State of Michigan Retirement System Acquires 3,300 Shares of Truist Financial Co. (NYSE:TFC)

State of Michigan Retirement System increased its holdings in shares of Truist Financial Co. (NYSE:TFCFree Report) by 0.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 394,043 shares of the insurance provider’s stock after acquiring an additional 3,300 shares during the period. State of Michigan Retirement System’s holdings in Truist Financial were worth $14,548,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fairfield Bush & CO. bought a new stake in shares of Truist Financial during the 1st quarter worth approximately $25,000. Quarry LP bought a new stake in Truist Financial during the 1st quarter valued at $32,000. OFI Invest Asset Management bought a new stake in Truist Financial during the 3rd quarter valued at $26,000. Union Savings Bank bought a new stake in Truist Financial during the 2nd quarter valued at $36,000. Finally, Operose Advisors LLC bought a new stake in Truist Financial during the 3rd quarter valued at $31,000. 71.28% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the sale, the director now owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.17% of the stock is currently owned by insiders.

Truist Financial Stock Down 1.3 %

Shares of TFC stock opened at $37.88 on Wednesday. Truist Financial Co. has a 1-year low of $25.56 and a 1-year high of $39.29. The stock’s fifty day moving average price is $36.53 and its 200 day moving average price is $33.65. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market cap of $50.55 billion, a price-to-earnings ratio of -35.07, a price-to-earnings-growth ratio of 1.62 and a beta of 1.08.

Truist Financial (NYSE:TFCGet Free Report) last announced its earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.13. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. The firm had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same period in the previous year, the business earned $1.30 EPS. On average, research analysts expect that Truist Financial Co. will post 3.39 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 9th were given a dividend of $0.52 per share. The ex-dividend date was Thursday, February 8th. This represents a $2.08 dividend on an annualized basis and a yield of 5.49%. Truist Financial’s dividend payout ratio is currently -192.59%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on TFC. StockNews.com lowered Truist Financial from a “hold” rating to a “sell” rating in a research report on Thursday, March 28th. TheStreet lowered Truist Financial from a “b-” rating to a “c” rating in a research report on Tuesday, February 20th. Barclays lifted their target price on Truist Financial from $40.00 to $42.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 2nd. Piper Sandler lifted their price target on Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, January 19th. Finally, Morgan Stanley lifted their price target on Truist Financial from $38.00 to $43.00 and gave the company an “equal weight” rating in a report on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $40.38.

Get Our Latest Report on Truist Financial

Truist Financial Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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