State of Michigan Retirement System Raises Stock Position in Truist Financial Co. (NYSE:TFC)

State of Michigan Retirement System grew its holdings in shares of Truist Financial Co. (NYSE:TFC) by 0.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 394,343 shares of the insurance provider’s stock after buying an additional 300 shares during the quarter. State of Michigan Retirement System’s holdings in Truist Financial were worth $15,371,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TFC. O Shaughnessy Asset Management LLC raised its position in Truist Financial by 21.1% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 35,464 shares of the insurance provider’s stock worth $1,015,000 after purchasing an additional 6,181 shares during the period. AQR Capital Management LLC boosted its holdings in Truist Financial by 121.4% during the 3rd quarter. AQR Capital Management LLC now owns 1,768,764 shares of the insurance provider’s stock valued at $50,604,000 after acquiring an additional 969,908 shares during the period. Glenmede Trust Co. NA increased its stake in Truist Financial by 19.7% in the third quarter. Glenmede Trust Co. NA now owns 51,512 shares of the insurance provider’s stock worth $1,474,000 after purchasing an additional 8,482 shares during the period. Axxcess Wealth Management LLC lifted its position in shares of Truist Financial by 57.3% during the third quarter. Axxcess Wealth Management LLC now owns 62,045 shares of the insurance provider’s stock worth $1,775,000 after purchasing an additional 22,608 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in shares of Truist Financial by 6.0% during the third quarter. Ameriprise Financial Inc. now owns 3,519,783 shares of the insurance provider’s stock valued at $100,694,000 after purchasing an additional 198,376 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on TFC. StockNews.com downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, June 26th. Wells Fargo & Company lifted their price objective on Truist Financial from $39.00 to $45.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. JPMorgan Chase & Co. increased their target price on shares of Truist Financial from $39.50 to $40.50 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Barclays started coverage on shares of Truist Financial in a report on Thursday, May 16th. They issued an “equal weight” rating and a $43.00 price target for the company. Finally, Piper Sandler lifted their price objective on shares of Truist Financial from $38.00 to $41.00 and gave the company a “neutral” rating in a report on Tuesday, May 14th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.17.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $39.56 on Wednesday. The company has a 50 day simple moving average of $37.92 and a two-hundred day simple moving average of $37.17. The stock has a market cap of $52.94 billion, a price-to-earnings ratio of -29.97, a PEG ratio of 2.04 and a beta of 1.07. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. Truist Financial Co. has a 12 month low of $26.57 and a 12 month high of $40.51.

Truist Financial (NYSE:TFC) last posted its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.12. The firm had revenue of $4.87 billion during the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The business’s quarterly revenue was down 8.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.09 EPS. As a group, analysts predict that Truist Financial Co. will post 3.36 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 10th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.26%. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

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.