Louisiana State Employees Retirement System Sells 1,700 Shares of Truist Financial Corporation $TFC

Louisiana State Employees Retirement System lessened its position in Truist Financial Corporation (NYSE:TFC) by 2.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 69,100 shares of the insurance provider’s stock after selling 1,700 shares during the period. Louisiana State Employees Retirement System’s holdings in Truist Financial were worth $2,971,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Wealth Preservation Advisors LLC bought a new stake in Truist Financial in the 1st quarter worth $25,000. Centennial Bank AR boosted its stake in shares of Truist Financial by 360.2% during the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 580 shares in the last quarter. Motco boosted its stake in shares of Truist Financial by 435.6% during the 1st quarter. Motco now owns 798 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 649 shares in the last quarter. Meeder Asset Management Inc. boosted its stake in shares of Truist Financial by 115.3% during the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 468 shares in the last quarter. Finally, Sierra Ocean LLC boosted its stake in shares of Truist Financial by 64.4% during the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 352 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Up 0.2%

Shares of NYSE TFC opened at $44.22 on Friday. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The stock has a market cap of $57.02 billion, a P/E ratio of 12.05, a price-to-earnings-growth ratio of 1.42 and a beta of 0.88. The firm has a 50-day moving average of $45.17 and a 200 day moving average of $42.16. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business had revenue of $5.04 billion for the quarter, compared to analysts’ expectations of $5.04 billion. During the same period last year, the business earned $0.91 earnings per share. The company’s revenue was down 406.0% on a year-over-year basis. As a group, sell-side analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.7%. Truist Financial’s payout ratio is 56.68%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on TFC shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a research note on Wednesday. Raymond James Financial reaffirmed an “outperform” rating on shares of Truist Financial in a research note on Tuesday. Keefe, Bruyette & Woods lowered shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price on the stock. in a research note on Wednesday, July 9th. Evercore ISI lifted their target price on shares of Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. Finally, Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and lifted their target price for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $48.89.

Insider Transactions at Truist Financial

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the transaction, the insider directly owned 500 shares of the company’s stock, valued at approximately $22,595. The trade was a 96.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.17% of the company’s stock.

Truist Financial 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.