Truist Financial Corp Acquires 22,280 Shares of NetEase, Inc. $NTES

Truist Financial Corp raised its holdings in shares of NetEase, Inc. (NASDAQ:NTES) by 253.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,087 shares of the technology company’s stock after buying an additional 22,280 shares during the quarter. Truist Financial Corp’s holdings in NetEase were worth $4,725,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. NewSquare Capital LLC grew its holdings in shares of NetEase by 137.2% during the second quarter. NewSquare Capital LLC now owns 185 shares of the technology company’s stock worth $25,000 after purchasing an additional 107 shares in the last quarter. Private Trust Co. NA grew its stake in NetEase by 266.0% in the 2nd quarter. Private Trust Co. NA now owns 194 shares of the technology company’s stock worth $26,000 after buying an additional 141 shares in the last quarter. Richardson Financial Services Inc. bought a new position in shares of NetEase in the 2nd quarter worth $33,000. Steigerwald Gordon & Koch Inc. purchased a new stake in shares of NetEase during the 3rd quarter valued at $38,000. Finally, Spire Wealth Management raised its position in shares of NetEase by 159.6% during the 2nd quarter. Spire Wealth Management now owns 257 shares of the technology company’s stock valued at $35,000 after buying an additional 158 shares in the last quarter. Hedge funds and other institutional investors own 11.07% of the company’s stock.

NetEase Stock Performance

NASDAQ:NTES opened at $128.36 on Wednesday. NetEase, Inc. has a fifty-two week low of $88.54 and a fifty-two week high of $159.55. The firm has a market cap of $81.33 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of 1.44 and a beta of 0.71. The business has a 50 day moving average price of $137.62 and a 200-day moving average price of $139.96.

NetEase Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, December 5th. NetEase’s dividend payout ratio is currently 28.99%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Benchmark increased their target price on NetEase from $145.00 to $158.00 and gave the company a “buy” rating in a research note on Friday, November 21st. JPMorgan Chase & Co. upgraded NetEase from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $138.00 to $190.00 in a report on Friday, October 10th. Citigroup reiterated a “buy” rating on shares of NetEase in a research report on Friday, November 21st. Barclays set a $135.00 target price on NetEase and gave the stock an “equal weight” rating in a research report on Friday, November 21st. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $170.00 target price on shares of NetEase in a research note on Wednesday, October 8th. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $156.13.

NetEase Company Profile

NetEase, Inc (NASDAQ: NTES) is a Chinese technology company headquartered in Hangzhou that develops and operates Internet services and products. Founded in 1997 by William Ding (Ding Lei), the company has grown from an early web portal and e-mail provider into a diversified online services group. William Ding has served as the company’s founder and long-time leader, guiding its expansion into games, digital content and consumer services.

The company’s primary business is interactive entertainment: NetEase Games designs, develops and publishes PC and mobile games for domestic and international audiences, offering a mix of self-developed franchises and titles published under licensing and strategic partnerships.