Oddo BHF Asset Management Sas Makes New Investment in Truist Financial Co. (NYSE:TFC)

Oddo BHF Asset Management Sas bought a new position in shares of Truist Financial Co. (NYSE:TFC) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 22,923 shares of the insurance provider’s stock, valued at approximately $980,000.

A number of other institutional investors have also recently modified their holdings of TFC. State Street Corp grew its holdings in Truist Financial by 4.6% in the third quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock valued at $2,645,964,000 after purchasing an additional 2,720,223 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of Truist Financial by 316.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock valued at $90,585,000 after buying an additional 1,609,351 shares in the last quarter. HighTower Advisors LLC grew its stake in Truist Financial by 26.1% in the 3rd quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider’s stock valued at $166,892,000 after acquiring an additional 807,648 shares during the period. LPL Financial LLC increased its holdings in Truist Financial by 21.0% in the 3rd quarter. LPL Financial LLC now owns 3,630,761 shares of the insurance provider’s stock worth $155,288,000 after acquiring an additional 630,628 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec purchased a new position in Truist Financial during the third quarter valued at $26,087,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Price Performance

Truist Financial stock opened at $45.78 on Friday. The company’s 50 day simple moving average is $45.10 and its 200-day simple moving average is $42.34. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. Truist Financial Co. has a 1 year low of $34.23 and a 1 year high of $49.06. The company has a market capitalization of $60.77 billion, a price-to-earnings ratio of -32.01, a price-to-earnings-growth ratio of 1.87 and a beta of 1.06.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The company had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. As a group, equities research analysts expect that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 8th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.54%. The ex-dividend date of this dividend was Friday, November 8th. Truist Financial’s dividend payout ratio is currently -145.45%.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Wells Fargo & Company boosted their target price on shares of Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Royal Bank of Canada increased their target price on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Piper Sandler raised their target price on Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. UBS Group boosted their price target on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Finally, Compass Point raised their target price on shares of Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Twelve investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $48.53.

Insiders Place Their Bets

In other Truist Financial news, CEO William H. Rogers, Jr. purchased 34,180 shares of the company’s stock in a transaction on Monday, November 25th. The stock was acquired at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the purchase, the chief executive officer now directly owns 691,451 shares in the company, valued at approximately $33,576,860.56. The trade was a 5.20 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director K. David Jr. Boyer sold 4,966 shares of the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the completion of the sale, the director now owns 11,246 shares in the company, valued at approximately $519,565.20. The trade was a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.

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.