Manning & Napier Advisors LLC Has $7.03 Million Holdings in Truist Financial Corporation $TFC

Manning & Napier Advisors LLC lessened its stake in shares of Truist Financial Corporation (NYSE:TFC) by 6.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 152,960 shares of the insurance provider’s stock after selling 11,423 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Truist Financial were worth $7,032,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Elevated Capital Advisors LLC grew its holdings in Truist Financial by 12.7% during the first quarter. Elevated Capital Advisors LLC now owns 19,134 shares of the insurance provider’s stock valued at $880,000 after purchasing an additional 2,152 shares during the last quarter. Ibex Wealth Advisors lifted its stake in shares of Truist Financial by 6.1% in the first quarter. Ibex Wealth Advisors now owns 193,653 shares of the insurance provider’s stock worth $8,902,000 after buying an additional 11,215 shares during the last quarter. Griffith & Werner Inc. boosted its holdings in shares of Truist Financial by 5.5% during the 1st quarter. Griffith & Werner Inc. now owns 139,752 shares of the insurance provider’s stock worth $6,424,000 after buying an additional 7,223 shares during the period. Austin Asset Management Co Inc bought a new stake in shares of Truist Financial during the 1st quarter worth $520,000. Finally, Atlas Wealth Partners LLC acquired a new position in Truist Financial in the 1st quarter valued at $253,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. JPMorgan Chase & Co. lowered their price target on Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. UBS Group lowered Truist Financial from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $58.00 to $55.00 in a research note on Tuesday, July 7th. Finally, Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a research report on Monday, June 29th. Seven investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $54.47.

Truist Financial Stock Performance

Shares of Truist Financial stock traded up $0.34 during midday trading on Friday, hitting $51.71. The company had a trading volume of 6,037,025 shares, compared to its average volume of 10,161,204. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The business’s 50 day simple moving average is $49.18 and its two-hundred day simple moving average is $49.44. The stock has a market cap of $64.43 billion, a PE ratio of 12.83, a P/E/G ratio of 0.91 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $5.18 billion. During the same period in the prior year, the company earned $0.87 EPS. The business’s quarterly revenue was up 5.0% compared to the same quarter last year. As a group, equities analysts predict that Truist Financial Corporation will post 4.51 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. Truist Financial’s dividend payout ratio is currently 51.61%.

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.