Cullinan Associates Inc. Decreases Stake in Truist Financial Corporation (NYSE:TFC)

Cullinan Associates Inc. decreased its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 32.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 103,235 shares of the insurance provider's stock after selling 49,802 shares during the quarter. Cullinan Associates Inc.'s holdings in Truist Financial were worth $4,248,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. First American Bank raised its holdings in Truist Financial by 3.3% in the first quarter. First American Bank now owns 48,197 shares of the insurance provider's stock valued at $1,983,000 after acquiring an additional 1,523 shares in the last quarter. Nilsine Partners LLC raised its holdings in Truist Financial by 9.4% during the first quarter. Nilsine Partners LLC now owns 7,330 shares of the insurance provider's stock worth $302,000 after purchasing an additional 629 shares in the last quarter. Register Financial Advisors LLC raised its holdings in Truist Financial by 25.5% during the first quarter. Register Financial Advisors LLC now owns 18,399 shares of the insurance provider's stock worth $757,000 after purchasing an additional 3,740 shares in the last quarter. Aspire Private Capital LLC raised its holdings in Truist Financial by 10.4% during the first quarter. Aspire Private Capital LLC now owns 19,104 shares of the insurance provider's stock worth $786,000 after purchasing an additional 1,804 shares in the last quarter. Finally, Stonegate Investment Group LLC raised its holdings in Truist Financial by 49.9% during the first quarter. Stonegate Investment Group LLC now owns 9,410 shares of the insurance provider's stock worth $387,000 after purchasing an additional 3,133 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Truist Financial Stock Performance

NYSE:TFC traded up $0.44 during midday trading on Friday, reaching $40.25. The stock had a trading volume of 10,237,762 shares, compared to its average volume of 8,283,581. The firm has a fifty day simple moving average of $39.09 and a two-hundred day simple moving average of $42.09. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $49.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.55. The stock has a market cap of $52.71 billion, a P/E ratio of 11.87, a P/E/G ratio of 1.49 and a beta of 0.84.

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, meeting analysts' consensus estimates of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 8.96%. The firm had revenue of $4.95 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same period last year, the firm posted $0.90 EPS. On average, equities analysts expect that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were given a $0.52 dividend. The ex-dividend date was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.17%. Truist Financial's dividend payout ratio (DPR) is 61.36%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on TFC. Barclays cut their price objective on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. Keefe, Bruyette & Woods cut their price objective on shares of Truist Financial from $53.00 to $47.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Piper Sandler cut their price objective on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating on the stock in a report on Monday, April 21st. Citigroup cut their price objective on shares of Truist Financial from $51.00 to $44.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Finally, Morgan Stanley cut their price objective on shares of Truist Financial from $50.00 to $43.00 and set an "equal weight" rating on the stock in a report on Monday, April 7th. Nine research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $47.83.

Truist Financial Company 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.