Cullen Capital Management LLC Has $222.89 Million Stock Holdings in Truist Financial Corporation $TFC

Cullen Capital Management LLC raised its stake in Truist Financial Corporation (NYSE:TFC) by 0.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,473,955 shares of the insurance provider’s stock after purchasing an additional 19,146 shares during the period. Truist Financial accounts for approximately 2.2% of Cullen Capital Management LLC’s investment portfolio, making the stock its 13th biggest position. Cullen Capital Management LLC owned approximately 0.37% of Truist Financial worth $222,892,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of TFC. BlackRock Inc. bought a new stake in shares of Truist Financial during the 2nd quarter worth about $4,959,834,000. Auto Owners Insurance Co lifted its position in Truist Financial by 4,821.0% during the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after acquiring an additional 13,884,480 shares during the last quarter. Wellington Management Group LLP lifted its position in Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after acquiring an additional 10,310,523 shares during the last quarter. Norges Bank bought a new stake in shares of Truist Financial during the fourth quarter worth approximately $502,340,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Truist Financial during the second quarter worth approximately $338,855,000. 71.28% of the stock is owned by institutional investors.

Truist Financial Price Performance

TFC stock opened at $50.81 on Tuesday. The company’s 50-day moving average price is $51.31 and its two-hundred day moving average price is $49.78. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm has a market cap of $62.07 billion, a P/E ratio of 11.65, a P/E/G ratio of 1.06 and a beta of 0.89.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.15. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter last year, the business posted $0.91 EPS. On average, analysts anticipate that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 4.1%. Truist Financial’s dividend payout ratio is presently 47.71%.

Wall Street Analysts Forecast Growth

TFC has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their target price on Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 29th. Robert W. Baird upped their price objective on Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Morgan Stanley reiterated an “equal weight” rating and set a $54.00 price objective (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Keefe, Bruyette & Woods lifted their target price on Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a report on Monday, July 20th. Finally, Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and reduced their target price for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. Seven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $55.12.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. sold 13,250 shares of the firm’s stock in a transaction on Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Donta L. Wilson sold 13,280 shares of Truist Financial stock in a transaction on Friday, July 31st. The shares were sold at an average price of $51.85, for a total value of $688,568.00. Following the completion of the transaction, the insider owned 56,009 shares in the company, valued at approximately $2,904,066.65. The trade was a 19.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 30,516 shares of company stock valued at $1,584,428. 0.15% of the stock is currently owned by corporate insiders.

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.