Harvest Fund Management Co. Ltd Invests $304,000 in Truist Financial Co. (NYSE:TFC)

Harvest Fund Management Co. Ltd bought a new position in shares of Truist Financial Co. (NYSE:TFC) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,015 shares of the insurance provider’s stock, valued at approximately $304,000.

Several other large investors also recently made changes to their positions in TFC. Thrivent Financial for Lutherans boosted its holdings in Truist Financial by 17.6% in the third quarter. Thrivent Financial for Lutherans now owns 82,255 shares of the insurance provider’s stock valued at $3,518,000 after acquiring an additional 12,300 shares during the last quarter. Quest Partners LLC boosted its holdings in Truist Financial by 81.1% in the third quarter. Quest Partners LLC now owns 4,754 shares of the insurance provider’s stock valued at $203,000 after acquiring an additional 2,129 shares during the last quarter. Pathstone Holdings LLC boosted its holdings in Truist Financial by 0.5% in the third quarter. Pathstone Holdings LLC now owns 166,827 shares of the insurance provider’s stock valued at $7,135,000 after acquiring an additional 890 shares during the last quarter. Citizens Financial Group Inc. RI boosted its holdings in Truist Financial by 10.9% in the third quarter. Citizens Financial Group Inc. RI now owns 9,548 shares of the insurance provider’s stock valued at $408,000 after acquiring an additional 938 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in Truist Financial by 7.7% in the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 483,801 shares of the insurance provider’s stock valued at $20,692,000 after acquiring an additional 34,543 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC opened at $41.41 on Friday. The firm has a 50-day moving average of $45.12 and a 200-day moving average of $44.45. Truist Financial Co. has a one year low of $35.09 and a one year high of $49.06. The company has a market cap of $54.05 billion, a PE ratio of 12.43, a price-to-earnings-growth 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.

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, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. Truist Financial’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.81 EPS. As a group, equities analysts forecast that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.02%. The ex-dividend date of this dividend was Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is 62.46%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TFC. HSBC upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Tuesday, January 7th. The Goldman Sachs Group increased their target price on Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Hsbc Global Res raised Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Stephens increased their target price on Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Tuesday, January 21st. Finally, 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. Nine research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $51.16.

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.