Manning & Napier Advisors LLC Reduces Position in Truist Financial Corporation $TFC

Manning & Napier Advisors LLC trimmed its holdings in Truist Financial Corporation (NYSE:TFC) by 10.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 137,682 shares of the insurance provider’s stock after selling 15,278 shares during the period. Manning & Napier Advisors LLC’s holdings in Truist Financial were worth $6,964,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Truist Financial by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock worth $5,892,453,000 after buying an additional 701,049 shares during the last quarter. Capital International Investors boosted its position in shares of Truist Financial by 0.7% during the 4th quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock valued at $5,332,835,000 after acquiring an additional 715,433 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Truist Financial during the 2nd quarter valued at about $4,959,834,000. Victory Capital Management Inc. grew its holdings in shares of Truist Financial by 7.5% in the fourth quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock valued at $1,572,968,000 after purchasing an additional 2,226,288 shares during the period. Finally, Morgan Stanley increased its position in Truist Financial by 2.9% during the fourth quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock worth $1,030,028,000 after purchasing an additional 597,255 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TFC has been the topic of a number of analyst reports. Evercore reaffirmed an “outperform” rating and set a $57.00 target price on shares of Truist Financial in a research note on Monday, July 6th. Robert W. Baird increased their price target on shares of Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Truist Financial in a research report on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods upped their price objective on Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Monday, July 20th. Seven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $55.12.

Truist Financial Stock Up 0.8%

Shares of TFC opened at $50.81 on Tuesday. The company’s 50-day moving average price is $51.31 and its 200 day moving average price is $49.78. Truist Financial Corporation has a 12-month low of $40.78 and a 12-month high of $56.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm has a market cap of $62.07 billion, a P/E ratio of 11.65, a price-to-earnings-growth ratio of 1.06 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.24 billion. During the same quarter last year, the firm posted $0.91 earnings per share. Truist Financial’s revenue was up 5.6% compared to the same quarter last year. On average, sell-side analysts forecast that Truist Financial Corporation will post 4.58 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Friday, August 14th. Truist Financial’s dividend payout ratio is currently 47.71%.

Insider Buying and Selling

In other Truist Financial news, Director K. David Jr. Boyer sold 3,986 shares of the company’s stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the transaction, the director directly owned 10,270 shares in the company, valued at $520,689. This represents a 27.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the firm’s stock in a transaction on Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 30,516 shares of company stock valued at $1,584,428. Company insiders own 0.15% 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.