Dai ichi Life Insurance Company Ltd Sells 20,000 Shares of Truist Financial Co. (NYSE:TFC)

Dai ichi Life Insurance Company Ltd reduced its position in Truist Financial Co. (NYSE:TFC) by 28.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 51,538 shares of the insurance provider’s stock after selling 20,000 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Truist Financial were worth $2,204,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Valley Wealth Managers Inc. bought a new stake in shares of Truist Financial during the 3rd quarter valued at about $26,000. MidAtlantic Capital Management Inc. bought a new position in shares of Truist Financial in the 3rd quarter worth $32,000. MFA Wealth Advisors LLC acquired a new stake in Truist Financial in the 2nd quarter valued at $30,000. Y.D. More Investments Ltd bought a new stake in Truist Financial during the 2nd quarter valued at $31,000. Finally, Fortitude Family Office LLC raised its holdings in Truist Financial by 376.7% during the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after buying an additional 678 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Truist Financial

In related news, CEO William H. Rogers, Jr. purchased 34,180 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were purchased at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the acquisition, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This represents a 5.20 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.17% of the stock is currently owned by insiders.

Truist Financial Price Performance

TFC stock opened at $47.75 on Thursday. The firm has a 50 day moving average of $44.03 and a 200-day moving average of $41.71. The firm has a market capitalization of $63.39 billion, a P/E ratio of -33.39, a price-to-earnings-growth ratio of 1.97 and a beta of 1.05. Truist Financial Co. has a 12 month low of $31.23 and a 12 month high of $49.06. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.08. The firm had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. As a group, sell-side analysts predict that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.36%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is -145.45%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on TFC shares. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Citigroup upped their price target on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a report on Monday. Stephens restated an “overweight” rating and set a $50.00 price objective on shares of Truist Financial in a research note on Tuesday, September 10th. The Goldman Sachs Group upped their target price on shares of Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $47.17.

Truist Financial 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.