Cullen Frost Bankers Inc. Cuts Position in Truist Financial Co. (NYSE:TFC)

Cullen Frost Bankers Inc. reduced its position in shares of Truist Financial Co. (NYSE:TFC) by 73.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,033 shares of the insurance provider’s stock after selling 90,556 shares during the period. Cullen Frost Bankers Inc.’s holdings in Truist Financial were worth $1,183,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TFC. North Reef Capital Management LP acquired a new stake in shares of Truist Financial in the 3rd quarter valued at about $66,804,000. Assenagon Asset Management S.A. increased its stake in Truist Financial by 342.2% in the third quarter. Assenagon Asset Management S.A. now owns 2,526,939 shares of the insurance provider’s stock valued at $72,296,000 after purchasing an additional 1,955,448 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Truist Financial by 8.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock worth $690,793,000 after acquiring an additional 1,458,248 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of Truist Financial by 45.1% in the 3rd quarter. Jennison Associates LLC now owns 3,673,609 shares of the insurance provider’s stock worth $105,102,000 after purchasing an additional 1,141,944 shares during the period. Finally, International Assets Investment Management LLC lifted its stake in shares of Truist Financial by 3,359.6% in the 4th quarter. International Assets Investment Management LLC now owns 1,045,560 shares of the insurance provider’s stock valued at $38,602,000 after purchasing an additional 1,015,338 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TFC has been the topic of a number of research reports. TheStreet downgraded shares of Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. Citigroup increased their target price on Truist Financial from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. StockNews.com lowered Truist Financial from a “hold” rating to a “sell” rating in a research report on Friday. Evercore ISI reaffirmed an “in-line” rating and issued a $44.00 price objective on shares of Truist Financial in a research report on Thursday. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.70.

Insider Buying and Selling at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the sale, the director now directly owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.17% of the company’s stock.

Truist Financial Stock Up 0.2 %

TFC opened at $39.17 on Friday. Truist Financial Co. has a fifty-two week low of $26.49 and a fifty-two week high of $40.35. The company has a market capitalization of $52.28 billion, a PE ratio of -29.62, a price-to-earnings-growth ratio of 2.03 and a beta of 1.07. The business has a 50-day moving average of $37.43 and a 200-day moving average of $35.42. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The company had revenue of $4.87 billion during the quarter, compared to the consensus estimate of $5.70 billion. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same period last year, the firm earned $1.09 EPS. Equities research analysts forecast that Truist Financial Co. will post 3.3 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.31%. The ex-dividend date of this dividend is Thursday, May 9th. Truist Financial’s dividend payout ratio is -157.58%.

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.