Assetmark Inc. Has $3.98 Million Stock Holdings in Truist Financial Co. (NYSE:TFC)

Assetmark Inc. grew its holdings in Truist Financial Co. (NYSE:TFC - Free Report) by 97.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 91,833 shares of the insurance provider's stock after purchasing an additional 45,235 shares during the period. Assetmark Inc.'s holdings in Truist Financial were worth $3,984,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. State Street Corp increased its stake in shares of Truist Financial by 4.6% in the third quarter. State Street Corp now owns 61,864,957 shares of the insurance provider's stock worth $2,645,964,000 after acquiring an additional 2,720,223 shares during the last quarter. KBC Group NV increased its stake in shares of Truist Financial by 96.9% in the fourth quarter. KBC Group NV now owns 2,031,893 shares of the insurance provider's stock worth $88,144,000 after acquiring an additional 999,763 shares during the last quarter. HighTower Advisors LLC increased its stake in shares of Truist Financial by 26.1% in the third quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider's stock worth $166,892,000 after acquiring an additional 807,648 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Truist Financial by 8.5% in the fourth quarter. Bank of New York Mellon Corp now owns 8,484,992 shares of the insurance provider's stock worth $368,079,000 after acquiring an additional 662,179 shares during the last quarter. Finally, LPL Financial LLC increased its position in Truist Financial by 21.0% during the third quarter. LPL Financial LLC now owns 3,630,761 shares of the insurance provider's stock worth $155,288,000 after buying an additional 630,628 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

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Truist Financial Price Performance

Shares of NYSE TFC traded up $0.01 during mid-day trading on Friday, hitting $42.25. 8,470,694 shares of the stock were exchanged, compared to its average volume of 7,426,036. The company has a market cap of $55.15 billion, a P/E ratio of 12.69, a PEG ratio of 1.63 and a beta of 1.08. The stock's fifty day simple moving average is $45.73 and its two-hundred day simple moving average is $44.67. 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 Co. has a twelve month low of $34.51 and a twelve month high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates 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%. Truist Financial's revenue for the quarter was up 3.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.81 earnings per share. As a group, analysts forecast that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.92%. The ex-dividend date was Friday, February 14th. Truist Financial's dividend payout ratio is currently 62.46%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Compass Point increased their target price on shares of Truist Financial from $47.00 to $56.00 and gave the stock a "buy" rating in a research report on Tuesday, December 10th. Baird R W raised shares of Truist Financial from a "hold" rating to a "strong-buy" rating in a research report on Wednesday. Citigroup increased their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock a "neutral" rating in a research report on Monday, November 25th. Keefe, Bruyette & Woods increased their target price on shares of Truist Financial from $55.00 to $57.00 and gave the stock an "outperform" rating in a research report on Tuesday, January 21st. Finally, Barclays increased their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock an "equal weight" rating in a research report on Monday, January 6th. 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's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $51.16.

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.