Freemont Management S.A. Grows Stock Holdings in Truist Financial Co. (NYSE:TFC)

Freemont Management S.A. boosted its holdings in shares of Truist Financial Co. (NYSE:TFC) by 100.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 116,800 shares of the insurance provider’s stock after purchasing an additional 58,400 shares during the quarter. Truist Financial comprises about 2.2% of Freemont Management S.A.’s investment portfolio, making the stock its 12th largest position. Freemont Management S.A.’s holdings in Truist Financial were worth $5,067,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Bangor Savings Bank raised its stake in Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 272 shares in the last quarter. Hopwood Financial Services Inc. purchased a new stake in shares of Truist Financial in the fourth quarter valued at $26,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Truist Financial in the third quarter valued at $32,000. Curio Wealth LLC purchased a new stake in shares of Truist Financial in the fourth quarter valued at $45,000. Finally, True Wealth Design LLC purchased a new stake in shares of Truist Financial in the third quarter valued at $51,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on TFC. Hsbc Global Res raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Morgan Stanley increased their target price on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. Citigroup increased their target price on shares of Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. Piper Sandler increased their target price on shares of Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Finally, The Goldman Sachs Group upped their price target on shares of Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Nine equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Truist Financial has a consensus rating of “Moderate Buy” and a consensus target price of $51.16.

Truist Financial Stock Performance

TFC stock opened at $41.08 on Tuesday. The firm has a market cap of $53.62 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 1.63 and a beta of 1.08. The firm has a 50-day simple moving average of $45.32 and a two-hundred day simple moving average of $44.54. Truist Financial Co. has a one year low of $34.51 and a one year high of $49.06. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.81 earnings per share. On average, equities analysts forecast that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.06%. The ex-dividend date of this dividend was Friday, February 14th. Truist Financial’s payout ratio is 62.46%.

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.