Public Employees Retirement Association of Colorado Sells 4,768 Shares of Truist Financial Co. (NYSE:TFC)

Public Employees Retirement Association of Colorado cut its holdings in Truist Financial Co. (NYSE:TFC) by 2.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 183,012 shares of the insurance provider’s stock after selling 4,768 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Truist Financial were worth $7,110,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of TFC. Capital International Investors lifted its position in Truist Financial by 93.7% in the first quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after buying an additional 5,632,493 shares during the last quarter. Parnassus Investments LLC purchased a new position in shares of Truist Financial during the fourth quarter valued at $95,049,000. Azora Capital LP purchased a new position in shares of Truist Financial during the fourth quarter valued at $72,498,000. Jennison Associates LLC increased its stake in shares of Truist Financial by 48.9% during the first quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock valued at $149,698,000 after buying an additional 1,261,598 shares during the period. Finally, Morningstar Investment Services LLC increased its stake in shares of Truist Financial by 94.5% during the fourth quarter. Morningstar Investment Services LLC now owns 1,753,129 shares of the insurance provider’s stock valued at $65,374,000 after buying an additional 851,725 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

TFC opened at $42.32 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $56.63 billion, a PE ratio of -32.06, a PEG ratio of 1.98 and a beta of 1.06. The firm’s 50-day moving average price is $42.81 and its 200 day moving average price is $39.54. Truist Financial Co. has a twelve month low of $26.57 and a twelve month high of $45.31.

Truist Financial (NYSE:TFC) last posted its earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.07. The company had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. Truist Financial’s revenue was down 15.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.95 EPS. As a group, sell-side analysts expect that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were issued a $0.52 dividend. The ex-dividend date was Friday, August 9th. This represents a $2.08 annualized dividend and a dividend yield of 4.91%. Truist Financial’s dividend payout ratio is currently -157.58%.

Analyst Upgrades and Downgrades

TFC has been the topic of several analyst reports. Royal Bank of Canada lifted their target price on Truist Financial from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Bank of America boosted their price target on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. The Goldman Sachs Group boosted their price target on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Stephens restated an “overweight” rating and set a $50.00 price target on shares of Truist Financial in a research note on Tuesday, September 10th. Finally, Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $45.45.

Insider Transactions at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. bought 57,300 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were purchased at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the purchase, the chief executive officer now directly owns 569,271 shares in the company, valued at $25,025,153.16. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was purchased at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the transaction, the chief executive officer now owns 569,271 shares in the company, valued at approximately $25,025,153.16. The disclosure for this purchase can be found here. 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.