California State Teachers Retirement System raised its holdings in shares of Truist Financial Co. (NYSE: TFC – Get Rating) by 3.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,418,740 shares of the insurance provider’s stock after acquiring an additional 78,213 shares during the period. California State Teachers Retirement System’s holdings in Truist Financial were worth $ 141,617,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. State Street Corp grew its holdings in shares of Truist Financial by 2.7% in the fourth quarter. State Street Corp now owns 63,687,255 shares of the insurance provider’s stock worth $ 3,728,889,000 after purchasing an additional 1,687,751 shares during the last quarter. Dodge & Cox grew its holdings in shares of Truist Financial by 8.6% in the fourth quarter. Dodge & Cox now owns 16,347,518 shares of the insurance provider’s stock worth $ 957,147,000 after purchasing an additional 1,293,701 shares during the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Truist Financial by 73.6% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 2,159,941 shares of the insurance provider’s stock worth $ 126,187,000 after purchasing an additional 915,567 shares during the last quarter. Nordea Investment Management AB grew its holdings in shares of Truist Financial by 176.0% in the fourth quarter. Nordea Investment Management AB now owns 1,356,459 shares of the insurance provider’s stock worth $ 79,529,000 after purchasing an additional 864,957 shares during the last quarter. Finally, HighTower Advisors LLC grew its holdings in shares of Truist Financial by 96.2% in the fourth quarter. HighTower Advisors LLC now owns 1,421,730 shares of the insurance provider’s stock worth $ 83,217,000 after purchasing an additional 697,158 shares during the last quarter. Institutional investors and hedge funds own 72.79% of the company stock.
Several research analysts have recently issued reports on the stock. Stephens cut their target price on shares of Truist Financial from $ 74.00 to $ 64.00 and set an “overweight” rating on the stock in a report on Tuesday, June 7th. Wolfe Research dropped their price target on Truist Financial from $ 57.00 to $ 41.00 and set an “underperform” rating for the company in a research note on Thursday, May 26th. Citigroup lowered Truist Financial from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $ 75.00 to $ 58.00 in a research note on Monday, April 11th. StockNews.com lowered Truist Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, May 25th. Finally, Piper Sandler dropped their price target on Truist Financial from $ 69.00 to $ 62.00 in a research note on Wednesday, April 20th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company stock. Based on data from MarketBeat, Truist Financial has an average rating of “Hold” and an average target price of $ 62.46.
In other Truist Financial news, Director Steven C. Voorhees acquired 20,000 shares of Truist Financial stock in a transaction that occurred on Wednesday, May 4th. The stock was bought at an average cost of $ 49.82 per share, for a total transaction of $ 996,400.00. Following the acquisition, the director now owns 60,873 shares of the company stock, valued at $ 3,032,692.86. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.31% of the stock is currently owned by company insiders.
TFC opened at $ 46.24 on Wednesday. The stock has a 50-day moving average price of $ 49.44 and a 200-day moving average price of $ 56.80. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.76 and a quick ratio of 0.75. The firm has a market cap of $ 61.56 billion, a PE ratio of 10.32, a P / E / G ratio of 1.69 and a beta of 1.17. Truist Financial Co. has a 1 year low of $ 44.75 and a 1 year high of $ 68.95.
Truist Financial (NYSE: TFC – Get Rating) last posted its quarterly earnings results on Tuesday, April 19th. The insurance provider reported $ 1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $ 1.12 by $ 0.11. The firm had revenue of $ 5.33 billion during the quarter, compared to analyst estimates of $ 5.48 billion. Truist Financial had a return on equity of 12.70% and a net margin of 27.89%. Truist Financial’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $ 1.18 EPS. As a group, sell-side analysts anticipate that Truist Financial Co. will post 4.96 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 1st. Stockholders of record on Friday, May 13th were given a $ 0.48 dividend. This represents a $ 1.92 annualized dividend and a dividend yield of 4.15%. The ex-dividend date of this dividend was Thursday, May 12th. Truist Financial’s dividend payout ratio is presently 42.86%.
About Truist Financial: (Get Rating)
Truist Financial Corporation, a holding 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.
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