UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Boosts Stake in Truist Financial Co. (NYSE:TFC)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Truist Financial Co. (NYSE:TFC) by 13.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,738,289 shares of the insurance provider’s stock after buying an additional 1,307,252 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.81% of Truist Financial worth $465,827,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in TFC. Hopwood Financial Services Inc. acquired a new stake in shares of Truist Financial in the fourth quarter worth $26,000. Navigoe LLC acquired a new stake in shares of Truist Financial in the fourth quarter worth $26,000. Curio Wealth LLC acquired a new stake in shares of Truist Financial in the fourth quarter worth $45,000. Brown Lisle Cummings Inc. acquired a new stake in shares of Truist Financial in the fourth quarter worth $55,000. Finally, TCTC Holdings LLC increased its stake in shares of Truist Financial by 28.1% in the fourth quarter. TCTC Holdings LLC now owns 1,310 shares of the insurance provider’s stock worth $57,000 after acquiring an additional 287 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

TFC opened at $40.65 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The company has a market cap of $53.23 billion, a price-to-earnings ratio of 12.21, a PEG ratio of 1.63 and a beta of 0.83. Truist Financial Co. has a 52-week low of $33.56 and a 52-week high of $49.06. The firm’s fifty day simple moving average is $38.88 and its two-hundred day simple moving average is $43.21.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.87. The business had revenue of $4.95 billion for the quarter, compared to the consensus estimate of $4.99 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. During the same period last year, the firm posted $0.90 earnings per share. Equities analysts anticipate that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Friday, May 9th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 5.12%. The ex-dividend date is Friday, May 9th. Truist Financial’s dividend payout ratio is currently 61.36%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TFC. JPMorgan Chase & Co. cut their price objective on shares of Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Barclays cut their price objective on shares of Truist Financial from $51.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Monday, April 21st. TD Cowen started coverage on shares of Truist Financial in a research note on Thursday, May 15th. They issued a “hold” rating and a $44.00 price objective on the stock. Morgan Stanley dropped their price target on shares of Truist Financial from $50.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Monday, April 7th. Finally, Piper Sandler dropped their price target on shares of Truist Financial from $45.00 to $41.00 and set a “neutral” rating on the stock in a research report on Monday, April 21st. Nine investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $47.83.

About Truist Financial

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.