Truist Financial Corporation $TFC Shares Sold by Commonwealth of Pennsylvania Public School Empls Retrmt SYS

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lessened its stake in Truist Financial Corporation (NYSE:TFC) by 6.4% during the second quarter, Holdings Channel reports. The firm owned 275,181 shares of the insurance provider’s stock after selling 18,902 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Truist Financial were worth $13,710,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Pinnacle Financial Partners Inc. increased its stake in Truist Financial by 30.0% during the third quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock worth $7,994,000 after acquiring an additional 40,393 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of Truist Financial by 531.8% in the 1st quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock valued at $20,059,000 after purchasing an additional 367,291 shares in the last quarter. LBP AM SA purchased a new stake in shares of Truist Financial during the 4th quarter worth about $10,836,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Truist Financial by 21.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 225,702 shares of the insurance provider’s stock worth $11,107,000 after purchasing an additional 39,924 shares during the period. Finally, Assetmark Inc. raised its holdings in Truist Financial by 15.2% in the fourth quarter. Assetmark Inc. now owns 307,386 shares of the insurance provider’s stock valued at $15,126,000 after buying an additional 40,516 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Up 0.7%

TFC stock opened at $53.02 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm has a 50 day simple moving average of $51.06 and a 200-day simple moving average of $49.78. The company has a market capitalization of $64.77 billion, a P/E ratio of 12.16, a PEG ratio of 1.11 and a beta of 0.89. Truist Financial Corporation has a twelve month low of $40.78 and a twelve month high of $56.19.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.15. The firm had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The firm’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.91 earnings per share. On average, equities research analysts predict that Truist Financial Corporation will post 4.58 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 3.9%. Truist Financial’s dividend payout ratio (DPR) is presently 47.71%.

Insider Buying and Selling

In other Truist Financial news, insider Donta L. Wilson sold 13,280 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the sale, the insider owned 56,009 shares in the company, valued at $2,904,066.65. This represents a 19.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director K. David Jr. Boyer sold 3,986 shares of the company’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the sale, the director directly owned 10,270 shares in the company, valued at approximately $520,689. This represents a 27.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 30,516 shares of company stock worth $1,584,428. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on TFC shares. Robert W. Baird lifted their price target on shares of Truist Financial from $55.00 to $56.00 and gave the company a “neutral” rating in a research report on Monday, July 20th. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and cut their target price for the company from $63.00 to $54.00 in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods lifted their target price on shares of Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Monday, July 20th. Evercore reiterated an “outperform” rating and issued a $57.00 price target on shares of Truist Financial in a report on Monday, July 6th. Finally, Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Seven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $54.67.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.