Assenagon Asset Management S.A. Reduces Stock Position in Truist Financial Co. (NYSE:TFC)

Assenagon Asset Management S.A. decreased its position in shares of Truist Financial Co. (NYSE:TFC) by 82.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 374,485 shares of the insurance provider’s stock after selling 1,743,465 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Truist Financial were worth $16,245,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Bangor Savings Bank raised its holdings in Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 272 shares during the last quarter. Valley Wealth Managers Inc. purchased a new position in shares of Truist Financial in the third quarter valued at $26,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Truist Financial during the 3rd quarter worth $32,000. Fortitude Family Office LLC boosted its position in shares of Truist Financial by 376.7% in the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after buying an additional 678 shares in the last quarter. Finally, Ashton Thomas Securities LLC acquired a new stake in Truist Financial in the 3rd quarter valued at about $45,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insider Activity

In related news, CEO William H. Rogers, Jr. bought 34,180 shares of the stock in a transaction dated Monday, November 25th. The stock was acquired at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the purchase, the chief executive officer now owns 691,451 shares in the company, valued at $33,576,860.56. This represents a 5.20 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director K. David Jr. Boyer sold 4,966 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the transaction, the director now directly owns 11,246 shares in the company, valued at $519,565.20. This trade represents a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $47.63 on Friday. The stock has a market capitalization of $63.23 billion, a P/E ratio of -33.31, a PEG ratio of 1.67 and a beta of 1.08. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. The business’s fifty day moving average price is $45.36 and its 200 day moving average price is $43.48. Truist Financial Co. has a twelve month low of $34.23 and a twelve month high of $49.06.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The business had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5,047,370 billion. During the same period in the previous year, the company posted $0.81 EPS. The company’s revenue was up 3.4% compared to the same quarter last year. As a group, research analysts anticipate that Truist Financial Co. will post 3.61 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.37%. The ex-dividend date of this dividend was Friday, November 8th. Truist Financial’s payout ratio is currently -145.45%.

Wall Street Analysts Forecast Growth

TFC has been the subject of a number of research reports. Hsbc Global Res upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. UBS Group upped their target price on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Stephens reissued an “overweight” rating and set a $54.00 price target on shares of Truist Financial in a research report on Thursday, January 2nd. The Goldman Sachs Group boosted their price target on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, Piper Sandler increased their price objective on Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Eleven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Truist Financial has a consensus rating of “Moderate Buy” and an average price target of $49.95.

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.