Jennison Associates LLC Has $126.73 Million Stock Position in Truist Financial Corporation (NYSE:TFC)

Jennison Associates LLC trimmed its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 4.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,079,749 shares of the insurance provider's stock after selling 155,774 shares during the quarter. Jennison Associates LLC owned approximately 0.24% of Truist Financial worth $126,732,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC boosted its position in shares of Truist Financial by 148.5% in 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 during the period. Thrivent Financial for Lutherans boosted its position in shares of Truist Financial by 105.0% in the fourth quarter. Thrivent Financial for Lutherans now owns 168,585 shares of the insurance provider's stock worth $7,328,000 after buying an additional 86,330 shares during the period. Generali Asset Management SPA SGR acquired a new stake in shares of Truist Financial in the fourth quarter worth $256,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Truist Financial in the fourth quarter worth $304,000. Finally, Royal London Asset Management Ltd. boosted its position in shares of Truist Financial by 2.8% in the fourth quarter. Royal London Asset Management Ltd. now owns 1,129,580 shares of the insurance provider's stock worth $49,001,000 after buying an additional 30,591 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on TFC shares. Stephens decreased their target price on Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Wells Fargo & Company reduced their price objective on Truist Financial from $52.00 to $50.00 and set an "overweight" rating for the company in a research report on Friday, March 28th. Barclays reduced their price objective on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a research report on Monday, April 21st. Citigroup raised Truist Financial from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Finally, TD Cowen began coverage on Truist Financial in a research report on Thursday, May 15th. They set a "hold" rating and a $44.00 price objective for the company. Eight equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Truist Financial has an average rating of "Moderate Buy" and a consensus price target of $48.44.

Truist Financial Price Performance

Shares of TFC traded down $0.70 on Friday, hitting $44.31. The company's stock had a trading volume of 13,738,714 shares, compared to its average volume of 8,360,087. The company has a market capitalization of $58.03 billion, a PE ratio of 12.07, a PEG ratio of 1.66 and a beta of 0.85. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.83. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The company has a 50 day moving average price of $41.67 and a 200 day moving average price of $42.05.

Truist Financial (NYSE:TFC - Get Free Report) last issued its earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02). The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a net margin of 15.59% and a return on equity of 8.96%. The business's revenue was down 406.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.91 EPS. On average, research analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.69%. The ex-dividend date of this dividend was Friday, May 9th. Truist Financial's dividend payout ratio is currently 56.68%.

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.