New York State Teachers Retirement System Sells 12,079 Shares of Truist Financial Corporation $TFC

New York State Teachers Retirement System trimmed its stake in Truist Financial Corporation (NYSE:TFC) by 1.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 897,742 shares of the insurance provider’s stock after selling 12,079 shares during the quarter. New York State Teachers Retirement System’s holdings in Truist Financial were worth $41,045,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of TFC. Brighton Jones LLC lifted its stake in Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after purchasing an additional 14,093 shares during the last quarter. Woodline Partners LP increased its position in Truist Financial by 39.5% in the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after buying an additional 31,454 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in shares of Truist Financial by 36.9% in the first quarter. Geneos Wealth Management Inc. now owns 19,270 shares of the insurance provider’s stock valued at $793,000 after buying an additional 5,189 shares during the period. Jones Financial Companies Lllp lifted its position in shares of Truist Financial by 35.6% during the 1st quarter. Jones Financial Companies Lllp now owns 1,137,797 shares of the insurance provider’s stock valued at $46,049,000 after buying an additional 298,907 shares during the last quarter. Finally, First Hawaiian Bank grew its stake in shares of Truist Financial by 8.6% during the 1st quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider’s stock worth $493,000 after acquiring an additional 948 shares during the period. 71.28% of the stock is owned by institutional investors.

Truist Financial Price Performance

Truist Financial stock opened at $50.62 on Monday. The business has a 50-day simple moving average of $47.70 and a 200 day simple moving average of $45.80. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $51.51. The stock has a market cap of $64.75 billion, a price-to-earnings ratio of 13.61, a PEG ratio of 0.96 and a beta of 0.89. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, October 17th. The insurance provider reported $1.04 EPS for the quarter, topping the consensus estimate of $0.99 by $0.05. The company had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.20 billion. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.Truist Financial’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.97 earnings per share. On average, research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 14th were given a dividend of $0.52 per share. The ex-dividend date was Friday, November 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. Truist Financial’s dividend payout ratio (DPR) is 55.91%.

Truist Financial declared that its board has initiated a share repurchase program on Tuesday, December 16th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the insurance provider to repurchase up to 15.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on TFC shares. Morgan Stanley boosted their price objective on Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 17th. Baird R W lowered shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. The Goldman Sachs Group restated a “buy” rating and set a $58.00 price target on shares of Truist Financial in a research note on Tuesday, January 6th. Barclays lowered shares of Truist Financial from an “equal weight” rating to an “underweight” rating and lifted their price objective for the company from $47.00 to $56.00 in a research note on Monday, January 5th. Finally, 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 research report on Wednesday, December 17th. Seven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $52.80.

Insider Activity

In related news, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction 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 in the company, valued at approximately $471,606.85. The trade was a 33.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.14% of the company’s stock.

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.