Norges Bank Acquires Shares of 9,286,034 Truist Financial Co. (NYSE:TFC)

Norges Bank bought a new position in Truist Financial Co. (NYSE:TFC) in the 4th quarter, Holdings Channel.com reports. The firm bought 9,286,034 shares of the insurance provider’s stock, valued at approximately $402,828,000.

A number of other large investors have also modified their holdings of TFC. Fisher Asset Management LLC boosted its holdings in Truist Financial by 4.5% in the 3rd quarter. Fisher Asset Management LLC now owns 7,995 shares of the insurance provider’s stock worth $342,000 after acquiring an additional 345 shares during the period. FMR LLC boosted its stake in shares of Truist Financial by 10.6% in the third quarter. FMR LLC now owns 5,003,106 shares of the insurance provider’s stock valued at $213,983,000 after purchasing an additional 478,886 shares during the period. Townsquare Capital LLC grew its holdings in Truist Financial by 9.1% during the 3rd quarter. Townsquare Capital LLC now owns 91,017 shares of the insurance provider’s stock valued at $3,893,000 after purchasing an additional 7,618 shares in the last quarter. CreativeOne Wealth LLC lifted its holdings in Truist Financial by 81.0% in the 3rd quarter. CreativeOne Wealth LLC now owns 13,832 shares of the insurance provider’s stock worth $592,000 after buying an additional 6,190 shares in the last quarter. Finally, Fiduciary Trust Co boosted its position in Truist Financial by 16.9% in the 3rd quarter. Fiduciary Trust Co now owns 8,988 shares of the insurance provider’s stock valued at $384,000 after buying an additional 1,300 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Hsbc Global Res upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Morgan Stanley increased 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. HSBC upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. Stephens raised their price objective on shares of Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. Finally, Barclays increased their price target on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Nine equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.68.

Truist Financial Price Performance

Shares of NYSE TFC 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 firm has a market capitalization of $52.81 billion, a PE ratio of 12.15, a P/E/G ratio of 1.63 and a beta of 1.08. 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 business’s fifty day moving average price is $44.78 and its two-hundred day moving average price is $44.42.

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

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders 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 was Friday, February 14th. Truist Financial’s payout ratio is currently 62.46%.

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.