California Public Employees Retirement System Acquires 29,360 Shares of Truist Financial Corporation $TFC

California Public Employees Retirement System lifted its holdings in Truist Financial Corporation (NYSE:TFC) by 1.3% in the 3rd quarter, Holdings Channel reports. The firm owned 2,226,147 shares of the insurance provider’s stock after buying an additional 29,360 shares during the quarter. California Public Employees Retirement System’s holdings in Truist Financial were worth $101,779,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Valley Wealth Managers Inc. acquired a new stake in shares of Truist Financial in the third quarter worth about $28,000. Ancora Advisors LLC boosted its stake in shares of Truist Financial by 259.1% during the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 500 shares in the last quarter. Darwin Wealth Management LLC increased its holdings in shares of Truist Financial by 631.6% during the 3rd 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. Capital A Wealth Management LLC increased its holdings in shares of Truist Financial by 1,189.5% during the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 678 shares during the last quarter. Finally, Twin Peaks Wealth Advisors LLC bought a new position in shares of Truist Financial in the 2nd quarter valued at approximately $36,000. 71.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the completion of the transaction, the chief accounting officer directly owned 667 shares in the company, valued at $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial stock in a transaction on Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the transaction, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.14% of the stock is owned by insiders.

Analysts Set New Price Targets

TFC has been the subject of several analyst reports. Morgan Stanley upgraded Truist Financial from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $56.00 to $69.00 in a report on Tuesday, February 17th. Evercore reiterated an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and set a $52.00 price target on the stock in a research report on Monday, March 9th. Citigroup boosted their price objective on shares of Truist Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, December 31st. Finally, Raymond James Financial upped their price objective on shares of Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, January 7th. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Truist Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.47.

Truist Financial Stock Performance

NYSE TFC opened at $44.53 on Tuesday. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $56.19. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. The stock has a market cap of $55.63 billion, a P/E ratio of 11.69, a PEG ratio of 0.75 and a beta of 0.87. The company’s 50-day simple moving average is $50.48 and its 200 day simple moving average is $47.69.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The business had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.91 EPS. As a group, research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial announced that its Board of Directors has initiated a share repurchase program on Tuesday, December 16th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the insurance provider to buy up to 15.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.7%. The ex-dividend date was Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is 54.59%.

About Truist Financial

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.