Cullinan Associates Inc. Sells 45,100 Shares of Truist Financial Corporation $TFC

Cullinan Associates Inc. trimmed its position in Truist Financial Corporation (NYSE:TFC) by 44.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,435 shares of the insurance provider’s stock after selling 45,100 shares during the quarter. Cullinan Associates Inc.’s holdings in Truist Financial were worth $2,626,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in TFC. Brookstone Capital Management grew its position in shares of Truist Financial by 12.3% during the third quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider’s stock worth $15,366,000 after purchasing an additional 36,916 shares in the last quarter. Hilltop National Bank bought a new position in Truist Financial in the 2nd quarter worth approximately $543,000. Sterling Investment Management LLC bought a new position in Truist Financial in the 3rd quarter worth approximately $923,000. SCS Capital Management LLC grew its holdings in Truist Financial by 383.7% during the 2nd quarter. SCS Capital Management LLC now owns 382,554 shares of the insurance provider’s stock valued at $16,446,000 after buying an additional 303,466 shares in the last quarter. Finally, Federated Hermes Inc. raised its position in shares of Truist Financial by 1.3% during the second quarter. Federated Hermes Inc. now owns 9,632,481 shares of the insurance provider’s stock valued at $414,100,000 after buying an additional 120,842 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on TFC shares. Barclays lowered shares of Truist Financial from an “equal weight” rating to an “underweight” rating and upped their target price for the stock from $47.00 to $56.00 in a research report on Monday, January 5th. Citigroup increased their price objective on shares of Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, December 31st. Keefe, Bruyette & Woods lifted their target price on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a report on Wednesday, December 17th. Robert W. Baird reiterated a “neutral” rating and issued a $52.00 target price on shares of Truist Financial in a research report on Thursday, December 11th. Finally, Cowen restated a “buy” rating on shares of Truist Financial in a report on Wednesday, January 7th. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Truist Financial presently has an average rating of “Hold” and a consensus target price of $52.80.

Insider Activity

In related news, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the transaction, the director directly owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. The trade was a 33.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.14% of the company’s stock.

Truist Financial Trading Down 1.0%

Shares of NYSE TFC opened at $49.66 on Wednesday. The stock has a market capitalization of $63.53 billion, a P/E ratio of 13.35, a PEG ratio of 0.96 and a beta of 0.89. Truist Financial Corporation has a 1-year low of $33.56 and a 1-year high of $51.51. The business’s 50 day moving average is $47.94 and its two-hundred day moving average is $45.90. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.05. The firm had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.20 billion. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.97 EPS. As a group, research analysts expect that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 14th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, November 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.2%. Truist Financial’s dividend payout ratio is currently 55.91%.

Truist Financial declared that its Board of Directors has initiated a stock buyback plan on Tuesday, December 16th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the insurance provider to reacquire up to 15.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Truist Financial Profile

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.