Daiwa Securities Group Inc. Purchases 17,967 Shares of Truist Financial Co. (NYSE:TFC)

Daiwa Securities Group Inc. boosted its stake in shares of Truist Financial Co. (NYSE:TFC - Free Report) by 12.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 163,373 shares of the insurance provider's stock after acquiring an additional 17,967 shares during the quarter. Daiwa Securities Group Inc.'s holdings in Truist Financial were worth $6,987,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in TFC. Summit Trail Advisors LLC lifted its position in Truist Financial by 7.6% during the 3rd quarter. Summit Trail Advisors LLC now owns 15,229 shares of the insurance provider's stock valued at $651,000 after purchasing an additional 1,081 shares during the period. SevenBridge Financial Group LLC acquired a new position in Truist Financial during the 3rd quarter valued at about $211,000. Centaurus Financial Inc. lifted its position in Truist Financial by 28.2% during the 3rd quarter. Centaurus Financial Inc. now owns 16,168 shares of the insurance provider's stock valued at $691,000 after purchasing an additional 3,559 shares during the period. Sompo Asset Management Co. Ltd. lifted its position in Truist Financial by 72.7% during the 3rd quarter. Sompo Asset Management Co. Ltd. now owns 64,190 shares of the insurance provider's stock valued at $2,745,000 after purchasing an additional 27,020 shares during the period. Finally, StoneX Group Inc. lifted its position in Truist Financial by 4.6% during the 3rd quarter. StoneX Group Inc. now owns 65,265 shares of the insurance provider's stock valued at $2,791,000 after purchasing an additional 2,881 shares during the period. Institutional investors own 71.28% of the company's stock.

Truist Financial Stock Down 0.8 %

Shares of TFC traded down $0.40 during mid-day trading on Tuesday, hitting $47.71. 7,296,549 shares of the company's stock were exchanged, compared to its average volume of 8,315,539. The company has a market cap of $63.33 billion, a PE ratio of -33.64, a P/E/G ratio of 1.97 and a beta of 1.05. Truist Financial Co. has a 52 week low of $31.23 and a 52 week high of $49.06. The company has a 50-day simple moving average of $43.80 and a 200 day simple moving average of $41.61. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85.

Truist Financial (NYSE:TFC - Get Free Report) last issued 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. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The company had revenue of $5.09 billion during the quarter, compared to analysts' expectations of $5.05 billion. On average, research analysts forecast that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.36%. Truist Financial's dividend payout ratio is presently -145.45%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Keefe, Bruyette & Woods upped their target price on shares of Truist Financial from $48.00 to $49.00 and gave the company an "overweight" rating in a research report on Wednesday, October 16th. Citigroup increased their price target on shares of Truist Financial from $47.00 to $51.00 and gave the company a "neutral" rating in a research report on Monday. Wolfe Research upgraded shares of Truist Financial from an "underperform" rating to a "peer perform" rating in a research report on Friday, August 9th. Compass Point increased their price target on shares of Truist Financial from $46.00 to $47.00 in a research report on Wednesday, October 16th. Finally, StockNews.com upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a research report on Friday, October 18th. Twelve research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Truist Financial currently has a consensus rating of "Hold" and a consensus price target 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.