth $64,638,000 after purchasing an additional 50,637 shares in the last quarter. Country Club Bank increased its stake in Truist Financial by 719.8% in the 4th quarter. Country Club Bank now owns 45,499 shares of the insurance provider’s stock valued at $1,973,000 after buying an additional 39,949 shares during the last quarter. David Wealth Management LLC bought a new position in shares of Truist Financial during the 4th quarter worth approximately $2,354,000. Finally, Glass Wealth Management Co LLC boosted its stake in shares of Truist Financial by 9.5% in the 4th quarter. Glass Wealth Management Co LLC now owns 67,978 shares of the insurance provider’s stock worth $2,949,000 after buying an additional 5,900 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on TFC. HSBC raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. JPMorgan Chase & Co. dropped their price objective on Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday. Robert W. Baird raised Truist Financial from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $48.00 to $52.00 in a report on Wednesday, March 5th. Morgan Stanley boosted their target price on Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. Finally, Hsbc Global Res raised Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.42.

Truist Financial Price Performance

Truist Financial stock opened at $34.80 on Friday. Truist Financial Co. has a 52-week low of $33.71 and a 52-week high of $49.06. The company has a market cap of $45.43 billion, a price-to-earnings ratio of 10.45, a PEG ratio of 1.63 and a beta of 0.91. The firm’s fifty day moving average is $43.97 and its 200 day moving average is $44.30. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last announced its earnings results 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 analysts’ expectations of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business’s revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.81 EPS. Sell-side analysts forecast that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

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