Public Employees Retirement System of Ohio lessened its position in shares of Truist Financial Co. (NYSE:TFC – Free Report) by 7.4% in the third quarter, Holdings Channel.com reports. The fund owned 666,929 shares of the insurance provider’s stock after selling 52,957 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Truist Financial were worth $19,081,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the company. Fairfield Bush & CO. purchased a new stake in shares of Truist Financial in the first quarter worth about $25,000. United Bank boosted its position in shares of Truist Financial by 4.1% in the first quarter. United Bank now owns 74,457 shares of the insurance provider’s stock worth $4,222,000 after buying an additional 2,938 shares during the period. Panagora Asset Management Inc. boosted its position in shares of Truist Financial by 33.3% in the first quarter. Panagora Asset Management Inc. now owns 26,365 shares of the insurance provider’s stock worth $1,495,000 after buying an additional 6,593 shares during the period. Vontobel Holding Ltd. boosted its position in shares of Truist Financial by 3.3% in the first quarter. Vontobel Holding Ltd. now owns 22,951 shares of the insurance provider’s stock worth $1,348,000 after buying an additional 738 shares during the period. Finally, Blair William & Co. IL boosted its position in shares of Truist Financial by 8.1% in the first quarter. Blair William & Co. IL now owns 56,690 shares of the insurance provider’s stock worth $3,214,000 after buying an additional 4,234 shares during the period. Hedge funds and other institutional investors own 71.11% of the company’s stock.
Truist Financial Stock Down 0.4 %
Shares of Truist Financial stock opened at $34.87 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.74. The business’s 50 day simple moving average is $36.40 and its 200-day simple moving average is $33.02. The stock has a market capitalization of $46.54 billion, a price-to-earnings ratio of -32.29, a PEG ratio of 1.55 and a beta of 1.07. Truist Financial Co. has a twelve month low of $25.56 and a twelve month high of $38.47.
Truist Financial (NYSE:TFC – Get Free Report) last announced its quarterly earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.13. The business 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 prior year, the firm earned $1.30 EPS. Equities research analysts forecast that Truist Financial Co. will post 3.35 earnings per share for the current year.
Truist Financial Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.97%. The ex-dividend date of this dividend was Thursday, February 8th. Truist Financial’s dividend payout ratio is currently -192.59%.
Wall Street Analysts Forecast Growth
TFC has been the subject of a number of analyst reports. UBS Group increased their price target on Truist Financial from $37.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, January 17th. Bank of America raised Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 price target for the company in a report on Thursday, January 4th. Keefe, Bruyette & Woods increased their price target on Truist Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Piper Sandler increased their price target on Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, January 19th. Finally, TheStreet downgraded Truist Financial from a “b-” rating to a “c” rating in a report on Tuesday, February 20th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Truist Financial presently has an average rating of “Hold” and a consensus target price of $39.14.
Insider Activity at Truist Financial
In related news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $604,627.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.31% of the stock is owned by insiders.
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.
Further Reading
Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Co. (NYSE:TFC – Free Report).
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Source: defenseworld.net
