Teachers Retirement System of The State of Kentucky Lowers Stake in Truist Financial Co. (NYSE:TFC)

Teachers Retirement System of The State of Kentucky trimmed its holdings in Truist Financial Co. (NYSE:TFC) by 5.5% in the third quarter, Holdings Channel.com reports. The institutional investor owned 100,167 shares of the insurance provider’s stock after selling 5,778 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Truist Financial were worth $4,284,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in TFC. Valley Wealth Managers Inc. purchased a new stake in Truist Financial during the 3rd quarter valued at approximately $26,000. MFA Wealth Advisors LLC acquired a new position in shares of Truist Financial in the second quarter valued at approximately $30,000. Y.D. More Investments Ltd purchased a new stake in shares of Truist Financial during the second quarter worth approximately $31,000. MidAtlantic Capital Management Inc. acquired a new stake in shares of Truist Financial during the third quarter worth $32,000. Finally, Fortitude Family Office LLC grew its position in Truist Financial by 376.7% in the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after buying an additional 678 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Trading Up 0.1 %

Shares of TFC opened at $45.78 on Friday. Truist Financial Co. has a 1-year low of $34.23 and a 1-year high of $49.06. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a 50 day simple moving average of $45.10 and a 200-day simple moving average of $42.31. The stock has a market cap of $60.77 billion, a price-to-earnings ratio of -32.01, a price-to-earnings-growth ratio of 1.87 and a beta of 1.06.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The company had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Equities analysts forecast that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 8th were issued a $0.52 dividend. The ex-dividend date was Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.54%. Truist Financial’s dividend payout ratio (DPR) is -145.45%.

Insiders Place Their Bets

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

Analyst Ratings Changes

A number of equities analysts have commented on TFC shares. Citigroup upped their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. Royal Bank of Canada raised their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. The Goldman Sachs Group lifted their price objective on Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. increased their target price on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Finally, Piper Sandler lifted their price target on Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $48.12.

About Truist Financial

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.