Jennison Associates LLC Increases Stock Position in Truist Financial Corporation $TFC

Jennison Associates LLC boosted its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 203.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,918,994 shares of the insurance provider’s stock after purchasing an additional 2,625,847 shares during the period. Jennison Associates LLC owned about 0.30% of Truist Financial worth $179,176,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Truist Financial by 1.3% during the second quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock valued at $5,177,722,000 after purchasing an additional 1,529,478 shares in the last quarter. Geode Capital Management LLC lifted its position in Truist Financial by 0.3% during the second quarter. Geode Capital Management LLC now owns 28,191,122 shares of the insurance provider’s stock valued at $1,205,855,000 after buying an additional 74,728 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Truist Financial by 0.9% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 17,566,519 shares of the insurance provider’s stock valued at $755,185,000 after buying an additional 164,034 shares in the last quarter. Invesco Ltd. grew its position in shares of Truist Financial by 6.5% in the 2nd quarter. Invesco Ltd. now owns 13,995,108 shares of the insurance provider’s stock worth $601,650,000 after buying an additional 854,826 shares during the period. Finally, American Century Companies Inc. grew its position in shares of Truist Financial by 6.6% in the 2nd quarter. American Century Companies Inc. now owns 12,834,800 shares of the insurance provider’s stock worth $551,768,000 after buying an additional 793,276 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $49.57 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $63.41 billion, a PE ratio of 13.01, a price-to-earnings-growth ratio of 0.85 and a beta of 0.89. The firm’s 50 day moving average price is $48.75 and its 200-day moving average price is $46.17. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $51.51.

Truist Financial (NYSE:TFC) last released its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.09). The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. Truist Financial’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.91 earnings per share. Equities research analysts expect that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial declared that its board has approved a share buyback program on Tuesday, December 16th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the insurance provider to repurchase up to 15.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, November 14th. This represents a $2.08 annualized dividend and a yield of 4.2%. Truist Financial’s dividend payout ratio is currently 55.91%.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the sale, the director owned 10,153 shares in the company, valued at approximately $471,606.85. This represents a 33.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on TFC. Piper Sandler boosted their price objective on shares of Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research note on Thursday. Barclays cut Truist Financial from an “equal weight” rating to an “underweight” rating and boosted their price target for the stock from $47.00 to $56.00 in a research report on Monday, January 5th. The Goldman Sachs Group restated a “buy” rating and issued a $58.00 price target on shares of Truist Financial in a research note on Tuesday, January 6th. Citigroup lifted their price objective on Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, December 31st. Finally, Keefe, Bruyette & Woods boosted their target price on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a report on Wednesday, December 17th. Seven research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Truist Financial currently has an average rating of “Hold” and a consensus target price of $54.20.

Truist Financial Company 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.