Teacher Retirement System of Texas Lowers Position in Truist Financial Corporation $TFC

Teacher Retirement System of Texas trimmed its position in shares of Truist Financial Corporation (NYSE:TFC) by 11.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 202,728 shares of the insurance provider’s stock after selling 26,749 shares during the quarter. Teacher Retirement System of Texas’ holdings in Truist Financial were worth $9,269,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Myriad Asset Management US LP bought a new stake in shares of Truist Financial during the third quarter valued at approximately $417,000. Oak Hill Wealth Advisors LLC lifted its position in Truist Financial by 4.7% during the third quarter. Oak Hill Wealth Advisors LLC now owns 14,494 shares of the insurance provider’s stock valued at $663,000 after buying an additional 650 shares during the period. Parkside Financial Bank & Trust boosted its holdings in shares of Truist Financial by 5.3% during the 3rd quarter. Parkside Financial Bank & Trust now owns 11,623 shares of the insurance provider’s stock valued at $531,000 after buying an additional 584 shares in the last quarter. Facet Wealth Inc. purchased a new stake in shares of Truist Financial in the 3rd quarter worth about $201,000. Finally, Naples Global Advisors LLC grew its position in shares of Truist Financial by 1.7% in the 3rd quarter. Naples Global Advisors LLC now owns 16,758 shares of the insurance provider’s stock worth $766,000 after buying an additional 287 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

TFC stock opened at $49.57 on Monday. The stock’s 50 day simple moving average is $48.75 and its 200 day simple moving average is $46.19. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $51.51. The stock has a market capitalization of $63.41 billion, a PE ratio of 13.01, a price-to-earnings-growth ratio of 0.84 and a beta of 0.89.

Truist Financial (NYSE:TFC) last posted its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The business had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.91 EPS. As a group, research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial announced that its Board of Directors has initiated a stock buyback program on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the insurance provider to buy up to 15.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were given a $0.52 dividend. The ex-dividend date of this dividend was Friday, November 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. Truist Financial’s payout ratio is 54.59%.

Insider Transactions at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the sale, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. This trade represents a 33.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on TFC. Morgan Stanley lifted their price target on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 17th. Argus lifted their target price on shares of Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday. Citigroup upped their price target on Truist Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, December 31st. The Goldman Sachs Group reaffirmed a “buy” rating and set a $58.00 price objective on shares of Truist Financial in a research report on Tuesday, January 6th. Finally, Barclays cut Truist Financial from an “equal weight” rating to an “underweight” rating and increased their target price for the stock from $47.00 to $56.00 in a research note on Monday, January 5th. Seven equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Truist Financial currently has a consensus rating of “Hold” and a consensus price target of $54.20.

Truist Financial 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.