Truist Financial Co. (NYSE:TFC) Shares Sold by Jennison Associates LLC

Jennison Associates LLC lessened its stake in shares of Truist Financial Co. (NYSE:TFC) by 29.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 2,578,776 shares of the insurance provider’s stock after selling 1,094,833 shares during the period. Jennison Associates LLC’s holdings in Truist Financial were worth $95,208,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Truist Financial by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 117,271,628 shares of the insurance provider’s stock valued at $3,355,141,000 after acquiring an additional 365,871 shares during the last quarter. Royal Bank of Canada grew its position in Truist Financial by 5.0% during the third quarter. Royal Bank of Canada now owns 15,384,890 shares of the insurance provider’s stock valued at $440,162,000 after acquiring an additional 732,801 shares during the period. Morgan Stanley increased its stake in Truist Financial by 0.3% during the third quarter. Morgan Stanley now owns 15,364,138 shares of the insurance provider’s stock worth $439,568,000 after acquiring an additional 39,510 shares during the last quarter. Truist Financial Corp increased its position in Truist Financial by 0.5% during the 3rd quarter. Truist Financial Corp now owns 5,197,904 shares of the insurance provider’s stock worth $148,712,000 after purchasing an additional 26,972 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in Truist Financial by 6.0% in the third quarter. Ameriprise Financial Inc. now owns 3,519,783 shares of the insurance provider’s stock valued at $100,694,000 after buying an additional 198,376 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Up 3.4 %

Shares of NYSE TFC opened at $38.04 on Tuesday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.74. The stock’s 50 day moving average price is $36.68 and its two-hundred day moving average price is $34.62. Truist Financial Co. has a 52-week low of $25.56 and a 52-week high of $39.29. The stock has a market capitalization of $50.77 billion, a P/E ratio of -35.22, a PEG ratio of 2.27 and a beta of 1.08.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. The business had revenue of $4.87 billion during the quarter, compared to the consensus estimate of $5.70 billion. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. The business’s quarterly revenue was down 8.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.09 EPS. On average, analysts anticipate that Truist Financial Co. will post 3.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the completion of the transaction, the director now directly owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on TFC shares. Bank of America raised shares of Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 price objective for the company in a research report on Thursday, January 4th. Royal Bank of Canada boosted their price target on Truist Financial from $40.00 to $42.00 and gave the stock an “outperform” rating in a research report on Friday, January 19th. Wells Fargo & Company increased their price objective on shares of Truist Financial from $39.00 to $45.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Raymond James boosted their target price on shares of Truist Financial from $34.00 to $41.00 and gave the stock an “outperform” rating in a research report on Friday, January 5th. Finally, UBS Group raised their price target on shares of Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a report on Friday, April 5th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Truist Financial currently has a consensus rating of “Moderate Buy” and an average price target of $41.56.

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.