Mirae Asset Global Investments Co. Ltd. Buys 13,018 Shares of Truist Financial Co. (NYSE:TFC)

Mirae Asset Global Investments Co. Ltd. lifted its position in Truist Financial Co. (NYSE:TFC) by 14.5% during the 3rd quarter, HoldingsChannel reports. The firm owned 102,949 shares of the insurance provider’s stock after acquiring an additional 13,018 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Truist Financial were worth $4,377,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Capital International Investors increased its stake in Truist Financial by 93.7% in the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after acquiring an additional 5,632,493 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Truist Financial by 316.4% in the third quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock worth $90,585,000 after purchasing an additional 1,609,351 shares during the last quarter. Jennison Associates LLC raised its stake in Truist Financial by 48.9% during the first quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock valued at $149,698,000 after purchasing an additional 1,261,598 shares in the last quarter. Nordea Investment Management AB raised its stake in Truist Financial by 44.4% during the first quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock valued at $105,353,000 after purchasing an additional 834,048 shares in the last quarter. Finally, Swedbank AB purchased a new position in shares of Truist Financial in the 1st quarter worth $29,957,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $43.09 on Wednesday. The company has a market capitalization of $57.70 billion, a price-to-earnings ratio of -30.13, a price-to-earnings-growth ratio of 1.77 and a beta of 1.05. Truist Financial Co. has a 52 week low of $27.64 and a 52 week high of $45.31. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. The firm has a 50 day moving average of $42.81 and a 200 day moving average of $40.58.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.83%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is -145.45%.

Analyst Ratings Changes

TFC has been the topic of several recent research reports. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and upped their target price for the company from $45.00 to $47.00 in a research report on Wednesday, July 24th. StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. UBS Group lifted their price target on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Bank of America lifted their price target on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Finally, Royal Bank of Canada lifted their price target on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Twelve analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $46.02.

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.