Truist Financial Corporation $TFC Shares Sold by Manning & Napier Advisors LLC

Manning & Napier Advisors LLC trimmed its position in shares of Truist Financial Corporation (NYSE:TFC) by 6.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 164,383 shares of the insurance provider’s stock after selling 10,868 shares during the period. Manning & Napier Advisors LLC’s holdings in Truist Financial were worth $8,147,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in TFC. Brighton Jones LLC grew its holdings in Truist Financial by 148.5% during the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after purchasing an additional 14,093 shares in the last quarter. Woodline Partners LP grew its holdings in Truist Financial by 39.5% during the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock valued at $4,575,000 after purchasing an additional 31,454 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in Truist Financial during the 2nd quarter valued at approximately $575,000. AXA S.A. grew its stake in Truist Financial by 23.1% during the 2nd quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock valued at $1,126,000 after purchasing an additional 4,921 shares in the last quarter. Finally, Main Street Financial Solutions LLC grew its stake in Truist Financial by 20.1% during the 2nd quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock valued at $292,000 after purchasing an additional 1,134 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on TFC. TD Cowen raised their price objective on Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, January 22nd. Evercore restated an “outperform” rating on shares of Truist Financial in a research note on Thursday, February 5th. 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. Weiss Ratings upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Finally, Piper Sandler raised their price objective on shares of Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a report on Thursday, January 22nd. Nine equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Truist Financial has a consensus rating of “Moderate Buy” and an average price target of $55.59.

Truist Financial Trading Down 1.3%

NYSE:TFC opened at $49.09 on Friday. Truist Financial Corporation has a 12-month low of $38.27 and a 12-month high of $56.19. The firm has a market capitalization of $61.16 billion, a P/E ratio of 12.18, a P/E/G ratio of 0.85 and a beta of 0.92. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The business has a 50 day simple moving average of $48.06 and a 200 day simple moving average of $48.48.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. The business had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.87 EPS. Equities research analysts predict that Truist Financial Corporation will post 4.52 EPS for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date of this dividend is Friday, May 8th. Truist Financial’s payout ratio is presently 51.61%.

Truist Financial Profile

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.