State of Alaska Department of Revenue Sells 4,215 Shares of Truist Financial Co. (NYSE:TFC)

State of Alaska Department of Revenue trimmed its stake in Truist Financial Co. (NYSE:TFC) by 2.7% in the 4th quarter, HoldingsChannel reports. The fund owned 151,383 shares of the insurance provider’s stock after selling 4,215 shares during the quarter. State of Alaska Department of Revenue’s holdings in Truist Financial were worth $6,566,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in TFC. Bangor Savings Bank raised its holdings in Truist Financial by 92.5% in the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 272 shares in the last quarter. Valley Wealth Managers Inc. bought a new position in shares of Truist Financial during the 3rd quarter worth approximately $26,000. MidAtlantic Capital Management Inc. purchased a new stake in Truist Financial during the third quarter valued at approximately $32,000. Fortitude Family Office LLC boosted its stake in Truist Financial by 376.7% in the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 678 shares in the last quarter. Finally, Ashton Thomas Securities LLC purchased a new position in Truist Financial in the third quarter worth $45,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on TFC shares. The Goldman Sachs Group raised their price objective on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. UBS Group upped their price objective on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. Piper Sandler upped their price target on shares of Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Raymond James lifted their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Finally, HSBC raised Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research report on Tuesday, January 7th. Eleven analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Truist Financial presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.79.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $47.68 on Friday. The firm has a market cap of $63.30 billion, a PE ratio of 14.32, a price-to-earnings-growth ratio of 1.69 and a beta of 1.08. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 52 week low of $34.23 and a 52 week high of $49.06. The business’s fifty day simple moving average is $45.53 and its 200-day simple moving average is $44.23.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same quarter last year, the firm posted $0.81 earnings per share. Truist Financial’s revenue was up 3.4% compared to the same quarter last year. Equities analysts forecast that Truist Financial Co. will post 3.95 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.36%. The ex-dividend date is Friday, February 14th. Truist Financial’s payout ratio is 62.46%.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the completion of the transaction, the director now owns 11,246 shares of the company’s stock, valued at $519,565.20. This trade represents a 30.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO William H. Rogers, Jr. bought 34,180 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was bought at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the acquisition, the chief executive officer now owns 691,451 shares of the company’s stock, valued at $33,576,860.56. This trade represents a 5.20 % increase in their position. The disclosure for this purchase can be found here. 0.17% of the stock is owned by insiders.

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.