Bessemer Group Inc. Has $86.31 Million Stock Position in Truist Financial Co. (NYSE:TFC)

Bessemer Group Inc. reduced its position in shares of Truist Financial Co. (NYSE:TFC - Free Report) by 26.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,989,688 shares of the insurance provider's stock after selling 710,555 shares during the period. Bessemer Group Inc. owned about 0.15% of Truist Financial worth $86,312,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Truist Financial during the fourth quarter worth approximately $402,828,000. FMR LLC grew its position in shares of Truist Financial by 109.1% in the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock valued at $453,762,000 after purchasing an additional 5,457,053 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Truist Financial during the fourth quarter worth $198,051,000. Amundi raised its holdings in shares of Truist Financial by 6.5% in the fourth quarter. Amundi now owns 23,683,345 shares of the insurance provider's stock worth $1,040,718,000 after acquiring an additional 1,450,323 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Truist Financial by 12.4% during the fourth quarter. Invesco Ltd. now owns 9,951,283 shares of the insurance provider's stock valued at $431,687,000 after acquiring an additional 1,101,256 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TFC has been the subject of several recent analyst reports. Citigroup lowered their price target on Truist Financial from $51.00 to $44.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Raymond James cut shares of Truist Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Baird R W upgraded shares of Truist Financial from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 5th. Hsbc Global Res raised shares of Truist Financial from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. Finally, Stephens upped their price objective on Truist Financial from $54.00 to $57.00 and gave the company an "overweight" rating in a research note on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Truist Financial currently has an average rating of "Moderate Buy" and a consensus target price of $50.22.

Truist Financial Stock Up 1.8 %

Shares of TFC stock traded up $0.66 during trading on Tuesday, reaching $36.84. The company's stock had a trading volume of 4,194,668 shares, compared to its average volume of 8,135,872. Truist Financial Co. has a one year low of $33.56 and a one year high of $49.06. The business has a fifty day moving average price of $42.13 and a 200-day moving average price of $43.97. The company has a market cap of $48.09 billion, a price-to-earnings ratio of 11.06, a price-to-earnings-growth ratio of 1.63 and a beta of 0.91. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. The firm had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The business's quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 EPS. Analysts anticipate that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 5.65%. Truist Financial's dividend payout ratio is currently 62.46%.

About Truist Financial

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.