New York State Common Retirement Fund Has $69.06 Million Position in Truist Financial Corporation $TFC

New York State Common Retirement Fund decreased its stake in Truist Financial Corporation (NYSE:TFC) by 7.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,510,547 shares of the insurance provider’s stock after selling 126,600 shares during the period. New York State Common Retirement Fund’s holdings in Truist Financial were worth $69,062,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in TFC. Aspect Partners LLC boosted its holdings in Truist Financial by 71.5% in the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 268 shares during the last quarter. Princeton Global Asset Management LLC acquired a new stake in shares of Truist Financial during the second quarter worth $30,000. Capital A Wealth Management LLC lifted its holdings in Truist Financial by 1,189.5% in the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after buying an additional 678 shares during the period. Darwin Wealth Management LLC boosted its position in Truist Financial by 631.6% during the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 600 shares during the last quarter. Finally, Ramirez Asset Management Inc. grew its holdings in Truist Financial by 60.0% during the 2nd quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 300 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the transaction, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. This represents a 33.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Michael Baron Maguire sold 13,000 shares of the stock in a transaction on Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the transaction, the chief financial officer owned 74,323 shares of the company’s stock, valued at $3,725,811.99. The trade was a 14.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.17% of the company’s stock.

Truist Financial Stock Performance

Shares of TFC stock opened at $51.26 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. The firm has a market cap of $65.58 billion, a price-to-earnings ratio of 13.45, a P/E/G ratio of 0.85 and a beta of 0.89. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $51.51. The firm’s 50-day simple moving average is $49.25 and its two-hundred day simple moving average is $46.32.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.09). The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The company’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.91 EPS. As a group, equities analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial announced that its Board of Directors has initiated a share repurchase program on Tuesday, December 16th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the insurance provider to purchase up to 15.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is currently 54.59%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on TFC. UBS Group set a $55.00 target price on Truist Financial in a report on Tuesday, October 21st. Wall Street Zen lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Morgan Stanley increased their target price on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 17th. TD Cowen raised their price target on shares of Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a research report on Monday, December 29th. Seven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Truist Financial presently has a consensus rating of “Hold” and an average price target of $54.20.

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.