Jennison Associates LLC Has $164.83 Million Stock Position in Truist Financial Corporation $TFC

Key Points

• Jennison Associates LLC trimmed its stake in Truist by 14.5% in Q4 and now holds 3,349,465 shares valued at about $164.83 million (roughly 0.26% of the company).
• Truist beat Q1 estimates, reporting $1.09 EPS vs. $1.00 expected and $5.20 billion in revenue (up 5% YoY), with a return on equity of 9.55% and a net margin of 18.14%.
• The bank declared a quarterly dividend of $0.52 per share (annualized $2.08, ~4.1% yield; ex-dividend May 8, pay June 1), while analysts hold a consensus "Moderate Buy" rating with a $55.41 average price target (10 Buys, 4 Holds, 1 Sell).

Jennison Associates LLC lowered its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 14.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,349,465 shares of the insurance provider's stock after selling 569,529 shares during the period. Jennison Associates LLC owned approximately 0.26% of Truist Financial worth $164,827,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Valley Wealth Managers Inc. acquired a new stake in Truist Financial in the third quarter valued at approximately $28,000. Ancora Advisors LLC grew its stake in Truist Financial by 259.1% in the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider's stock valued at $32,000 after acquiring an additional 500 shares during the period. Maseco LLP grew its stake in Truist Financial by 53.8% in the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider's stock valued at $32,000 after acquiring an additional 228 shares during the period. Mowery & Schoenfeld Wealth Management LLC grew its stake in Truist Financial by 190.7% in the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider's stock valued at $32,000 after acquiring an additional 431 shares during the period. Finally, Tripletail Wealth Management LLC acquired a new stake in Truist Financial in the third quarter valued at approximately $37,000. Institutional investors and hedge funds own 71.28% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on TFC shares. Jefferies Financial Group reissued a "mixed" rating and issued a $45.00 price objective on shares of Truist Financial in a research note on Friday, April 17th. Argus raised their price objective on Truist Financial from $54.00 to $58.00 and gave the company a "buy" rating in a research note on Friday, January 23rd. Morgan Stanley reduced their price objective on Truist Financial from $63.00 to $62.00 and set an "overweight" rating for the company in a research note on Monday, April 20th. Robert W. Baird raised Truist Financial from a "neutral" rating to an "outperform" rating and set a $52.00 price objective for the company in a research note on Monday, March 9th. Finally, Royal Bank Of Canada raised their price objective on Truist Financial from $51.00 to $53.00 and gave the company an "outperform" rating in a research note on Monday, April 20th. Ten analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $55.41.

Insider Buying and Selling

In related news, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the sale, the chief accounting officer directly owned 667 shares in the company, valued at approximately $35,010.83. This trade represents a 83.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.15% of the company's stock.

Truist Financial Stock Up 0.6%

TFC stock opened at $50.94 on Thursday. Truist Financial Corporation has a twelve month low of $38.16 and a twelve 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 0.70. The stock's 50 day moving average is $48.10 and its 200-day moving average is $48.22. The firm has a market capitalization of $63.22 billion, a PE ratio of 12.63, a P/E/G ratio of 0.88 and a beta of 0.89.

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, beating analysts' consensus estimates of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same quarter last year, the company earned $0.87 earnings per share. The company's revenue for the quarter was up 5.0% on a year-over-year basis. Sell-side analysts expect that Truist Financial Corporation will post 4.52 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 8th will be issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date is Friday, May 8th. Truist Financial's dividend payout ratio (DPR) is 51.61%.

About Truist Financial

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.

Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Corporation (NYSE:TFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.