Highland Capital Management LLC Sells 1,967 Shares of Truist Financial Corporation (NYSE:TFC)

Highland Capital Management LLC lowered its position in Truist Financial Corporation (NYSE:TFC) by 1.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 167,853 shares of the insurance provider’s stock after selling 1,967 shares during the period. Highland Capital Management LLC’s holdings in Truist Financial were worth $6,907,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of TFC. Capital International Investors raised its stake in shares of Truist Financial by 26.0% in the fourth quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider’s stock worth $3,930,983,000 after purchasing an additional 18,712,246 shares during the last quarter. Norges Bank purchased a new stake in shares of Truist Financial in the fourth quarter worth approximately $402,828,000. FMR LLC raised its stake in shares of Truist Financial by 109.1% in the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider’s stock worth $453,762,000 after purchasing an additional 5,457,053 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Truist Financial in the fourth quarter worth approximately $198,051,000. Finally, Northern Trust Corp raised its stake in shares of Truist Financial by 20.5% in the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider’s stock worth $626,154,000 after purchasing an additional 2,452,239 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Price Performance

Shares of NYSE TFC opened at $42.63 on Friday. The stock has a fifty day simple moving average of $39.67 and a two-hundred day simple moving average of $41.98. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The firm has a market cap of $55.83 billion, a price-to-earnings ratio of 12.58, a price-to-earnings-growth ratio of 1.58 and a beta of 0.84. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting analysts’ consensus estimates of $0.87. Truist Financial had a return on equity of 8.96% and a net margin of 15.59%. The firm had revenue of $4.95 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same period last year, the company earned $0.90 earnings per share. Analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.88%. The ex-dividend date was Friday, May 9th. Truist Financial’s payout ratio is currently 61.36%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on TFC. Argus set a $43.00 price objective on Truist Financial in a research note on Monday, April 21st. Citigroup raised Truist Financial from a “neutral” rating to a “buy” rating and increased their price target for the company from $44.00 to $55.00 in a research report on Thursday. Morgan Stanley decreased their price target on Truist Financial from $50.00 to $43.00 and set an “equal weight” rating for the company in a research report on Monday, April 7th. Baird R W raised Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Finally, Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, May 7th. Eight investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Truist Financial has a consensus rating of “Moderate Buy” and a consensus price target of $48.44.

Truist Financial Profile

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.