Truist Financial Corporation $TFC Shares Sold by Cullen Capital Management LLC

Cullen Capital Management LLC reduced its stake in Truist Financial Corporation (NYSE:TFC) by 5.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,347,033 shares of the insurance provider’s stock after selling 244,750 shares during the period. Truist Financial accounts for about 2.3% of Cullen Capital Management LLC’s investment portfolio, making the stock its 13th biggest holding. Cullen Capital Management LLC owned about 0.34% of Truist Financial worth $213,917,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in TFC. Swiss RE Ltd. acquired a new position in shares of Truist Financial during the fourth quarter worth approximately $26,000. McMillan Office Inc. acquired a new position in shares of Truist Financial during the fourth quarter worth approximately $31,000. Ancora Advisors LLC boosted its position in shares of Truist Financial by 259.1% during the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after buying an additional 500 shares during the period. Maseco LLP boosted its position in shares of Truist Financial by 53.8% during the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after buying an additional 228 shares during the period. Finally, Mowery & Schoenfeld Wealth Management LLC boosted its position in shares of Truist Financial by 190.7% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after buying an additional 431 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TFC has been the subject of several analyst reports. JPMorgan Chase & Co. reduced their price objective on Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. Weiss Ratings upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Jefferies Financial Group reiterated a “mixed” rating and set a $45.00 price objective on shares of Truist Financial in a research report on Friday, April 17th. Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price on the stock. in a report on Friday, May 1st. Nine equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.59.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $51.63 on Friday. Truist Financial Corporation has a 12 month low of $38.83 and a 12 month high of $56.19. The stock has a market cap of $64.33 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 0.87 and a beta of 0.89. The stock’s 50 day moving average price is $49.10 and its 200 day moving average price is $49.16. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, topping the consensus estimate of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The firm had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter in the previous year, the company earned $0.87 earnings per share. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. Equities research analysts anticipate that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 8th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 annualized dividend and a yield of 4.0%. Truist Financial’s payout ratio is presently 51.61%.

Truist Financial 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.