Cullinan Associates Inc. Grows Position in Truist Financial Co. (NYSE:TFC)

Cullinan Associates Inc. raised its position in Truist Financial Co. (NYSE:TFC) by 1.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 152,837 shares of the insurance provider’s stock after buying an additional 2,500 shares during the quarter. Cullinan Associates Inc.’s holdings in Truist Financial were worth $6,489,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Norden Group LLC acquired a new stake in Truist Financial during the 1st quarter worth $2,351,000. Nordea Investment Management AB grew its holdings in shares of Truist Financial by 44.4% during the first quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock worth $105,353,000 after buying an additional 834,048 shares during the last quarter. CreativeOne Wealth LLC acquired a new position in Truist Financial in the 1st quarter valued at about $516,000. M&G Plc purchased a new stake in Truist Financial during the 2nd quarter valued at approximately $2,804,000. Finally, Dimensional Fund Advisors LP lifted its position in Truist Financial by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after acquiring an additional 299,196 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently commented on TFC shares. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Compass Point raised their target price on shares of Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. Barclays boosted their price target on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. UBS Group raised their price objective on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Finally, StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Truist Financial has an average rating of “Hold” and an average target price of $46.02.

Truist Financial Price Performance

Shares of NYSE TFC traded down $0.16 on Friday, hitting $43.26. The company’s stock had a trading volume of 523,151 shares, compared to its average volume of 8,255,423. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. The stock has a 50 day moving average of $42.76 and a 200-day moving average of $40.41. Truist Financial Co. has a 12-month low of $27.38 and a 12-month high of $45.31. The company has a market capitalization of $57.93 billion, a price-to-earnings ratio of -30.36, a price-to-earnings-growth ratio of 1.84 and a beta of 1.05.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The firm had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter in the prior year, the firm earned $0.95 EPS. Truist Financial’s quarterly revenue was down 15.9% on a year-over-year basis. As a group, research analysts predict that Truist Financial Co. will post 3.58 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.81%. The ex-dividend date is Friday, November 8th. Truist Financial’s payout ratio is -145.45%.

Truist Financial Profile

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.