Cullen Capital Management LLC Boosts Stock Holdings in Truist Financial Co. (NYSE:TFC)

Cullen Capital Management LLC grew its holdings in shares of Truist Financial Co. (NYSE:TFC) by 1.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,592,341 shares of the insurance provider’s stock after purchasing an additional 63,439 shares during the quarter. Truist Financial comprises approximately 2.3% of Cullen Capital Management LLC’s portfolio, making the stock its 16th biggest holding. Cullen Capital Management LLC’s holdings in Truist Financial were worth $199,216,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. State Street Corp increased its position in shares of Truist Financial by 4.6% during 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 buying an additional 2,720,223 shares during the period. Geode Capital Management LLC raised its position in Truist Financial by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 27,975,691 shares of the insurance provider’s stock valued at $1,210,348,000 after purchasing an additional 534,740 shares in the last quarter. Amundi lifted its position in Truist Financial by 6.5% in the 4th quarter. Amundi now owns 23,683,345 shares of the insurance provider’s stock worth $1,040,718,000 after buying an additional 1,450,323 shares during the last quarter. American Century Companies Inc. raised its position in Truist Financial by 7.9% in the 4th quarter. American Century Companies Inc. now owns 9,882,885 shares of the insurance provider’s stock worth $428,720,000 after purchasing an additional 722,749 shares during the period. Finally, Norges Bank bought a new stake in Truist Financial in the fourth quarter valued at approximately $402,828,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Stephens boosted their price objective on shares of Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, January 21st. Keefe, Bruyette & Woods lifted their price target on Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday, January 21st. Hsbc Global Res raised Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Baird R W raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Truist Financial from $48.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $50.42.

Truist Financial Trading Down 6.0 %

Shares of Truist Financial stock opened at $34.80 on Friday. The stock has a market capitalization of $45.43 billion, a PE ratio of 10.45, a P/E/G ratio of 1.63 and a beta of 0.91. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The company’s fifty day simple moving average is $43.97 and its 200-day simple moving average is $44.30. Truist Financial Co. has a 1-year low of $33.71 and a 1-year high of $49.06.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 earnings per share. As a group, equities analysts anticipate that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 5.98%. The ex-dividend date was Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is currently 62.46%.

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.