Cresset Asset Management LLC Lowers Holdings in Truist Financial Co. (NYSE:TFC)

Cresset Asset Management LLC reduced its holdings in shares of Truist Financial Co. (NYSE:TFC - Free Report) by 20.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 211,538 shares of the insurance provider's stock after selling 55,244 shares during the period. Cresset Asset Management LLC's holdings in Truist Financial were worth $9,128,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Crestline Management LP acquired a new stake in shares of Truist Financial in the fourth quarter valued at $8,820,000. Cetera Investment Advisers increased its holdings in Truist Financial by 4.6% during the 4th quarter. Cetera Investment Advisers now owns 474,619 shares of the insurance provider's stock worth $20,589,000 after purchasing an additional 21,068 shares during the period. BOKF NA raised its position in Truist Financial by 10.8% in the 4th quarter. BOKF NA now owns 270,531 shares of the insurance provider's stock valued at $11,573,000 after purchasing an additional 26,273 shares in the last quarter. Bridgefront Capital LLC boosted its stake in shares of Truist Financial by 114.6% in the 4th quarter. Bridgefront Capital LLC now owns 46,216 shares of the insurance provider's stock valued at $2,005,000 after buying an additional 24,682 shares during the period. Finally, Cary Street Partners Financial LLC acquired a new position in shares of Truist Financial during the fourth quarter worth about $2,921,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on TFC shares. Stephens decreased their price target on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Robert W. Baird upgraded Truist Financial from a "neutral" rating to an "outperform" rating and raised their price target for the company from $48.00 to $52.00 in a research note on Wednesday, March 5th. Morgan Stanley lowered their price objective on Truist Financial from $50.00 to $43.00 and set an "equal weight" rating for the company in a research report on Monday, April 7th. Keefe, Bruyette & Woods cut their target price on Truist Financial from $53.00 to $47.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Finally, Piper Sandler lowered their price target on Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a report on Monday, April 21st. Nine research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $47.83.

Truist Financial Price Performance

Shares of TFC opened at $38.66 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. Truist Financial Co. has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The firm has a 50-day simple moving average of $39.07 and a 200-day simple moving average of $43.35. The company has a market capitalization of $50.62 billion, a price-to-earnings ratio of 11.61, a price-to-earnings-growth ratio of 1.63 and a beta of 0.83.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, hitting analysts' consensus estimates of $0.87. The company had revenue of $4.95 billion during the quarter, compared to analysts' expectations of $4.99 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. During the same period last year, the firm earned $0.90 EPS. On average, equities research analysts anticipate that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Friday, May 9th will be paid a $0.52 dividend. The ex-dividend date is Friday, May 9th. This represents a $2.08 annualized dividend and a yield of 5.38%. Truist Financial's dividend payout ratio is currently 61.36%.

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.

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