Jennison Associates LLC Sells 569,529 Shares of Truist Financial Corporation $TFC

Jennison Associates LLC cut its position in Truist Financial Corporation (NYSE:TFC) by 14.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,349,465 shares of the insurance provider’s stock after selling 569,529 shares during the quarter. Jennison Associates LLC’s holdings in Truist Financial were worth $164,827,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Truist Financial by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock valued at $5,892,453,000 after buying an additional 701,049 shares during the period. Capital International Investors raised its stake in shares of Truist Financial by 0.3% in the third quarter. Capital International Investors now owns 107,642,731 shares of the insurance provider’s stock valued at $4,921,717,000 after buying an additional 346,423 shares during the period. Federated Hermes Inc. raised its stake in shares of Truist Financial by 8.4% in the third quarter. Federated Hermes Inc. now owns 10,445,658 shares of the insurance provider’s stock valued at $477,575,000 after buying an additional 813,177 shares during the period. Wellington Management Group LLP raised its stake in shares of Truist Financial by 13,511.7% in the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock valued at $474,886,000 after buying an additional 10,310,523 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Truist Financial by 2.0% in the third quarter. Dimensional Fund Advisors LP now owns 8,492,845 shares of the insurance provider’s stock valued at $388,300,000 after buying an additional 168,464 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CAO Cynthia B. Powell sold 3,500 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $52.49, for a total value of $183,715.00. Following the sale, the chief accounting officer owned 667 shares of the company’s stock, valued at $35,010.83. This trade represents a 83.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.15% of the stock is currently owned by insiders.

Analyst Ratings Changes

TFC has been the topic of several research reports. Piper Sandler boosted their target price on Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Thursday, January 22nd. Royal Bank Of Canada boosted their target price on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Barclays cut Truist Financial from an “equal weight” rating to an “underweight” rating and lifted their price target for the company from $47.00 to $56.00 in a research report on Monday, January 5th. Weiss Ratings upgraded Truist Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, April 17th. Finally, Evercore reiterated an “outperform” rating on shares of Truist Financial in a research report on Thursday, February 5th. Ten research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $55.41.

Truist Financial Price Performance

Truist Financial stock opened at $50.94 on Thursday. The business has a 50-day simple moving average of $48.10 and a 200 day simple moving average of $48.22. Truist Financial Corporation has a 52 week low of $38.16 and a 52 week high of $56.19. The stock has a market cap of $63.22 billion, a price-to-earnings ratio of 12.63, a PEG ratio of 0.88 and a beta of 0.89. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, beating 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 last year, the firm posted $0.87 EPS. The company’s revenue was up 5.0% compared to the same quarter last year. On average, research analysts forecast that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, May 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is presently 51.61%.

About Truist Financial

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.