Highland Capital Management LLC Has $779,000 Stake in Truist Financial Corporation $TFC

Highland Capital Management LLC decreased its holdings in Truist Financial Corporation (NYSE:TFC) by 87.6% in the 4th quarter, HoldingsChannel reports. The firm owned 15,828 shares of the insurance provider’s stock after selling 111,500 shares during the quarter. Highland Capital Management LLC’s holdings in Truist Financial were worth $779,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of TFC. Principal Financial Group Inc. grew its holdings in shares of Truist Financial by 2.4% during the fourth quarter. Principal Financial Group Inc. now owns 1,410,891 shares of the insurance provider’s stock worth $69,430,000 after purchasing an additional 32,865 shares during the last quarter. Cerro Pacific Wealth Advisors LLC increased its stake in shares of Truist Financial by 3.2% in the fourth quarter. Cerro Pacific Wealth Advisors LLC now owns 15,609 shares of the insurance provider’s stock valued at $768,000 after buying an additional 482 shares in the last quarter. Varma Mutual Pension Insurance Co raised its holdings in shares of Truist Financial by 10.0% in the fourth quarter. Varma Mutual Pension Insurance Co now owns 324,580 shares of the insurance provider’s stock valued at $15,973,000 after buying an additional 29,500 shares during the last quarter. Avidian Wealth Enterprises LLC bought a new position in shares of Truist Financial in the fourth quarter valued at about $209,000. Finally, FSA Advisors Inc. acquired a new position in Truist Financial during the 4th quarter worth about $794,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC stock opened at $50.83 on Thursday. The stock has a market cap of $63.32 billion, a PE ratio of 12.61, a price-to-earnings-growth ratio of 0.85 and a beta of 0.92. The stock has a 50-day moving average of $48.06 and a 200-day moving average of $48.43. 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 Corporation has a one year low of $38.27 and a one year high of $56.19.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.09. The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. Truist Financial’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.87 EPS. As a group, sell-side analysts expect that Truist Financial Corporation will post 4.52 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Friday, May 8th. Truist Financial’s dividend payout ratio (DPR) is currently 51.61%.

Analysts Set New Price Targets

A number of equities research analysts have commented on TFC shares. Weiss Ratings raised shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Raymond James Financial upped their target price on shares of Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research note on Friday, May 1st. JPMorgan Chase & Co. lowered their price target on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Finally, Jefferies Financial Group restated a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a research report on Friday, April 17th. Nine equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and a consensus price target of $55.59.

Truist Financial Company 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.