New York State Common Retirement Fund Sells 126,600 Shares of Truist Financial Corporation $TFC

New York State Common Retirement Fund trimmed its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 7.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,510,547 shares of the insurance provider’s stock after selling 126,600 shares during the quarter. New York State Common Retirement Fund owned about 0.12% of Truist Financial worth $69,062,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank acquired a new stake in shares of Truist Financial in the second quarter valued at approximately $487,401,000. Jennison Associates LLC increased its stake in Truist Financial by 203.1% during the 3rd quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider’s stock worth $179,176,000 after acquiring an additional 2,625,847 shares during the period. Laurel Wealth Advisors LLC increased its stake in Truist Financial by 4,121.3% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider’s stock worth $100,424,000 after acquiring an additional 2,280,653 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in Truist Financial by 811.0% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,018,457 shares of the insurance provider’s stock valued at $86,773,000 after acquiring an additional 1,796,884 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Truist Financial by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock valued at $5,177,722,000 after acquiring an additional 1,529,478 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on TFC shares. Keefe, Bruyette & Woods increased their target price on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a report on Wednesday, December 17th. Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Piper Sandler raised their target price on shares of Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a report on Thursday, January 22nd. Morgan Stanley boosted their target price 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. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a report on Monday, December 29th. Seven investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $54.20.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $51.26 on Friday. Truist Financial Corporation has a one year low of $33.56 and a one year high of $51.51. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. The company has a market cap of $65.58 billion, a price-to-earnings ratio of 13.45, a PEG ratio of 0.85 and a beta of 0.89. The firm has a 50 day simple moving average of $49.25 and a 200 day simple moving average of $46.32.

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

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be given a $0.52 dividend. The ex-dividend date is Friday, February 13th. This represents a $2.08 annualized dividend and a yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is currently 54.59%.

Truist Financial announced that its board has authorized a share buyback plan on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 15.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Truist Financial

In other news, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the sale, the chief financial officer directly owned 74,323 shares in the company, valued at approximately $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the transaction, the director directly owned 10,153 shares of the company’s stock, valued at $471,606.85. This represents a 33.70% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.17% of the company’s stock.

About Truist Financial

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.