State of Tennessee Department of Treasury Sells 21,002 Shares of Truist Financial Co. (NYSE:TFC)

State of Tennessee Department of Treasury lessened its holdings in Truist Financial Co. (NYSE:TFC) by 4.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 477,671 shares of the insurance provider’s stock after selling 21,002 shares during the quarter. State of Tennessee Department of Treasury’s holdings in Truist Financial were worth $20,721,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in TFC. Capital International Investors grew its position in Truist Financial by 26.0% during the fourth quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider’s stock valued at $3,930,983,000 after buying an additional 18,712,246 shares during the period. Geode Capital Management LLC grew its position in shares of Truist Financial by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 27,975,691 shares of the insurance provider’s stock valued at $1,210,348,000 after acquiring an additional 534,740 shares during the period. Amundi increased its stake in shares of Truist Financial by 6.5% during the 4th quarter. Amundi now owns 23,683,345 shares of the insurance provider’s stock worth $1,040,718,000 after purchasing an additional 1,450,323 shares during the last quarter. FMR LLC raised its holdings in shares of Truist Financial by 109.1% in the 4th quarter. FMR LLC now owns 10,460,159 shares of the insurance provider’s stock worth $453,762,000 after purchasing an additional 5,457,053 shares during the period. Finally, Invesco Ltd. lifted its stake in Truist Financial by 12.4% in the fourth quarter. Invesco Ltd. now owns 9,951,283 shares of the insurance provider’s stock valued at $431,687,000 after purchasing an additional 1,101,256 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Up 2.9 %

Shares of NYSE TFC opened at $36.34 on Wednesday. The business has a 50-day moving average of $40.79 and a 200-day moving average of $43.71. The firm has a market capitalization of $47.44 billion, a price-to-earnings ratio of 10.91, a PEG ratio of 1.63 and a beta of 0.91. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 12 month low of $33.56 and a 12 month high of $49.06.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting analysts’ consensus estimates of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm had revenue of $4.95 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same quarter in the prior year, the firm earned $0.90 EPS. Sell-side analysts expect that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 5.72%. The ex-dividend date of this dividend was Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is currently 61.36%.

Analyst Ratings Changes

Several analysts have issued reports on the company. Piper Sandler lowered their target price on Truist Financial from $45.00 to $41.00 and set a “neutral” rating on the stock in a research note on Monday. Citigroup lowered their price objective on Truist Financial from $51.00 to $44.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. HSBC upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Tuesday, January 7th. Robert W. Baird upgraded shares of Truist Financial from a “neutral” rating to an “outperform” rating and upped their price target for the company from $48.00 to $52.00 in a research note on Wednesday, March 5th. Finally, StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Sunday. Nine analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $47.83.

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.