State of Michigan Retirement System Cuts Holdings in Truist Financial Co. (NYSE:TFC)

State of Michigan Retirement System reduced its position in shares of Truist Financial Co. (NYSE:TFC) by 1.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 387,043 shares of the insurance provider’s stock after selling 3,800 shares during the quarter. State of Michigan Retirement System’s holdings in Truist Financial were worth $16,790,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Gladstone Institutional Advisory LLC purchased a new stake in shares of Truist Financial in the third quarter valued at approximately $322,000. Farther Finance Advisors LLC grew its stake in Truist Financial by 74.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 16,543 shares of the insurance provider’s stock valued at $707,000 after acquiring an additional 7,055 shares during the period. Chicago Partners Investment Group LLC acquired a new stake in Truist Financial in the 3rd quarter valued at $224,000. National Pension Service increased its holdings in Truist Financial by 14.5% in the 3rd quarter. National Pension Service now owns 3,401,518 shares of the insurance provider’s stock worth $145,483,000 after acquiring an additional 431,741 shares in the last quarter. Finally, Asset Management One Co. Ltd. raised its position in Truist Financial by 4.3% during the third quarter. Asset Management One Co. Ltd. now owns 509,439 shares of the insurance provider’s stock worth $21,789,000 after acquiring an additional 20,862 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Down 3.7 %

Shares of NYSE TFC opened at $43.75 on Wednesday. The company has a market capitalization of $57.10 billion, a P/E ratio of 13.14, a P/E/G ratio of 1.63 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The company has a 50 day simple moving average of $45.81 and a 200-day simple moving average of $44.69. Truist Financial Co. has a 1 year low of $34.51 and a 1 year high of $49.06.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same quarter last year, the firm earned $0.81 earnings per share. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities research analysts predict that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 4.75%. Truist Financial’s dividend payout ratio (DPR) is currently 62.46%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Morgan Stanley lifted their target price on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 21st. Barclays lifted their price objective on Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Hsbc Global Res raised Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Piper Sandler lifted their price target on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Finally, Raymond James boosted their price target on Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Eleven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $50.79.

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.