KBC Group NV Acquires 999,763 Shares of Truist Financial Co. (NYSE:TFC)

KBC Group NV grew its holdings in shares of Truist Financial Co. (NYSE:TFC) by 96.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,031,893 shares of the insurance provider’s stock after acquiring an additional 999,763 shares during the period. KBC Group NV’s holdings in Truist Financial were worth $88,144,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. AXA S.A. raised its stake in shares of Truist Financial by 24.3% in the second quarter. AXA S.A. now owns 112,178 shares of the insurance provider’s stock worth $4,358,000 after buying an additional 21,907 shares during the period. AQR Capital Management LLC raised its stake in Truist Financial by 16.7% during the 2nd quarter. AQR Capital Management LLC now owns 878,298 shares of the insurance provider’s stock worth $33,560,000 after acquiring an additional 125,385 shares during the period. Mackenzie Financial Corp boosted its position in shares of Truist Financial by 52.2% in the second quarter. Mackenzie Financial Corp now owns 299,914 shares of the insurance provider’s stock worth $11,652,000 after purchasing an additional 102,823 shares during the period. Legal & General Group Plc increased its stake in shares of Truist Financial by 1.0% in the second quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock worth $401,663,000 after purchasing an additional 103,565 shares in the last quarter. Finally, NewEdge Advisors LLC raised its position in shares of Truist Financial by 0.3% during the 2nd quarter. NewEdge Advisors LLC now owns 148,053 shares of the insurance provider’s stock valued at $5,752,000 after purchasing an additional 444 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Price Performance

NYSE TFC opened at $46.96 on Monday. The company has a market cap of $62.34 billion, a PE ratio of 14.10, a P/E/G ratio of 1.67 and a beta of 1.08. Truist Financial Co. has a 52-week low of $34.23 and a 52-week high of $49.06. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The firm’s 50 day moving average price is $45.48 and its 200-day moving average price is $43.87.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5,047,370 billion. During the same period in the previous year, the company posted $0.81 EPS. The business’s revenue for the quarter was up 3.4% compared to the same quarter last year. Sell-side analysts forecast that Truist Financial Co. will post 3.95 EPS for the current fiscal year.

Insider Activity

In related news, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction that occurred 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 directly owns 11,246 shares in the company, valued at $519,565.20. This trade represents a 30.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William H. Rogers, Jr. purchased 34,180 shares of the business’s stock in a transaction on Monday, November 25th. The shares were bought at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the purchase, the chief executive officer now directly owns 691,451 shares in the company, valued at $33,576,860.56. This represents a 5.20 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

TFC has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their target price on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. UBS Group upped their price objective on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Stephens lifted their target price on Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Tuesday, January 21st. Citigroup upped their price target on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. Finally, The Goldman Sachs Group lifted their price objective on shares of Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Eleven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.79.

Truist Financial Company 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.