Public Sector Pension Investment Board Acquires 17,103 Shares of Truist Financial Co. (NYSE:TFC)

Public Sector Pension Investment Board grew its stake in Truist Financial Co. (NYSE:TFC) by 8.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 226,903 shares of the insurance provider’s stock after acquiring an additional 17,103 shares during the quarter. Public Sector Pension Investment Board’s holdings in Truist Financial were worth $8,815,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Crewe Advisors LLC bought a new position in shares of Truist Financial during the 1st quarter valued at $27,000. Opal Wealth Advisors LLC bought a new position in Truist Financial during the first quarter valued at approximately $29,000. MFA Wealth Advisors LLC purchased a new position in shares of Truist Financial in the second quarter valued at $30,000. Y.D. More Investments Ltd bought a new stake in shares of Truist Financial in the 2nd quarter worth about $31,000. Finally, Rise Advisors LLC bought a new stake in shares of Truist Financial in the 1st quarter valued at approximately $32,000. Institutional investors own 71.28% of the company’s stock.

Insiders Place Their Bets

In related news, CEO William H. Rogers, Jr. bought 57,300 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The stock was bought at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the transaction, the chief executive officer now owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was bought 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 owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The disclosure for this purchase can be found here. Insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Bank of America raised their price target on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Robert W. Baird downgraded shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 target price for the company. in a research note on Wednesday, July 17th. Barclays lifted their target price on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. Argus increased their price objective on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Finally, Royal Bank of Canada boosted their target price on shares of Truist Financial from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $45.45.

Truist Financial Stock Down 0.3 %

NYSE:TFC opened at $42.19 on Tuesday. The business’s fifty day moving average price is $42.83 and its 200 day moving average price is $39.60. Truist Financial Co. has a 1-year low of $26.57 and a 1-year high of $45.31. The firm has a market capitalization of $56.45 billion, a price-to-earnings ratio of -31.96, a PEG ratio of 1.98 and a beta of 1.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates 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%. The company’s quarterly revenue was down 15.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.95 earnings per share. On average, sell-side analysts forecast that Truist Financial Co. will post 3.55 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a yield of 4.93%. Truist Financial’s dividend payout ratio 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.