Strs Ohio Acquires 56,411 Shares of Truist Financial Corporation $TFC

Strs Ohio boosted its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 7.0% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 864,102 shares of the insurance provider’s stock after buying an additional 56,411 shares during the quarter. Strs Ohio’s holdings in Truist Financial were worth $39,507,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Smith Thornton Advisors LLC boosted its stake in shares of Truist Financial by 4.1% during the 3rd quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock worth $270,000 after acquiring an additional 231 shares during the last quarter. Gries Financial LLC raised its holdings in Truist Financial by 4.4% in the 3rd quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock worth $252,000 after purchasing an additional 233 shares during the period. Salomon & Ludwin LLC lifted its position in Truist Financial by 1.1% during the third quarter. Salomon & Ludwin LLC now owns 21,934 shares of the insurance provider’s stock valued at $998,000 after purchasing an additional 239 shares in the last quarter. CNB Bank lifted its position in Truist Financial by 5.5% during the third quarter. CNB Bank now owns 4,596 shares of the insurance provider’s stock valued at $210,000 after purchasing an additional 239 shares in the last quarter. Finally, MGO One Seven LLC grew its holdings in Truist Financial by 0.9% during the second quarter. MGO One Seven LLC now owns 28,849 shares of the insurance provider’s stock valued at $1,240,000 after purchasing an additional 246 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $49.57 on Friday. The firm has a market cap of $63.41 billion, a price-to-earnings ratio of 13.01, a P/E/G ratio of 0.85 and a beta of 0.89. The firm has a fifty day moving average price of $48.75 and a 200 day moving average price of $46.17. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $51.51. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87.

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 analysts’ consensus estimates of $1.09 by ($0.09). Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.32 billion. During the same quarter in the prior year, the firm posted $0.91 earnings per share. The business’s revenue was up 3.6% on a year-over-year basis. As a group, sell-side analysts expect 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 was paid on Monday, December 1st. Investors of record on Friday, November 14th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date was Friday, November 14th. Truist Financial’s payout ratio is currently 55.91%.

Truist Financial announced that its Board of Directors has initiated a stock buyback program on Tuesday, December 16th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the insurance provider to purchase up to 15.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

TFC has been the topic of several recent research reports. Citigroup raised their price objective on Truist Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, December 31st. Argus raised their target price on shares of Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday. UBS Group set a $55.00 price target on shares of Truist Financial in a research report on Tuesday, October 21st. Morgan Stanley raised their price objective 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, Raymond James Financial upped their target price on shares of Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, January 7th. Seven equities research 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $54.20.

Insider Activity at Truist Financial

In related news, Director K. David Jr. Boyer sold 5,160 shares of the stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the transaction, the director directly owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. This represents a 33.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.17% 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.