California State Teachers Retirement System Decreases Stock Position in Truist Financial Corporation $TFC

California State Teachers Retirement System trimmed its position in shares of Truist Financial Corporation (NYSE:TFC) by 2.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,025,032 shares of the insurance provider’s stock after selling 52,960 shares during the quarter. California State Teachers Retirement System’s holdings in Truist Financial were worth $93,091,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TFC. Kemnay Advisory Services Inc. acquired a new stake in shares of Truist Financial in the fourth quarter valued at about $25,000. Swiss RE Ltd. purchased a new stake in Truist Financial during the 4th quarter valued at about $26,000. McMillan Office Inc. acquired a new stake in Truist Financial in the 4th quarter valued at about $31,000. Maseco LLP raised its holdings in Truist Financial by 53.8% in the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 228 shares during the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC lifted its stake in Truist Financial by 190.7% in the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 431 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on TFC. Raymond James Financial reaffirmed a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Bank of America reiterated a “neutral” rating and issued a $56.00 target price (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Evercore reissued an “outperform” rating and issued a $57.00 price target on shares of Truist Financial in a research note on Monday, July 6th. Stephens cut their price target on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a report on Tuesday, July 21st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Truist Financial from $53.00 to $54.00 and gave the company an “underweight” rating in a research report on Wednesday. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $54.67.

Truist Financial Trading Down 1.2%

NYSE TFC opened at $52.34 on Thursday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market cap of $65.21 billion, a price-to-earnings ratio of 12.00, a PEG ratio of 0.96 and a beta of 0.89. The firm has a 50 day simple moving average of $50.12 and a 200-day simple moving average of $49.59. Truist Financial Corporation has a one year low of $40.78 and a one year high of $56.19.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The firm’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.91 EPS. Equities research analysts anticipate that Truist Financial Corporation will post 4.59 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 4.0%. Truist Financial’s dividend payout ratio is 47.71%.

Insider Transactions at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,986 shares of the firm’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the sale, the director owned 10,270 shares of the company’s stock, valued at $520,689. This trade represents a 27.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. The disclosure for this sale is available in the SEC filing. 0.15% of the stock is owned by company insiders.

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.