Cinctive Capital Management LP Takes Position in Truist Financial Corporation $TFC

Cinctive Capital Management LP acquired a new stake in shares of Truist Financial Corporation (NYSE:TFC) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 133,908 shares of the insurance provider’s stock, valued at approximately $6,590,000.

Other hedge funds have also recently made changes to their positions in the company. Kemnay Advisory Services Inc. purchased a new position in shares of Truist Financial during the fourth quarter valued at approximately $25,000. Swiss RE Ltd. bought a new stake in Truist Financial during the fourth quarter valued at approximately $26,000. McMillan Office Inc. bought a new stake in Truist Financial during the fourth quarter valued at approximately $31,000. Maseco LLP grew its position in Truist Financial by 53.8% during the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after buying an additional 228 shares during the period. Finally, Mowery & Schoenfeld Wealth Management LLC grew its position in Truist Financial by 190.7% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock valued at $32,000 after buying an additional 431 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Price Performance

TFC stock opened at $48.17 on Thursday. Truist Financial Corporation has a one year low of $38.94 and a one year high of $56.19. The company’s fifty day moving average price is $49.18 and its 200-day moving average price is $49.23. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $60.02 billion, a PE ratio of 11.95, a price-to-earnings-growth ratio of 0.84 and a beta of 0.89.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, topping the consensus estimate of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter in the previous year, the firm earned $0.87 earnings per share. The company’s quarterly revenue was up 5.0% compared to the same quarter last year. On average, equities analysts anticipate that Truist Financial Corporation will post 4.5 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend was Friday, May 8th. Truist Financial’s payout ratio is 51.61%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on TFC shares. Wall Street Zen lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Robert W. Baird lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price for the company. in a research report on Friday, May 1st. Stephens started coverage on shares of Truist Financial in a research report on Monday. They set an “overweight” rating and a $59.00 target price for the company. Finally, Morgan Stanley cut their target price on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a research report on Monday, April 20th. Ten research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.79.

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.