Pictet Asset Management Holding SA Reduces Stock Holdings in Truist Financial Corporation $TFC

Pictet Asset Management Holding SA lessened its position in shares of Truist Financial Corporation (NYSE:TFC) by 11.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 730,463 shares of the insurance provider’s stock after selling 95,932 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.06% of Truist Financial worth $33,579,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Brighton Jones LLC lifted its holdings in shares of Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after purchasing an additional 14,093 shares in the last quarter. Woodline Partners LP increased its stake in shares of Truist Financial by 39.5% during the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after purchasing an additional 31,454 shares in the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Truist Financial during the 2nd quarter worth approximately $575,000. AXA S.A. raised its position in shares of Truist Financial by 23.1% during the 2nd quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock worth $1,126,000 after purchasing an additional 4,921 shares during the last quarter. Finally, Main Street Financial Solutions LLC raised its position in shares of Truist Financial by 20.1% during the 2nd quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock worth $292,000 after purchasing an additional 1,134 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Stock Down 1.5%

TFC stock opened at $49.83 on Wednesday. The company has a 50 day moving average price of $49.17 and a two-hundred day moving average price of $49.37. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $62.08 billion, a P/E ratio of 12.36, a PEG ratio of 0.87 and a beta of 0.89. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same quarter in the prior year, the company posted $0.87 EPS. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. As a group, sell-side analysts expect that Truist Financial Corporation will post 4.5 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.2%. The ex-dividend date was Friday, May 8th. Truist Financial’s dividend payout ratio is presently 51.61%.

Wall Street Analyst Weigh In

TFC has been the topic of a number of analyst reports. Jefferies Financial Group reiterated a “mixed” rating and set a $45.00 target price on shares of Truist Financial in a report on Friday, April 17th. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and cut their price target for the stock from $63.00 to $54.00 in a report on Tuesday. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a research report on Monday. Morgan Stanley decreased their price objective on Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research note on Monday, April 20th. Finally, Royal Bank Of Canada lifted their price objective on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. Nine equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $55.26.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.