Cullinan Associates Inc. Increases Stake in Truist Financial Co. (NYSE:TFC)

Cullinan Associates Inc. raised its stake in shares of Truist Financial Co. (NYSE:TFC) by 1.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 152,837 shares of the insurance provider’s stock after purchasing an additional 2,500 shares during the quarter. Cullinan Associates Inc.’s holdings in Truist Financial were worth $6,489,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Wellington Management Group LLP increased its position in Truist Financial by 475.1% during the 4th quarter. Wellington Management Group LLP now owns 252,719 shares of the insurance provider’s stock worth $9,330,000 after purchasing an additional 208,772 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Truist Financial by 9.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 494,579 shares of the insurance provider’s stock worth $19,279,000 after acquiring an additional 43,746 shares during the period. Financial Management Professionals Inc. grew its position in Truist Financial by 13.0% in the first quarter. Financial Management Professionals Inc. now owns 8,538 shares of the insurance provider’s stock valued at $333,000 after acquiring an additional 979 shares in the last quarter. Hodges Capital Management Inc. grew its position in Truist Financial by 20.4% in the first quarter. Hodges Capital Management Inc. now owns 7,116 shares of the insurance provider’s stock valued at $277,000 after acquiring an additional 1,208 shares in the last quarter. Finally, Reliant Investment Management LLC acquired a new position in shares of Truist Financial during the first quarter worth $200,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analysts Set New Price Targets

TFC has been the subject of several recent analyst reports. Royal Bank of Canada raised their target price on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Barclays lifted their price target on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Argus boosted their price objective on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Finally, The Goldman Sachs Group dropped their price target on Truist Financial from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $46.02.

Truist Financial Stock Performance

TFC stock traded down $0.16 on Friday, reaching $43.26. The company’s stock had a trading volume of 523,151 shares, compared to its average volume of 8,255,423. The firm has a fifty day moving average of $42.76 and a two-hundred day moving average of $40.41. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. The company has a market capitalization of $57.93 billion, a P/E ratio of -30.36, a price-to-earnings-growth ratio of 1.84 and a beta of 1.05. Truist Financial Co. has a 52 week low of $27.38 and a 52 week high of $45.31.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.07. The company had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The company’s revenue for the quarter was down 15.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.95 earnings per share. As a group, analysts predict that Truist Financial Co. will post 3.58 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.81%. Truist Financial’s payout ratio is -145.45%.

About Truist Financial

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.