Retirement Systems of Alabama Sells 78,387 Shares of Truist Financial Co. (NYSE:TFC)

Retirement Systems of Alabama trimmed its position in Truist Financial Co. (NYSE:TFC) by 6.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,084,863 shares of the insurance provider’s stock after selling 78,387 shares during the period. Retirement Systems of Alabama’s holdings in Truist Financial were worth $46,400,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of TFC. State Street Corp raised its position in Truist Financial by 4.6% in the 3rd quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock valued at $2,645,964,000 after buying an additional 2,720,223 shares during the last quarter. Geode Capital Management LLC lifted its position in Truist Financial by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 27,440,951 shares of the insurance provider’s stock worth $1,169,350,000 after buying an additional 456,412 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Truist Financial by 1.0% in the 2nd quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock valued at $401,663,000 after acquiring an additional 103,565 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Truist Financial by 3.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,431,037 shares of the insurance provider’s stock valued at $403,365,000 after acquiring an additional 288,306 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Truist Financial by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after acquiring an additional 299,196 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Price Performance

Shares of NYSE:TFC traded down $0.08 during trading on Friday, reaching $45.64. 652,330 shares of the company traded hands, compared to its average volume of 8,234,598. The firm has a market capitalization of $60.59 billion, a PE ratio of -31.98, a PEG ratio of 1.87 and a beta of 1.06. Truist Financial Co. has a 52 week low of $34.23 and a 52 week high of $49.06. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. The company’s 50 day moving average is $45.04 and its two-hundred day moving average is $42.26.

Truist Financial (NYSE:TFC) last released its earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.05 billion. As a group, sell-side analysts predict that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.56%. Truist Financial’s dividend payout ratio (DPR) is currently -145.45%.

Analysts Set New Price Targets

TFC has been the topic of several recent analyst reports. Piper Sandler boosted their price target on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Citigroup upped their price target on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. The Goldman Sachs Group lifted their price objective on shares of Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. upped their target price on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Finally, Wells Fargo & Company lifted their price target on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Truist Financial presently has an average rating of “Hold” and a consensus price target of $48.12.

Insider Activity

In other news, CEO William H. Rogers, Jr. acquired 34,180 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were bought at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the acquisition, the chief executive officer now directly owns 691,451 shares in the company, valued at $33,576,860.56. The trade was a 5.20 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director K. David Jr. Boyer sold 4,966 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the completion of the transaction, the director now directly owns 11,246 shares of the company’s stock, valued at approximately $519,565.20. The trade was a 30.63 % decrease in their position. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by corporate 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.