California Public Employees Retirement System Cuts Stock Holdings in Truist Financial Co. (NYSE:TFC)

California Public Employees Retirement System lessened its position in Truist Financial Co. (NYSE:TFC) by 3.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,440,054 shares of the insurance provider’s stock after selling 79,438 shares during the quarter. California Public Employees Retirement System’s holdings in Truist Financial were worth $90,087,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in TFC. North Reef Capital Management LP acquired a new stake in shares of Truist Financial in the 3rd quarter worth $66,804,000. Assenagon Asset Management S.A. increased its position in Truist Financial by 342.2% during the third quarter. Assenagon Asset Management S.A. now owns 2,526,939 shares of the insurance provider’s stock worth $72,296,000 after purchasing an additional 1,955,448 shares during the last quarter. Jennison Associates LLC raised its stake in Truist Financial by 45.1% during the third quarter. Jennison Associates LLC now owns 3,673,609 shares of the insurance provider’s stock worth $105,102,000 after purchasing an additional 1,141,944 shares during the period. International Assets Investment Management LLC boosted its holdings in Truist Financial by 3,359.6% in the 4th quarter. International Assets Investment Management LLC now owns 1,045,560 shares of the insurance provider’s stock valued at $38,602,000 after purchasing an additional 1,015,338 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Truist Financial by 1,155.4% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,054,500 shares of the insurance provider’s stock valued at $30,169,000 after buying an additional 970,500 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Stock Performance

NYSE:TFC opened at $38.79 on Thursday. Truist Financial Co. has a 52 week low of $25.56 and a 52 week high of $39.29. The company has a fifty day simple moving average of $36.83 and a two-hundred day simple moving average of $34.73. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. The company has a market cap of $51.77 billion, a price-to-earnings ratio of -29.39, a price-to-earnings-growth ratio of 2.45 and a beta of 1.08.

Truist Financial (NYSE:TFC) last released its earnings results on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.78 by $0.12. The firm had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. Truist Financial’s revenue for the quarter was down 8.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.09 EPS. As a group, equities analysts anticipate that Truist Financial Co. will post 3.26 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be paid a $0.52 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.36%. Truist Financial’s dividend payout ratio is currently -157.58%.

Insiders Place Their Bets

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

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Royal Bank of Canada upped their price objective on Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Piper Sandler upped their price target on Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Friday, January 19th. Morgan Stanley reissued an “equal weight” rating and set a $43.00 price objective on shares of Truist Financial in a research report on Monday. TheStreet lowered shares of Truist Financial from a “b-” rating to a “c” rating in a report on Tuesday, February 20th. Finally, Barclays increased their target price on shares of Truist Financial from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.97.

Truist Financial 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.