Truist Financial Co. (NYSE:TFC) Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System reduced its holdings in Truist Financial Co. (NYSE:TFC) by 6.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 71,282 shares of the insurance provider’s stock after selling 4,954 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Truist Financial were worth $3,092,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Xponance Inc. increased its position in Truist Financial by 6.6% in the 4th quarter. Xponance Inc. now owns 357,578 shares of the insurance provider’s stock valued at $15,512,000 after acquiring an additional 22,136 shares during the period. Generali Asset Management SPA SGR acquired a new position in shares of Truist Financial during the 4th quarter valued at $256,000. Horizon Investments LLC increased its position in shares of Truist Financial by 1.8% during the 4th quarter. Horizon Investments LLC now owns 24,606 shares of the insurance provider’s stock valued at $1,067,000 after purchasing an additional 442 shares during the period. Thrivent Financial for Lutherans increased its position in shares of Truist Financial by 105.0% during the 4th quarter. Thrivent Financial for Lutherans now owns 168,585 shares of the insurance provider’s stock valued at $7,328,000 after purchasing an additional 86,330 shares during the period. Finally, Freemont Management S.A. increased its position in shares of Truist Financial by 100.0% during the 4th quarter. Freemont Management S.A. now owns 116,800 shares of the insurance provider’s stock valued at $5,067,000 after purchasing an additional 58,400 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $41.32 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 1 year low of $35.09 and a 1 year high of $49.06. The business has a fifty day simple moving average of $45.15 and a 200 day simple moving average of $44.47. The firm has a market cap of $53.94 billion, a price-to-earnings ratio of 12.41, a P/E/G ratio of 1.63 and a beta of 1.08.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The business had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same period last year, the company earned $0.81 earnings per share. Truist Financial’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, sell-side analysts predict that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 5.03%. Truist Financial’s dividend payout ratio (DPR) is currently 62.46%.

Analyst Ratings Changes

TFC has been the topic of several research analyst reports. StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, January 17th. Hsbc Global Res upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $48.00 to $52.00 in a research report on Wednesday, March 5th. Compass Point raised their price objective on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Finally, Keefe, Bruyette & Woods raised their price objective on Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 21st. Nine analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $51.16.

Truist Financial Company Profile

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.