Jennison Associates LLC Sells 1,094,833 Shares of Truist Financial Co. (NYSE:TFC)

Jennison Associates LLC lessened its position in shares of Truist Financial Co. (NYSE:TFC) by 29.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,578,776 shares of the insurance provider’s stock after selling 1,094,833 shares during the quarter. Jennison Associates LLC owned about 0.19% of Truist Financial worth $95,208,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TFC. OFI Invest Asset Management purchased a new stake in shares of Truist Financial during the 3rd quarter valued at $26,000. Operose Advisors LLC purchased a new stake in Truist Financial in the third quarter valued at about $31,000. Tyler Stone Wealth Management acquired a new stake in Truist Financial in the third quarter worth about $33,000. Morton Brown Family Wealth LLC grew its stake in shares of Truist Financial by 236.0% during the fourth quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 649 shares during the last quarter. Finally, Authentikos Wealth Advisory LLC acquired a new position in shares of Truist Financial during the third quarter valued at about $36,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Insider Activity

In related news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the transaction, the director now owns 16,132 shares in the company, valued at approximately $604,627.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.17% of the company’s stock.

Truist Financial Stock Up 3.4 %

Shares of TFC opened at $38.04 on Tuesday. The firm has a market cap of $50.77 billion, a P/E ratio of -35.22, a PEG ratio of 2.27 and a beta of 1.08. Truist Financial Co. has a 12 month low of $25.56 and a 12 month high of $39.29. The stock’s 50 day moving average is $36.68 and its two-hundred day moving average is $34.62. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.74.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. The firm had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. The business’s revenue was down 8.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.09 EPS. Analysts predict that Truist Financial Co. will post 3.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

TFC has been the subject of a number of recent analyst reports. TheStreet cut shares of Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. Morgan Stanley restated an “equal weight” rating and issued a $43.00 target price on shares of Truist Financial in a research note on Monday. Keefe, Bruyette & Woods lifted their target price on Truist Financial from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, April 5th. HSBC lifted their price objective on shares of Truist Financial from $37.00 to $39.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. Finally, Wells Fargo & Company boosted their target price on shares of Truist Financial from $39.00 to $45.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $41.56.

About Truist Financial

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.