Cullen Capital Management LLC Has $209.94 Million Stake in Truist Financial Corporation $TFC

Cullen Capital Management LLC lifted its stake in Truist Financial Corporation (NYSE:TFC) by 10.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,591,783 shares of the insurance provider’s stock after purchasing an additional 427,067 shares during the period. Truist Financial accounts for 2.3% of Cullen Capital Management LLC’s portfolio, making the stock its 13th largest position. Cullen Capital Management LLC’s holdings in Truist Financial were worth $209,936,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of Truist Financial by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock valued at $5,177,722,000 after buying an additional 1,529,478 shares during the period. Geode Capital Management LLC boosted its holdings in Truist Financial by 0.3% in the second quarter. Geode Capital Management LLC now owns 28,191,122 shares of the insurance provider’s stock valued at $1,205,855,000 after acquiring an additional 74,728 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Truist Financial by 0.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 17,566,519 shares of the insurance provider’s stock worth $755,185,000 after purchasing an additional 164,034 shares during the period. Invesco Ltd. increased its position in Truist Financial by 6.5% in the second quarter. Invesco Ltd. now owns 13,995,108 shares of the insurance provider’s stock worth $601,650,000 after purchasing an additional 854,826 shares during the period. Finally, American Century Companies Inc. raised its holdings in Truist Financial by 6.6% during the 2nd quarter. American Century Companies Inc. now owns 12,834,800 shares of the insurance provider’s stock worth $551,768,000 after purchasing an additional 793,276 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Barclays lowered shares of Truist Financial from an “equal weight” rating to an “underweight” rating and raised their target price for the company from $47.00 to $56.00 in a research note on Monday, January 5th. Piper Sandler raised their price objective on shares of Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Thursday, January 22nd. Argus upped their target price on shares of Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. TD Cowen increased their price target on Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, January 22nd. Finally, Keefe, Bruyette & Woods lifted their price objective on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 17th. Seven research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $54.20.

Truist Financial Trading Up 2.0%

Shares of NYSE TFC opened at $55.09 on Thursday. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $55.75. The stock has a market cap of $70.47 billion, a price-to-earnings ratio of 14.46, a P/E/G ratio of 0.91 and a beta of 0.89. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. The company’s fifty day moving average is $49.85 and its 200-day moving average is $46.57.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.09). The business had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.91 EPS. Equities research analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Stockholders of record on Friday, February 13th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Friday, February 13th. Truist Financial’s payout ratio is 54.59%.

Truist Financial declared that its Board of Directors has authorized a share buyback program on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the insurance provider to purchase up to 15.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Activity

In related news, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the completion of the transaction, the chief financial officer directly owned 74,323 shares in the company, valued at approximately $3,725,811.99. The trade was a 14.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the sale, the director owned 10,153 shares in the company, valued at $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 21,660 shares of company stock worth $1,075,087 in the last 90 days. Corporate insiders own 0.17% of the company’s stock.

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.