Maryland State Retirement & Pension System Acquires 1,274 Shares of Truist Financial Corporation $TFC

Maryland State Retirement & Pension System increased its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 2.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 63,678 shares of the insurance provider’s stock after buying an additional 1,274 shares during the period. Maryland State Retirement & Pension System’s holdings in Truist Financial were worth $2,738,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Wealth Preservation Advisors LLC bought a new stake in shares of Truist Financial during the first quarter worth approximately $25,000. Centennial Bank AR raised its stake in shares of Truist Financial by 360.2% during the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock worth $30,000 after buying an additional 580 shares during the last quarter. Motco increased its stake in Truist Financial by 435.6% in the first quarter. Motco now owns 798 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 649 shares in the last quarter. Meeder Asset Management Inc. increased its stake in Truist Financial by 115.3% in the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 468 shares in the last quarter. Finally, Sierra Ocean LLC increased its stake in Truist Financial by 64.4% in the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 352 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the completion of the sale, the insider owned 500 shares in the company, valued at $22,595. The trade was a 96.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.17% of the stock is owned by company insiders.

Truist Financial Stock Performance

NYSE TFC opened at $42.32 on Friday. The firm has a 50-day moving average of $45.16 and a 200-day moving average of $42.16. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market cap of $54.57 billion, a PE ratio of 11.53, a P/E/G ratio of 1.42 and a beta of 0.88. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). The company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The business’s quarterly revenue was down 406.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.91 EPS. On average, sell-side analysts anticipate that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were paid a $0.52 dividend. The ex-dividend date was Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.9%. Truist Financial’s payout ratio is 56.68%.

Analyst Ratings Changes

Several equities research analysts have commented on TFC shares. Keefe, Bruyette & Woods downgraded shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price for the company. in a research note on Wednesday, July 9th. Raymond James Financial reaffirmed an “outperform” rating on shares of Truist Financial in a research note on Tuesday. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $47.00 target price on shares of Truist Financial in a research note on Thursday, August 21st. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Finally, Morgan Stanley increased their target price on shares of Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a report on Monday, September 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.89.

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.