Truist Financial Corporation $TFC Shares Acquired by Cullen Capital Management LLC

Cullen Capital Management LLC grew its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 10.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,591,783 shares of the insurance provider’s stock after acquiring an additional 427,067 shares during the period. Truist Financial comprises about 2.3% of Cullen Capital Management LLC’s investment portfolio, making the stock its 13th biggest holding. Cullen Capital Management LLC owned approximately 0.36% of Truist Financial worth $209,936,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in TFC. Brighton Jones LLC raised its position in shares of Truist Financial by 148.5% during the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after acquiring an additional 14,093 shares in the last quarter. Woodline Partners LP lifted its holdings in Truist Financial by 39.5% in the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after purchasing an additional 31,454 shares during the period. Sivia Capital Partners LLC acquired a new position in shares of Truist Financial during the second quarter valued at approximately $575,000. Ameritas Advisory Services LLC acquired a new stake in shares of Truist Financial in the second quarter valued at $182,000. Finally, Simplicity Wealth LLC bought a new position in shares of Truist Financial during the 2nd quarter valued at about $627,000. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Stock Up 2.0%

Shares of NYSE TFC opened at $55.09 on Thursday. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $55.75. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. The business has a fifty day moving average of $49.85 and a two-hundred day moving average of $46.57. The stock has a market cap of $70.47 billion, a PE ratio of 14.46, a PEG ratio of 0.91 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.91 EPS. As a group, equities research analysts expect 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 will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be paid a $0.52 dividend. The ex-dividend date is Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.8%. Truist Financial’s payout ratio is 54.59%.

Truist Financial announced that its Board of Directors has approved a share repurchase program on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire up to 15.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

TFC has been the subject of several analyst reports. The Goldman Sachs Group reaffirmed a “buy” rating and set a $58.00 target price on shares of Truist Financial in a report on Tuesday, January 6th. Piper Sandler increased their price objective on Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a report on Thursday, January 22nd. Robert W. Baird lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Evercore ISI raised Truist Financial from a “hold” rating to an “outperform” rating and raised their price target for the company from $49.00 to $58.00 in a research report on Tuesday, January 6th. Finally, Morgan Stanley increased their price target on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a report on Wednesday, December 17th. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $54.20.

Insider Transactions at Truist Financial

In related news, Director K. David Jr. Boyer sold 5,160 shares of the stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the sale, the director directly owned 10,153 shares in the company, valued at $471,606.85. This represents a 33.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial stock in a transaction on Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the completion of the transaction, the chief financial officer owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. The trade was a 14.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 21,660 shares of company stock valued at $1,075,087 in the last three months. 0.17% of the stock is owned by corporate insiders.

About Truist Financial

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.