New York State Common Retirement Fund Sells 169,377 Shares of Truist Financial Co. (NYSE:TFC)

New York State Common Retirement Fund reduced its stake in Truist Financial Co. (NYSE:TFC) by 9.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,721,473 shares of the insurance provider’s stock after selling 169,377 shares during the period. New York State Common Retirement Fund owned 0.13% of Truist Financial worth $63,557,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Truist Financial by 0.3% during the third quarter. Vanguard Group Inc. now owns 117,271,628 shares of the insurance provider’s stock valued at $3,355,141,000 after buying an additional 365,871 shares during the period. Royal Bank of Canada boosted its position in Truist Financial by 5.0% during the third quarter. Royal Bank of Canada now owns 15,384,890 shares of the insurance provider’s stock valued at $440,162,000 after purchasing an additional 732,801 shares in the last quarter. Morgan Stanley grew its stake in Truist Financial by 0.3% in the third quarter. Morgan Stanley now owns 15,364,138 shares of the insurance provider’s stock valued at $439,568,000 after purchasing an additional 39,510 shares during the last quarter. Truist Financial Corp grew its stake in Truist Financial by 0.5% in the third quarter. Truist Financial Corp now owns 5,197,904 shares of the insurance provider’s stock valued at $148,712,000 after purchasing an additional 26,972 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in Truist Financial by 45.1% in the third quarter. Jennison Associates LLC now owns 3,673,609 shares of the insurance provider’s stock worth $105,102,000 after purchasing an additional 1,141,944 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Insider Activity

In related news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the transaction, the director now owns 16,132 shares in the company, valued at approximately $604,627.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.17% of the company’s stock.

Truist Financial Price Performance

NYSE:TFC opened at $38.85 on Wednesday. The stock has a market capitalization of $51.85 billion, a PE ratio of -29.43, a price-to-earnings-growth ratio of 2.39 and a beta of 1.08. Truist Financial Co. has a 52 week low of $25.56 and a 52 week high of $39.29. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. The stock’s 50-day moving average price is $36.76 and its 200-day moving average price is $34.70.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The business had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the previous year, the business earned $1.09 earnings per share. The business’s revenue was down 8.8% compared to the same quarter last year. As a group, equities analysts expect that Truist Financial Co. will post 3.27 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 5.35%. Truist Financial’s payout ratio is -157.58%.

Analyst Upgrades and Downgrades

TFC has been the subject of several recent analyst reports. TheStreet lowered shares of Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. Piper Sandler upped their target price on Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, January 19th. Stephens reissued an “overweight” rating and issued a $43.00 price target on shares of Truist Financial in a report on Tuesday. Raymond James boosted their price target on Truist Financial from $34.00 to $41.00 and gave the stock an “outperform” rating in a research note on Friday, January 5th. Finally, Bank of America raised shares of Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 price objective for the company in a research report on Thursday, January 4th. One research analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Truist Financial has an average rating of “Moderate Buy” and a consensus price target of $41.59.

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.