Jennison Associates LLC Sells 1,786,602 Shares of Truist Financial Corporation $TFC

Jennison Associates LLC trimmed its position in shares of Truist Financial Corporation (NYSE:TFC) by 58.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,293,147 shares of the insurance provider’s stock after selling 1,786,602 shares during the period. Jennison Associates LLC owned approximately 0.10% of Truist Financial worth $55,592,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Wealth Preservation Advisors LLC bought a new stake in Truist Financial during the first quarter valued at about $25,000. Centennial Bank AR boosted its holdings in Truist Financial by 360.2% during the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 580 shares during the period. Princeton Global Asset Management LLC bought a new stake in Truist Financial during the second quarter valued at about $30,000. Motco boosted its holdings in Truist Financial by 435.6% during the first quarter. Motco now owns 798 shares of the insurance provider’s stock valued at $33,000 after acquiring an additional 649 shares during the period. Finally, Ramirez Asset Management Inc. boosted its holdings in Truist Financial by 60.0% during the second quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 300 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

TFC has been the subject of several research reports. UBS Group set a $55.00 target price on shares of Truist Financial in a research note on Tuesday, October 21st. Wells Fargo & Company reiterated an “equal weight” rating and issued a $47.00 target price on shares of Truist Financial in a research note on Thursday, August 21st. Keefe, Bruyette & Woods increased their target price on shares of Truist Financial from $48.00 to $49.00 and gave the company a “market perform” rating in a research note on Monday, October 20th. Evercore ISI increased their target price on shares of Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. Finally, Morgan Stanley increased their target price on shares of Truist Financial from $54.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, October 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and a consensus target price of $50.59.

Truist Financial Stock Down 1.0%

Shares of TFC opened at $43.89 on Thursday. The stock has a market cap of $56.59 billion, a price-to-earnings ratio of 11.80, a P/E/G ratio of 1.21 and a beta of 0.88. 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 Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The company has a 50-day moving average price of $45.06 and a two-hundred day moving average price of $42.71.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.05. The firm had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $5.20 billion. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.97 earnings per share. Truist Financial has set its FY 2025 guidance at EPS. Q4 2025 guidance at EPS. Equities 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 will be paid on Monday, December 1st. Shareholders of record on Friday, November 14th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, November 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.7%. Truist Financial’s dividend payout ratio (DPR) is currently 55.91%.

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.