State of Michigan Retirement System Buys 3,300 Shares of Truist Financial Co. (NYSE:TFC)

State of Michigan Retirement System boosted its stake in Truist Financial Co. (NYSE:TFCFree Report) by 0.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 394,043 shares of the insurance provider’s stock after acquiring an additional 3,300 shares during the period. State of Michigan Retirement System’s holdings in Truist Financial were worth $14,548,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. EPG Wealth Management LLC raised its holdings in shares of Truist Financial by 1.8% in the 4th quarter. EPG Wealth Management LLC now owns 12,219 shares of the insurance provider’s stock valued at $526,000 after acquiring an additional 213 shares in the last quarter. Williams Jones Wealth Management LLC. raised its holdings in shares of Truist Financial by 5.8% in the 1st quarter. Williams Jones Wealth Management LLC. now owns 4,850 shares of the insurance provider’s stock valued at $275,000 after acquiring an additional 268 shares in the last quarter. Financial Advocates Investment Management raised its holdings in shares of Truist Financial by 3.5% in the 4th quarter. Financial Advocates Investment Management now owns 9,071 shares of the insurance provider’s stock valued at $390,000 after acquiring an additional 306 shares in the last quarter. Day & Ennis LLC raised its holdings in shares of Truist Financial by 4.3% during the 4th quarter. Day & Ennis LLC now owns 7,525 shares of the insurance provider’s stock valued at $278,000 after buying an additional 311 shares in the last quarter. Finally, SVB Wealth LLC raised its holdings in shares of Truist Financial by 7.9% during the 2nd quarter. SVB Wealth LLC now owns 4,568 shares of the insurance provider’s stock valued at $217,000 after buying an additional 335 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Price Performance

TFC opened at $37.88 on Wednesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.82 and a current ratio of 0.82. Truist Financial Co. has a 52-week low of $25.56 and a 52-week high of $39.29. The stock has a market capitalization of $50.55 billion, a PE ratio of -35.07, a price-to-earnings-growth ratio of 1.62 and a beta of 1.08. The stock’s 50 day moving average price is $36.53 and its 200-day moving average price is $33.65.

Truist Financial (NYSE:TFCGet Free Report) last posted its earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.13. The firm had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. During the same period in the previous year, the firm earned $1.30 earnings per share. On average, equities research analysts predict that Truist Financial Co. will post 3.39 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were paid a $0.52 dividend. The ex-dividend date was Thursday, February 8th. This represents a $2.08 annualized dividend and a yield of 5.49%. Truist Financial’s payout ratio is -192.59%.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total value of $141,074.72. Following the sale, the director now directly owns 16,132 shares of the company’s stock, valued at $604,627.36. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.17% of the stock is owned by insiders.

Analysts Set New Price Targets

TFC has been the topic of a number of research reports. Odeon Capital Group raised Truist Financial from a “hold” rating to a “buy” rating and set a $40.45 price objective on the stock in a report on Thursday, December 14th. Keefe, Bruyette & Woods raised their price objective on Truist Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Stephens raised Truist Financial from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $41.00 to $43.00 in a report on Tuesday, March 19th. HSBC raised their price objective on Truist Financial from $37.00 to $39.00 and gave the company a “hold” rating in a report on Thursday, March 28th. Finally, Royal Bank of Canada raised their price target on Truist Financial from $40.00 to $42.00 and gave the stock an “outperform” rating in a research report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Truist Financial presently has an average rating of “Hold” and a consensus target price of $40.38.

Check Out Our Latest Stock Analysis on TFC

Truist Financial Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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