Cullen Capital Management LLC Has $199.22 Million Stock Position in Truist Financial Co. (NYSE:TFC)

Cullen Capital Management LLC boosted its position in Truist Financial Co. (NYSE:TFC) by 1.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,592,341 shares of the insurance provider’s stock after acquiring an additional 63,439 shares during the quarter. Truist Financial accounts for 2.3% of Cullen Capital Management LLC’s holdings, making the stock its 16th largest holding. Cullen Capital Management LLC owned 0.35% of Truist Financial worth $199,216,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. State Street Corp lifted its position in shares of Truist Financial by 4.6% during the 3rd quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock worth $2,645,964,000 after buying an additional 2,720,223 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Truist Financial by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 27,975,691 shares of the insurance provider’s stock worth $1,210,348,000 after acquiring an additional 534,740 shares during the last quarter. Amundi lifted its holdings in shares of Truist Financial by 6.5% in the fourth quarter. Amundi now owns 23,683,345 shares of the insurance provider’s stock worth $1,040,718,000 after acquiring an additional 1,450,323 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Truist Financial by 7.9% during the 4th quarter. American Century Companies Inc. now owns 9,882,885 shares of the insurance provider’s stock valued at $428,720,000 after purchasing an additional 722,749 shares during the last quarter. Finally, Norges Bank acquired a new position in Truist Financial during the 4th quarter worth approximately $402,828,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on TFC shares. Citigroup lowered their price target on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a report on Monday, March 24th. JPMorgan Chase & Co. decreased their price objective on Truist Financial from $48.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday. Stephens lifted their target price on Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. Hsbc Global Res raised Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Wells Fargo & Company cut their price objective on Truist Financial from $52.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, March 28th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $50.42.

Truist Financial Stock Down 6.0 %

Shares of NYSE:TFC opened at $34.80 on Friday. Truist Financial Co. has a 52-week low of $33.71 and a 52-week high of $49.06. The business’s 50 day simple moving average is $43.97 and its two-hundred day simple moving average is $44.30. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market cap of $45.43 billion, a P/E ratio of 10.45, a PEG ratio of 1.63 and a beta of 0.91.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The business had revenue of $5.11 billion for the quarter, compared to analysts’ expectations of $5.05 billion. During the same quarter last year, the firm earned $0.81 EPS. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, research analysts forecast that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 5.98%. Truist Financial’s dividend payout ratio is currently 62.46%.

Truist Financial 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.