Cullinan Associates Inc. Decreases Position in Truist Financial Corporation $TFC

Cullinan Associates Inc. trimmed its position in shares of Truist Financial Corporation (NYSE:TFC) by 0.7% during the second quarter, Holdings Channel reports. The firm 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.

Other institutional investors also recently bought and sold shares of the company. Wealth Preservation Advisors LLC purchased a new stake in Truist Financial during the first quarter worth $25,000. Centennial Bank AR raised its holdings in shares of Truist Financial by 360.2% in the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 580 shares during the last quarter. Motco raised its holdings in shares of Truist Financial by 435.6% in the first quarter. Motco now owns 798 shares of the insurance provider’s stock worth $33,000 after acquiring an additional 649 shares during the last quarter. Meeder Asset Management Inc. raised its holdings in shares of Truist Financial by 115.3% in the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock worth $36,000 after acquiring an additional 468 shares during the last quarter. Finally, Sierra Ocean LLC raised its holdings in shares of Truist Financial by 64.4% in the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 352 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Truist Financial

In other 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 completion of the transaction, the insider owned 500 shares in the company, valued at approximately $22,595. This trade represents a 96.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.14% of the company’s stock.

Analysts Set New Price Targets

TFC has been the subject of a number of analyst reports. Citigroup raised Truist Financial from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Evercore ISI boosted their price target on Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Keefe, Bruyette & Woods cut Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price target for the company. in a report on Wednesday, July 9th. Weiss Ratings reissued a “hold (c+)” rating on shares of Truist Financial in a report on Saturday, September 27th. Finally, 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. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.89.

Truist Financial Price Performance

TFC stock opened at $45.53 on Monday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. 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 $58.71 billion, a P/E ratio of 12.41, a price-to-earnings-growth ratio of 1.46 and a beta of 0.88. The stock has a 50-day simple moving average of $45.15 and a 200-day simple moving average of $42.08.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $5.04 billion. During the same quarter last year, the business earned $0.91 EPS. Truist Financial’s revenue for the quarter was down 406.0% compared to the same quarter last year. On average, equities analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were given a $0.52 dividend. The ex-dividend date was Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.6%. Truist Financial’s dividend payout ratio (DPR) is presently 56.68%.

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.