NEOS Investment Management LLC Increases Position in Truist Financial Co. (NYSE:TFC)

NEOS Investment Management LLC grew its holdings in shares of Truist Financial Co. (NYSE:TFC) by 31.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 82,371 shares of the insurance provider’s stock after buying an additional 19,811 shares during the quarter. NEOS Investment Management LLC’s holdings in Truist Financial were worth $3,573,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in TFC. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Truist Financial by 7.3% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,073,644 shares of the insurance provider’s stock valued at $91,448,000 after buying an additional 140,585 shares in the last quarter. Korea Investment CORP raised its position in shares of Truist Financial by 138.5% during the 4th quarter. Korea Investment CORP now owns 578,432 shares of the insurance provider’s stock valued at $25,092,000 after acquiring an additional 335,912 shares in the last quarter. Ausdal Financial Partners Inc. bought a new position in Truist Financial during the fourth quarter worth $212,000. Zions Bancorporation N.A. boosted its holdings in Truist Financial by 9.9% in the fourth quarter. Zions Bancorporation N.A. now owns 156,174 shares of the insurance provider’s stock worth $6,775,000 after purchasing an additional 14,005 shares during the period. Finally, TIAA Trust National Association increased its stake in Truist Financial by 1.2% during the fourth quarter. TIAA Trust National Association now owns 23,822 shares of the insurance provider’s stock valued at $1,033,000 after purchasing an additional 283 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Down 2.3 %

Shares of TFC stock opened at $40.46 on Friday. Truist Financial Co. has a 1 year low of $35.09 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 business’s fifty day moving average is $44.78 and its 200-day moving average is $44.40. The stock has a market cap of $52.81 billion, a PE ratio of 12.15, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The firm had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. During the same period in the previous year, the company earned $0.81 earnings per share. Truist Financial’s revenue was up 3.4% compared to the same quarter last year. Equities analysts expect that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 5.14%. The ex-dividend date of this dividend was Friday, February 14th. Truist Financial’s dividend payout ratio is presently 62.46%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods raised their price target on shares of Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 21st. Morgan Stanley lifted 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. Barclays increased their price target on Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Baird R W upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Finally, Hsbc Global Res raised Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Nine research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $50.68.

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.