59,221 Shares in Truist Financial Corporation (NYSE:TFC) Acquired by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. acquired a new position in shares of Truist Financial Corporation (NYSE:TFC) in the 4th quarter, HoldingsChannel.com reports. The firm acquired 59,221 shares of the insurance provider’s stock, valued at approximately $3,335,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. J.W. Cole Advisors Inc. bought a new position in shares of Truist Financial during the 4th quarter worth approximately $1,921,000. Russell Investments Group Ltd. increased its stake in Truist Financial by 10.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 331,427 shares of the insurance provider’s stock valued at $17,704,000 after purchasing an additional 30,524 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Truist Financial by 2.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 29,799,250 shares of the insurance provider’s stock valued at $1,590,386,000 after purchasing an additional 790,879 shares in the last quarter. IBM Retirement Fund acquired a new position in Truist Financial during the 4th quarter valued at approximately $1,110,000. Finally, Capital Investment Services of America Inc. acquired a new position in Truist Financial during the 4th quarter valued at approximately $12,175,000. Hedge funds and other institutional investors own 73.02% of the company’s stock.

A number of research analysts have issued reports on TFC shares. Royal Bank of Canada restated a “buy” rating on shares of Truist Financial in a research note on Monday, February 3rd. UBS Group cut their price target on shares of Truist Financial from $53.00 to $52.00 and set a “neutral” rating on the stock in a research note on Monday, October 21st. Zacks Investment Research upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a research note on Wednesday, January 1st. Morgan Stanley started coverage on shares of Truist Financial in a research note on Thursday, December 19th. They set an “equal weight” rating and a $56.00 price target on the stock. Finally, Janney Montgomery Scott lowered shares of Truist Financial from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $55.33.

TFC stock opened at $54.94 on Friday. The firm’s fifty day simple moving average is $55.21 and its 200-day simple moving average is $52.79. The company has a market capitalization of $42.01 billion, a P/E ratio of 12.57, a price-to-earnings-growth ratio of 1.51 and a beta of 1.16. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.94 and a quick ratio of 0.92. Truist Financial Corporation has a 12 month low of $44.51 and a 12 month high of $56.92.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Thursday, January 30th. The insurance provider reported $1.12 EPS for the quarter, beating the consensus estimate of $1.02 by $0.10. The business had revenue of $3.63 billion for the quarter, compared to the consensus estimate of $3.65 billion. Truist Financial had a net margin of 21.49% and a return on equity of 10.03%. During the same period in the prior year, the firm earned $1.05 EPS. As a group, sell-side analysts forecast that Truist Financial Corporation will post 4.41 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 14th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 3.28%. The ex-dividend date is Thursday, February 13th. Truist Financial’s dividend payout ratio (DPR) is currently 41.19%.

In other news, CEO Kelly S. King sold 201,806 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $54.22, for a total value of $10,941,921.32. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Thomas E. Skains sold 4,285 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $54.25, for a total transaction of $232,461.25. Following the completion of the sale, the director now directly owns 30,753 shares in the company, valued at $1,668,350.25. The disclosure for this sale can be found here. Insiders sold a total of 233,016 shares of company stock worth $12,652,237 over the last ninety days. Insiders own 0.49% of the company’s stock.

About Truist Financial

Truist Financial Corp., formerly BB&T, is a bank holding company based in Charlotte, North Carolina. Its bank operates 2,049 branches in 15 states and Washington, DC, and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services.

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Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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