Truist Financial Co. (NYSE:TFC) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lowered its holdings in Truist Financial Co. (NYSE:TFC) by 9.0% in the 4th quarter, Holdings Channel.com reports. The fund owned 1,721,473 shares of the insurance provider’s stock after selling 169,377 shares during the quarter. New York State Common Retirement Fund’s holdings in Truist Financial were worth $63,557,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Morton Brown Family Wealth LLC grew its stake in shares of Truist Financial by 236.0% in the fourth quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock valued at $34,000 after buying an additional 649 shares in the last quarter. OFI Invest Asset Management purchased a new position in Truist Financial in the 3rd quarter worth approximately $26,000. Criterion Capital Advisors LLC acquired a new stake in Truist Financial in the fourth quarter valued at approximately $38,000. Operose Advisors LLC purchased a new stake in shares of Truist Financial during the third quarter valued at approximately $31,000. Finally, Tyler Stone Wealth Management acquired a new position in shares of Truist Financial during the third quarter worth $33,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

NYSE:TFC opened at $38.85 on Wednesday. The firm has a market capitalization of $51.85 billion, a PE ratio of -29.43, a PEG ratio of 2.39 and a beta of 1.08. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. Truist Financial Co. has a 1 year low of $25.56 and a 1 year high of $39.29. The firm’s fifty day simple moving average is $36.76 and its 200 day simple moving average is $34.70.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The business had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period in the previous year, the company posted $1.09 earnings per share. The firm’s revenue for the quarter was down 8.8% on a year-over-year basis. On average, sell-side analysts anticipate that Truist Financial Co. will post 3.27 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.35%. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Insider Activity

In related news, Director K. David Jr. Boyer sold 3,764 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the completion of the transaction, the director now owns 16,132 shares of the company’s stock, valued at $604,627.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TFC. UBS Group raised their price target on shares of Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a report on Friday, April 5th. TheStreet lowered shares of Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. StockNews.com cut Truist Financial from a “hold” rating to a “sell” rating in a research report on Thursday, March 28th. Barclays boosted their price objective 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. Finally, Wells Fargo & Company increased their target price on Truist Financial from $39.00 to $45.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $41.59.

Truist Financial Company Profile

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.