Jennison Associates LLC Has $55.59 Million Stake in Truist Financial Corporation $TFC

Jennison Associates LLC decreased its position in shares of Truist Financial Corporation (NYSE:TFC) by 58.0% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 1,293,147 shares of the insurance provider’s stock after selling 1,786,602 shares during the period. Jennison Associates LLC’s holdings in Truist Financial were worth $55,592,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of TFC. Brighton Jones LLC increased its holdings in shares of Truist Financial by 148.5% during the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after buying an additional 14,093 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Truist Financial by 14.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 156,101 shares of the insurance provider’s stock worth $6,316,000 after buying an additional 20,298 shares in the last quarter. Koshinski Asset Management Inc. increased its holdings in shares of Truist Financial by 12.0% during the first quarter. Koshinski Asset Management Inc. now owns 12,122 shares of the insurance provider’s stock worth $499,000 after buying an additional 1,297 shares in the last quarter. Smith Salley Wealth Management increased its holdings in shares of Truist Financial by 10.9% in the first quarter. Smith Salley Wealth Management now owns 10,347 shares of the insurance provider’s stock valued at $426,000 after purchasing an additional 1,015 shares in the last quarter. Finally, Alta Advisers Ltd bought a new position in Truist Financial in the 1st quarter worth approximately $261,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Truist Financial from $48.00 to $49.00 and gave the stock a “market perform” rating in a research report on Monday, October 20th. Weiss Ratings restated a “hold (c+)” rating on shares of Truist Financial in a research report on Wednesday, October 8th. Raymond James Financial restated an “outperform” rating on shares of Truist Financial in a research report on Tuesday, October 7th. TD Cowen upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Tuesday, October 21st. Finally, Evercore ISI boosted their price objective on shares of Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, Truist Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.59.

Truist Financial Price Performance

TFC opened at $43.89 on Thursday. The company has a fifty day moving average price of $45.06 and a two-hundred day moving average price of $42.71. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $49.06. The firm has a market capitalization of $56.59 billion, a PE ratio of 11.80, a P/E/G ratio of 1.21 and a beta of 0.88.

Truist Financial (NYSE:TFC) last released its 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. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The firm had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.20 billion. During the same quarter in the previous year, the business earned $0.97 EPS. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. Truist Financial has set its FY 2025 guidance at EPS. Q4 2025 guidance at EPS. As a group, analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 14th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Friday, November 14th. Truist Financial’s payout ratio 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.