Teachers Retirement System of The State of Kentucky Makes New Investment in Truist Financial Co. (NYSE:TFC)

Teachers Retirement System of The State of Kentucky bought a new position in shares of Truist Financial Co. (NYSE:TFC – Get Rating) in the third quarter, Holdings Channel reports. The fund bought 126,250 shares of the insurance provider’s stock, valued at approximately $5,497,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of TFC. Fairfield Bush & CO. acquired a new stake in shares of Truist Financial during the first quarter worth $25,000. United Bank lifted its holdings in shares of Truist Financial by 4.1% during the first quarter. United Bank now owns 74,457 shares of the insurance provider’s stock worth $4,222,000 after buying an additional 2,938 shares in the last quarter. Panagora Asset Management Inc. lifted its holdings in shares of Truist Financial by 33.3% during the first quarter. Panagora Asset Management Inc. now owns 26,365 shares of the insurance provider’s stock worth $1,495,000 after buying an additional 6,593 shares in the last quarter. Vontobel Holding Ltd. raised its stake in Truist Financial by 3.3% in the first quarter. Vontobel Holding Ltd. now owns 22,951 shares of the insurance provider’s stock valued at $1,348,000 after purchasing an additional 738 shares in the last quarter. Finally, Blair William & Co. IL raised its stake in Truist Financial by 8.1% in the first quarter. Blair William & Co. IL now owns 56,690 shares of the insurance provider’s stock valued at $3,214,000 after purchasing an additional 4,234 shares in the last quarter. Institutional investors and hedge funds own 72.49% of the company’s stock.

Wall Street Analysts Forecast Growth

TFC has been the subject of a number of analyst reports. StockNews.com initiated coverage on Truist Financial in a research note on Thursday. They issued a “hold” rating for the company. Deutsche Bank Aktiengesellschaft downgraded Truist Financial from a “buy” rating to a “hold” rating and dropped their price target for the company from $61.00 to $48.00 in a research note on Friday, January 6th. Jefferies Financial Group raised Truist Financial from a “hold” rating to a “buy” rating in a research note on Monday, January 9th. Citigroup raised Truist Financial from a “neutral” rating to a “buy” rating and set a $52.00 price target for the company in a research note on Wednesday. Finally, Robert W. Baird raised Truist Financial from a “neutral” rating to an “outperform” rating and set a $53.00 target price for the company in a research note on Monday, March 13th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $51.58.

Insider Activity at Truist Financial

In related news, insider Hugh S. Cummins III sold 35,229 shares of the company’s stock in a transaction that occurred on Friday, January 27th. The stock was sold at an average price of $49.05, for a total value of $1,727,982.45. Following the sale, the insider now directly owns 307,069 shares in the company, valued at $15,061,734.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director David M. Ratcliffe bought 13,125 shares of Truist Financial stock in a transaction that occurred on Friday, March 10th. The shares were acquired at an average cost of $38.08 per share, for a total transaction of $499,800.00. Following the completion of the acquisition, the director now directly owns 39,025 shares of the company’s stock, valued at approximately $1,486,072. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Hugh S. Cummins III sold 35,229 shares of the company’s stock in a transaction that occurred on Friday, January 27th. The shares were sold at an average price of $49.05, for a total value of $1,727,982.45. Following the completion of the sale, the insider now owns 307,069 shares in the company, valued at $15,061,734.45. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.

Truist Financial Stock Performance

NYSE:TFC opened at $30.56 on Friday. The stock has a market cap of $40.59 billion, a P/E ratio of 6.90, a price-to-earnings-growth ratio of 1.33 and a beta of 1.10. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. The stock’s 50-day moving average is $45.85 and its 200-day moving average is $44.99. Truist Financial Co. has a 1-year low of $28.70 and a 1-year high of $61.10.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 1st. Investors of record on Friday, February 10th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 6.81%. The ex-dividend date was Thursday, February 9th. Truist Financial’s payout ratio is presently 46.95%.

Truist Financial Company Profile

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Truist Financial Corp. is a financial holding company, which engages in the provision of banking services to individuals, businesses, and municipalities. It operates through the following segments: Consumer Banking and Wealth, Corporate and Commercial Banking, Insurance Holdings, and Other, Treasury & Corporate.