New York State Teachers Retirement System Trims Stock Holdings in Truist Financial Corporation $TFC

New York State Teachers Retirement System lessened its stake in Truist Financial Corporation (NYSE:TFC) by 1.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 881,127 shares of the insurance provider’s stock after selling 16,615 shares during the period. New York State Teachers Retirement System owned about 0.07% of Truist Financial worth $43,360,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Cardinal Capital Management increased its position in Truist Financial by 0.7% in the 4th quarter. Cardinal Capital Management now owns 208,295 shares of the insurance provider’s stock valued at $10,250,000 after acquiring an additional 1,355 shares during the period. Simplicity Wealth LLC increased its holdings in shares of Truist Financial by 3.4% during the fourth quarter. Simplicity Wealth LLC now owns 11,841 shares of the insurance provider’s stock valued at $583,000 after purchasing an additional 387 shares during the period. Interchange Capital Partners LLC acquired a new stake in Truist Financial in the fourth quarter worth about $252,000. Cadence Bank grew its position in Truist Financial by 5.0% in the 4th quarter. Cadence Bank now owns 352,761 shares of the insurance provider’s stock valued at $17,359,000 after buying an additional 16,792 shares in the last quarter. Finally, United Community Bank increased its stake in Truist Financial by 1.5% during the 4th quarter. United Community Bank now owns 17,179 shares of the insurance provider’s stock valued at $845,000 after buying an additional 255 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

NYSE TFC opened at $50.98 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 1 year low of $38.27 and a 1 year high of $56.19. The company has a market cap of $63.26 billion, a PE ratio of 12.65, a PEG ratio of 0.88 and a beta of 0.92. The stock’s 50-day moving average price is $48.10 and its two-hundred day moving average price is $48.24.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter in the prior year, the firm earned $0.87 EPS. The firm’s quarterly revenue was up 5.0% on a year-over-year basis. On average, analysts predict that Truist Financial Corporation will post 4.52 EPS for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be paid a $0.52 dividend. The ex-dividend date is Friday, May 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is presently 51.61%.

Insider Activity

In related news, CAO Cynthia B. Powell sold 3,500 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction of $183,715.00. Following the transaction, the chief accounting officer owned 667 shares of the company’s stock, valued at approximately $35,010.83. The trade was a 83.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Argus increased their price objective on shares of Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Piper Sandler boosted their price objective on Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research note on Thursday, January 22nd. Royal Bank Of Canada raised their target price on Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. JPMorgan Chase & Co. reduced their price objective on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. Finally, Weiss Ratings upgraded shares of Truist Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, April 17th. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $55.59.

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.