Teachers Retirement System of The State of Kentucky trimmed its stake in shares of Truist Financial Co. (NYSE:TFC – Get Rating) by 4.2% in the first quarter, Holdings Channel.com reports. The fund owned 94,297 shares of the insurance provider’s stock after selling 4,104 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Truist Financial were worth $5,347,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Cetera Investment Advisers raised its position in shares of Truist Financial by 0.6% during the 4th quarter. Cetera Investment Advisers now owns 32,460 shares of the insurance provider’s stock worth $1,901,000 after purchasing an additional 178 shares during the last quarter. Samalin Investment Counsel LLC raised its position in shares of Truist Financial by 5.5% during the 4th quarter. Samalin Investment Counsel LLC now owns 3,771 shares of the insurance provider’s stock worth $221,000 after purchasing an additional 195 shares during the last quarter. Monte Financial Group LLC raised its position in shares of Truist Financial by 1.5% during the 1st quarter. Monte Financial Group LLC now owns 13,844 shares of the insurance provider’s stock worth $785,000 after purchasing an additional 200 shares during the last quarter. CKW Financial Group raised its position in shares of Truist Financial by 25.0% during the 1st quarter. CKW Financial Group now owns 1,000 shares of the insurance provider’s stock worth $55,000 after purchasing an additional 200 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC raised its position in shares of Truist Financial by 0.9% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 22,806 shares of the insurance provider’s stock worth $1,293,000 after purchasing an additional 203 shares during the last quarter. 73.31% of the stock is currently owned by institutional investors and hedge funds.
Truist Financial Stock Down 1.0 %
Shares of NYSE TFC opened at $47.62 on Friday. Truist Financial Co. has a 52-week low of $44.68 and a 52-week high of $68.95. The firm has a fifty day moving average of $48.74 and a 200-day moving average of $50.55. The stock has a market capitalization of $63.16 billion, a PE ratio of 10.80, a P/E/G ratio of 2.08 and a beta of 1.12. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.54.
Truist Financial Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 12th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.37%. This is a boost from Truist Financial’s previous quarterly dividend of $0.48. The ex-dividend date was Thursday, August 11th. Truist Financial’s dividend payout ratio is 47.17%.
Insider Buying and Selling
In related news, CEO William H. Rogers, Jr. sold 142,606 shares of the company’s stock in a transaction on Wednesday, July 20th. The shares were sold at an average price of $47.78, for a total transaction of $6,813,714.68. Following the completion of the sale, the chief executive officer now directly owns 862,590 shares of the company’s stock, valued at approximately $41,214,550.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.31% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on TFC. Wells Fargo & Company cut their price objective on Truist Financial from $69.00 to $59.00 and set an “overweight” rating for the company in a research report on Friday, July 1st. Stephens cut their price objective on Truist Financial from $74.00 to $64.00 and set an “overweight” rating for the company in a research report on Tuesday, June 7th. Deutsche Bank Aktiengesellschaft cut their price target on Truist Financial from $70.00 to $61.00 and set a “buy” rating for the company in a report on Monday, September 12th. Wolfe Research cut their price target on Truist Financial from $57.00 to $41.00 and set an “underperform” rating for the company in a report on Thursday, May 26th. Finally, Morgan Stanley cut their price target on Truist Financial from $63.00 to $56.00 and set an “equal weight” rating for the company in a report on Tuesday, July 12th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $57.63.
Truist Financial Profile
Truist Financial Corporation, a holding 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.
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