Truist Financial Corporation $TFC Shares Sold by Cullinan Associates Inc.

Cullinan Associates Inc. trimmed its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 0.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 102,535 shares of the insurance provider’s stock after selling 700 shares during the quarter. Cullinan Associates Inc.’s holdings in Truist Financial were worth $4,408,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Foster Victor Wealth Advisors LLC boosted its stake in shares of Truist Financial by 0.4% in the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 62,087 shares of the insurance provider’s stock valued at $2,804,000 after buying an additional 242 shares during the period. Klingman & Associates LLC increased its position in Truist Financial by 2.2% during the first quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider’s stock worth $484,000 after buying an additional 248 shares during the period. Haverford Trust Co increased its position in Truist Financial by 3.5% during the first quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider’s stock worth $319,000 after buying an additional 262 shares during the period. Keystone Financial Group Inc. increased its position in Truist Financial by 1.3% during the second quarter. Keystone Financial Group Inc. now owns 21,283 shares of the insurance provider’s stock worth $942,000 after buying an additional 266 shares during the period. Finally, Manchester Capital Management LLC increased its position in Truist Financial by 8.0% during the first quarter. Manchester Capital Management LLC now owns 3,898 shares of the insurance provider’s stock worth $160,000 after buying an additional 288 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Up 0.4%

Truist Financial stock opened at $45.53 on Monday. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The company has a market cap of $58.71 billion, a PE ratio of 12.41, a price-to-earnings-growth ratio of 1.46 and a beta of 0.88. The stock’s 50 day moving average price is $45.15 and its 200 day moving average price is $42.08.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $5.04 billion. During the same quarter last year, the firm earned $0.91 earnings per share. The firm’s quarterly revenue was down 406.0% compared to the same quarter last year. On average, sell-side analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were paid a $0.52 dividend. The ex-dividend date was Friday, August 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.6%. Truist Financial’s payout ratio is 56.68%.

Insider Buying and Selling at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the sale, the insider directly owned 500 shares in the company, valued at $22,595. The trade was a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have commented on TFC shares. Raymond James Financial raised Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research report on Tuesday, July 8th. Morgan Stanley lifted their price target on Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Monday, September 29th. Citigroup raised Truist Financial from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Wells Fargo & Company reissued an “equal weight” rating and issued a $47.00 target price on shares of Truist Financial in a report on Thursday, August 21st. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Truist Financial in a report on Saturday, September 27th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.89.

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.