New York State Teachers Retirement System Has $41.05 Million Holdings in Truist Financial Corporation $TFC

New York State Teachers Retirement System decreased its holdings in Truist Financial Corporation (NYSE:TFC) by 1.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 897,742 shares of the insurance provider’s stock after selling 12,079 shares during the quarter. New York State Teachers Retirement System owned approximately 0.07% of Truist Financial worth $41,045,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. First Hawaiian Bank grew its stake in shares of Truist Financial by 8.6% in the 1st quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider’s stock valued at $493,000 after buying an additional 948 shares during the period. Brookstone Capital Management raised its stake in Truist Financial by 12.3% during the 3rd quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider’s stock worth $15,366,000 after buying an additional 36,916 shares during the period. Hilltop National Bank bought a new position in Truist Financial in the second quarter worth approximately $543,000. Sterling Investment Management LLC bought a new position in Truist Financial in the third quarter worth approximately $923,000. Finally, SCS Capital Management LLC grew its stake in Truist Financial by 383.7% in the second quarter. SCS Capital Management LLC now owns 382,554 shares of the insurance provider’s stock valued at $16,446,000 after acquiring an additional 303,466 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

Shares of TFC stock opened at $50.62 on Monday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a 50-day moving average of $47.70 and a 200-day moving average of $45.80. Truist Financial Corporation has a one year low of $33.56 and a one year high of $51.51. The company has a market cap of $64.75 billion, a P/E ratio of 13.61, a P/E/G ratio of 0.96 and a beta of 0.89.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, October 17th. The insurance provider reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.05. The business had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.20 billion. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.97 EPS. Equities research analysts forecast that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Friday, November 14th. Truist Financial’s dividend payout ratio (DPR) is presently 55.91%.

Truist Financial announced that its board has approved a share buyback program on Tuesday, December 16th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the insurance provider to purchase up to 15.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Morgan Stanley upped their target price on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 17th. Keefe, Bruyette & Woods upped their price objective on shares of Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a report on Wednesday, December 17th. Evercore ISI upgraded shares of Truist Financial from a “hold” rating to an “outperform” rating and lifted their price objective for the company from $49.00 to $58.00 in a report on Tuesday, January 6th. Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Finally, Barclays cut shares of Truist Financial from an “equal weight” rating to an “underweight” rating and raised their price target for the company from $47.00 to $56.00 in a research report on Monday, January 5th. Seven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $52.80.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the sale, the director directly owned 10,153 shares in the company, valued at approximately $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.14% of the company’s stock.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.