Cinctive Capital Management LP Makes New $6.59 Million Investment in Truist Financial Corporation $TFC

Cinctive Capital Management LP bought a new stake in shares of Truist Financial Corporation (NYSE:TFC) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 133,908 shares of the insurance provider’s stock, valued at approximately $6,590,000.

A number of other large investors have also recently modified their holdings of the stock. City National Bank of Florida MSD bought a new stake in shares of Truist Financial during the 4th quarter valued at about $233,000. Boothbay Fund Management LLC bought a new stake in shares of Truist Financial during the 4th quarter valued at about $6,578,000. American Trust boosted its stake in shares of Truist Financial by 3.4% during the 4th quarter. American Trust now owns 21,611 shares of the insurance provider’s stock valued at $1,063,000 after purchasing an additional 701 shares in the last quarter. Bank OZK boosted its stake in shares of Truist Financial by 5.1% during the 4th quarter. Bank OZK now owns 21,171 shares of the insurance provider’s stock valued at $1,042,000 after purchasing an additional 1,031 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC boosted its stake in shares of Truist Financial by 60.8% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 438,400 shares of the insurance provider’s stock valued at $21,574,000 after purchasing an additional 165,756 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Down 1.9%

Shares of Truist Financial stock opened at $48.17 on Thursday. 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 $60.02 billion, a PE ratio of 11.95, a price-to-earnings-growth ratio of 0.84 and a beta of 0.89. Truist Financial Corporation has a 52-week low of $38.94 and a 52-week high of $56.19. The company has a 50-day simple moving average of $49.18 and a two-hundred day simple moving average of $49.23.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.09. The business had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.87 earnings per share. On average, analysts anticipate that Truist Financial Corporation will post 4.5 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend was Friday, May 8th. Truist Financial’s payout ratio is presently 51.61%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on TFC. Stephens initiated coverage on shares of Truist Financial in a research note on Monday. They set an “overweight” rating and a $59.00 target price on the stock. Weiss Ratings raised shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price target for the company. in a research report on Friday, May 1st. JPMorgan Chase & Co. lowered their price target on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. Finally, Jefferies Financial Group reissued a “mixed” rating and set a $45.00 price target on shares of Truist Financial in a research report on Friday, April 17th. Ten analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and an average price target of $55.79.

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.