Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Truist Financial Co. (NYSE:TFC – Free Report) by 3.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 232,291 shares of the insurance provider’s stock after buying an additional 7,361 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Truist Financial were worth $7,050,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently added to or reduced their stakes in the company. Fairfield Bush & CO. acquired a new stake in shares of Truist Financial during the 1st quarter valued at approximately $25,000. Winch Advisory Services LLC acquired a new stake in shares of Truist Financial during the first quarter worth $26,000. JFS Wealth Advisors LLC lifted its position in shares of Truist Financial by 617.0% in the 2nd quarter. JFS Wealth Advisors LLC now owns 968 shares of the insurance provider’s stock worth $29,000 after buying an additional 833 shares during the last quarter. GW&K Investment Management LLC acquired a new position in shares of Truist Financial in the 1st quarter valued at about $31,000. Finally, Quarry LP bought a new stake in shares of Truist Financial during the 1st quarter valued at about $32,000. 71.11% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
TFC has been the subject of a number of research reports. StockNews.com started coverage on Truist Financial in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Bank of America reduced their price objective on Truist Financial from $35.00 to $32.00 in a research report on Tuesday, October 10th. Stephens dropped their target price on Truist Financial from $40.00 to $37.00 and set an “equal weight” rating on the stock in a research report on Monday, July 24th. Morgan Stanley lowered their price target on shares of Truist Financial from $41.00 to $40.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 3rd. Finally, Raymond James cut their price objective on shares of Truist Financial from $36.00 to $34.00 and set an “outperform” rating on the stock in a research report on Thursday, October 5th. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial currently has a consensus rating of “Hold” and a consensus price target of $37.76.
Insider Transactions at Truist Financial
In related news, CEO William H. Rogers, Jr. purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, October 20th. The shares were purchased at an average price of $28.05 per share, with a total value of $280,500.00. Following the purchase, the chief executive officer now owns 412,924 shares of the company’s stock, valued at approximately $11,582,518.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.31% of the company’s stock.
Truist Financial Price Performance
NYSE:TFC opened at $31.00 on Wednesday. Truist Financial Co. has a 52-week low of $25.56 and a 52-week high of $53.34. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. The firm has a market cap of $41.34 billion, a P/E ratio of 7.81, a PEG ratio of 1.75 and a beta of 1.09. The business’s 50-day moving average price is $28.76 and its 200 day moving average price is $30.17.
Truist Financial (NYSE:TFC – Get Free Report) last released its earnings results on Thursday, October 19th. The insurance provider reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.02). The business had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.70 billion. Truist Financial had a return on equity of 10.74% and a net margin of 17.59%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.24 earnings per share. As a group, sell-side analysts predict that Truist Financial Co. will post 3.76 earnings per share for the current fiscal year.
Truist Financial Announces Dividend
The business also recently disclosed a special dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 10th will be given a dividend of $0.52 per share. The ex-dividend date is Thursday, November 9th. This represents a dividend yield of 7.4%. Truist Financial’s dividend payout ratio (DPR) is presently 52.39%.
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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