Highland Capital Management LLC Sells 111,500 Shares of Truist Financial Corporation $TFC

Key Points

• Highland Capital Management LLC sharply reduced its stake in Truist, selling 111,500 shares in Q4 (an 87.6% cut) and ending the quarter with 15,828 shares worth $779,000.
• Truist beat the quarter's expectations, reporting $1.09 EPS versus $1.00 consensus and $5.20 billion in revenue (up 5% year-over-year), with a net margin of 18.14% and ROE of 9.55%.
• The company announced a quarterly dividend of $0.52 per share (4.1% yield) payable June 1 to holders of record May 8, and analysts have a "Moderate Buy" consensus with an average price target of $55.59.

Highland Capital Management LLC reduced its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 87.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 quarter.

Other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC grew its position in Truist Financial by 148.5% during the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider's stock worth $1,023,000 after buying an additional 14,093 shares in the last quarter. Woodline Partners LP increased its stake in Truist Financial by 39.5% during the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider's stock valued at $4,575,000 after acquiring an additional 31,454 shares during the period. Sivia Capital Partners LLC acquired a new position in Truist Financial in the 2nd quarter valued at approximately $575,000. AXA S.A. raised its holdings in Truist Financial by 23.1% in the 2nd quarter. AXA S.A. now owns 26,192 shares of the insurance provider's stock valued at $1,126,000 after acquiring an additional 4,921 shares in the last quarter. Finally, Main Street Financial Solutions LLC lifted its position in shares of Truist Financial by 20.1% in the 2nd quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider's stock worth $292,000 after acquiring an additional 1,134 shares during the period. 71.28% of the stock is owned by institutional investors.

Truist Financial Stock Up 1.8%

Shares of NYSE TFC opened at $50.83 on Thursday. Truist Financial Corporation has a 52-week low of $38.27 and a 52-week high of $56.19. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The business has a fifty day moving average of $48.06 and a two-hundred day moving average of $48.43. The stock has a market cap of $63.32 billion, a PE ratio of 12.61, a PEG ratio of 0.85 and a beta of 0.92.

Truist Financial (NYSE:TFC - Get Free Report) last posted its earnings results 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. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same quarter in the prior year, the firm earned $0.87 EPS. The firm's quarterly revenue was up 5.0% compared to the same quarter last year. As a group, equities research analysts expect that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

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

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Piper Sandler lifted their price objective on Truist Financial from $50.00 to $53.00 and gave the stock a "neutral" rating in a report on Thursday, January 22nd. JPMorgan Chase & Co. cut their target price on Truist Financial from $57.00 to $51.50 and set a "neutral" rating for the company in a research note on Tuesday, April 7th. Argus raised their target price on Truist Financial from $54.00 to $58.00 and gave the stock a "buy" rating in a research report on Friday, January 23rd. Evercore reiterated an "outperform" rating on shares of Truist Financial in a research note on Thursday, February 5th. Finally, Robert W. Baird lowered shares of Truist Financial from an "outperform" rating to a "neutral" rating and set a $55.00 price target on the stock. in a report on Friday, May 1st. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $55.59.

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.

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