California State Teachers Retirement System Has $4.84 Billion Holdings in Truist Financial Corporation $TFC

California State Teachers Retirement System grew its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 4,694.8% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 97,097,187 shares of the insurance provider’s stock after buying an additional 95,072,155 shares during the period. California State Teachers Retirement System owned approximately 0.08% of Truist Financial worth $4,837,382,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of TFC. Wedmont Private Capital boosted its stake in Truist Financial by 19.4% during the second quarter. Wedmont Private Capital now owns 16,570 shares of the insurance provider’s stock worth $856,000 after acquiring an additional 2,697 shares in the last quarter. Kintra Wealth LLC bought a new stake in Truist Financial in the second quarter valued at $207,000. HB Wealth Management LLC raised its holdings in shares of Truist Financial by 3.3% during the second quarter. HB Wealth Management LLC now owns 136,250 shares of the insurance provider’s stock valued at $6,788,000 after purchasing an additional 4,357 shares during the period. Nilsine Partners LLC acquired a new position in shares of Truist Financial during the second quarter valued at about $373,000. Finally, Saudi Central Bank boosted its position in shares of Truist Financial by 84.0% during the 2nd quarter. Saudi Central Bank now owns 86,872 shares of the insurance provider’s stock worth $4,328,000 after purchasing an additional 39,654 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Down 0.7%

Truist Financial stock opened at $50.20 on Thursday. The firm has a market capitalization of $61.32 billion, a price-to-earnings ratio of 11.51, a price-to-earnings-growth ratio of 1.06 and a beta of 0.88. The firm’s fifty day moving average price is $51.57 and its two-hundred day moving average price is $49.53. Truist Financial Corporation has a 1-year low of $40.78 and a 1-year high of $56.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping the consensus estimate of $1.08 by $0.15. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same period in the previous year, the firm posted $0.91 earnings per share. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. On average, equities research analysts predict that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Friday, August 14th. Truist Financial’s payout ratio is currently 47.71%.

Analysts Set New Price Targets

TFC has been the subject of several research reports. Morgan Stanley restated an “equal weight” rating and issued a $54.00 target price (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Bank of America reaffirmed a “neutral” rating and set a $56.00 price target (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. JPMorgan Chase & Co. increased their price target on Truist Financial from $53.00 to $54.00 and gave the stock an “underweight” rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods raised their price objective on Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Finally, Robert W. Baird boosted their price objective on Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Seven equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $55.12.

Insiders Place Their Bets

In related news, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director K. Boyer, Jr. sold 3,986 shares of the company’s stock in a transaction on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total value of $202,090.20. Following the sale, the director owned 10,270 shares of the company’s stock, valued at $520,689. This trade represents a 27.96% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 30,516 shares of company stock valued at $1,584,428. Corporate insiders own 0.15% of the company’s stock.

About Truist Financial

Truist Financial Corporation (NYSE:TFC) is a financial services company formed through the 2019 merger of BB&T Corporation and SunTrust Banks. Headquartered in Charlotte, North Carolina, Truist operates as a major commercial bank serving consumers, businesses, and institutions primarily across the United States.

Through its consumer and business banking operations, Truist provides checking and savings accounts, credit cards, mortgages, home equity lending, personal loans, commercial lending, treasury management, and payment services.