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

Manning & Napier Advisors LLC cut its position in shares of Truist Financial Corporation (NYSE:TFC) by 6.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 152,960 shares of the insurance provider’s stock after selling 11,423 shares during the period. Manning & Napier Advisors LLC’s holdings in Truist Financial were worth $7,032,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in Truist Financial by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock valued at $5,892,453,000 after buying an additional 701,049 shares during the period. Capital International Investors lifted its holdings 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 worth $5,332,835,000 after acquiring an additional 715,433 shares during the period. Victory Capital Management Inc. boosted its position in shares of Truist Financial by 7.5% during the 4th quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock valued at $1,572,968,000 after acquiring an additional 2,226,288 shares in the last quarter. Morgan Stanley boosted its position in shares of Truist Financial by 2.9% during the 4th quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock valued at $1,030,028,000 after acquiring an additional 597,255 shares in the last quarter. Finally, Auto Owners Insurance Co increased its stake in Truist Financial by 4,821.0% in the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after acquiring an additional 13,884,480 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TFC. UBS Group lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $58.00 to $55.00 in a research report on Tuesday, July 7th. Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $63.00 to $54.00 in a report on Tuesday, June 30th. Stephens assumed coverage on Truist Financial in a research note on Monday, June 15th. They issued an “overweight” rating and a $59.00 price objective on the stock. Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price for the company. in a report on Friday, May 1st. Finally, Bank of America restated a “neutral” rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a research report on Wednesday. Seven analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $54.47.

Truist Financial Price Performance

Shares of TFC traded up $0.34 during trading hours on Friday, hitting $51.71. The stock had a trading volume of 6,037,025 shares, compared to its average volume of 10,161,204. The company’s fifty day moving average is $49.18 and its two-hundred day moving average is $49.44. 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 Corporation has a 52 week low of $40.78 and a 52 week high of $56.19. The stock has a market capitalization of $64.43 billion, a price-to-earnings ratio of 12.83, a P/E/G ratio of 0.91 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (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 the consensus estimate of $5.18 billion. During the same period last year, the firm posted $0.87 EPS. The firm’s quarterly revenue was up 5.0% on a year-over-year basis. On average, analysts anticipate that Truist Financial Corporation will post 4.51 EPS for the current year.

Truist Financial Dividend Announcement

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

Truist Financial Company Profile

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.