Kentucky Retirement Systems Has $3.95 Million Position in Truist Financial Co. (NYSE:TFC)

Kentucky Retirement Systems lessened its stake in shares of Truist Financial Co. (NYSE:TFC) by 5.1% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 101,288 shares of the insurance provider’s stock after selling 5,420 shares during the quarter. Kentucky Retirement Systems’ holdings in Truist Financial were worth $3,948,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in shares of Truist Financial in the fourth quarter valued at approximately $307,787,000. Capital International Investors grew its holdings in Truist Financial by 93.7% in the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after buying an additional 5,632,493 shares in the last quarter. Parnassus Investments LLC bought a new position in Truist Financial during the 4th quarter worth $95,049,000. Azora Capital LP acquired a new stake in shares of Truist Financial during the fourth quarter worth $72,498,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Truist Financial by 8.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock valued at $690,793,000 after acquiring an additional 1,458,248 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

NYSE:TFC traded up $0.30 on Friday, hitting $44.42. The company had a trading volume of 7,274,609 shares, compared to its average volume of 7,258,491. The firm has a 50 day moving average of $38.81 and a two-hundred day moving average of $37.75. The stock has a market capitalization of $59.44 billion, a price-to-earnings ratio of -33.65, a PEG ratio of 2.07 and a beta of 1.07. Truist Financial Co. has a 52 week low of $26.57 and a 52 week high of $44.78. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. The company had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. Truist Financial’s revenue was down 15.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.95 EPS. On average, research analysts anticipate that Truist Financial Co. will post 3.57 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.68%. The ex-dividend date is Friday, August 9th. Truist Financial’s dividend payout ratio (DPR) is currently -157.58%.

Insider Activity

In other Truist Financial news, CEO William H. Rogers, Jr. bought 57,300 shares of Truist Financial stock in a transaction on Tuesday, July 23rd. The shares were purchased at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the acquisition, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TFC. Morgan Stanley lifted their price objective on shares of Truist Financial from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. Argus boosted their price target on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. The Goldman Sachs Group increased their price target on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Jefferies Financial Group lifted their price objective on Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a report on Monday, April 8th. Finally, StockNews.com lowered Truist Financial from a “hold” rating to a “sell” rating in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Truist Financial currently has an average rating of “Hold” and a consensus price target of $45.05.

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.