Cullen Capital Management LLC Has $222.89 Million Stock Holdings in Truist Financial Corporation $TFC

Cullen Capital Management LLC boosted its stake in Truist Financial Corporation (NYSE:TFC) by 0.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 4,473,955 shares of the insurance provider’s stock after acquiring an additional 19,146 shares during the quarter. Truist Financial makes up about 2.2% of Cullen Capital Management LLC’s investment portfolio, making the stock its 13th biggest position. Cullen Capital Management LLC’s holdings in Truist Financial were worth $222,892,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Kemnay Advisory Services Inc. bought a new stake in shares of Truist Financial during the fourth quarter worth $25,000. Swiss RE Ltd. bought a new position in shares of Truist Financial in the 4th quarter valued at $26,000. N.E.W. Advisory Services LLC bought a new position in shares of Truist Financial in the 2nd quarter valued at $30,000. Navigoe LLC acquired a new stake in shares of Truist Financial during the 2nd quarter valued at $30,000. Finally, McMillan Office Inc. acquired a new stake in shares of Truist Financial during the 4th quarter valued at $31,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Up 0.8%

Shares of Truist Financial stock opened at $50.81 on Tuesday. The stock’s 50-day moving average is $51.31 and its 200 day moving average is $49.78. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19. The firm has a market cap of $62.07 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 1.06 and a beta of 0.89. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same period in the previous year, the company posted $0.91 earnings per share. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. Equities research analysts anticipate that Truist Financial Corporation will post 4.58 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a $0.52 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial’s payout ratio is currently 47.71%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on TFC shares. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $63.00 to $54.00 in a report on Tuesday, June 30th. Raymond James Financial reissued a “market perform” rating on shares of Truist Financial in a research note on Wednesday, July 1st. Weiss Ratings restated a “buy (b)” rating on shares of Truist Financial in a report on Wednesday, July 29th. Evercore reaffirmed an “outperform” rating and issued a $57.00 price objective on shares of Truist Financial in a research note on Monday, July 6th. Finally, Robert W. Baird raised their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Seven investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $55.12.

Insider Activity

In related news, CEO William H. Rogers, Jr. sold 13,250 shares of the business’s stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director K. David Jr. Boyer sold 3,986 shares of the stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the transaction, the director directly owned 10,270 shares in the company, valued at approximately $520,689. This represents a 27.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 30,516 shares of company stock worth $1,584,428 in the last quarter. 0.15% of the stock is owned by corporate insiders.

Truist Financial Profile

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.