Jennison Associates LLC Has $162.11 Million Stake in Truist Financial Co. (NYSE:TFC)

Jennison Associates LLC decreased its position in shares of Truist Financial Co. (NYSE:TFC) by 2.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,790,330 shares of the insurance provider’s stock after selling 96,541 shares during the period. Jennison Associates LLC owned 0.29% of Truist Financial worth $162,112,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Valley Wealth Managers Inc. bought a new stake in shares of Truist Financial during the third quarter valued at approximately $26,000. Crewe Advisors LLC bought a new stake in Truist Financial in the 1st quarter valued at $27,000. MFA Wealth Advisors LLC acquired a new position in shares of Truist Financial in the 2nd quarter valued at $30,000. Y.D. More Investments Ltd bought a new position in shares of Truist Financial during the 2nd quarter worth about $31,000. Finally, MidAtlantic Capital Management Inc. acquired a new stake in shares of Truist Financial during the 3rd quarter valued at about $32,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE TFC opened at $46.63 on Wednesday. The company has a fifty day moving average price of $43.36 and a 200 day moving average price of $41.38. Truist Financial Co. has a 1-year low of $31.23 and a 1-year high of $47.57. The firm has a market cap of $61.90 billion, a PE ratio of -32.61, a PEG ratio of 1.91 and a beta of 1.05. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62.

Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. The company had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. Research analysts predict that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.46%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is presently -145.45%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on TFC. Morgan Stanley raised their price target on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Wells Fargo & Company boosted their price target on Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $45.00 to $47.00 in a report on Wednesday, July 24th. Finally, StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $46.37.

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.