California Public Employees Retirement System Lowers Position in Truist Financial Co. (NYSE:TFC)

California Public Employees Retirement System lessened its holdings in shares of Truist Financial Co. (NYSE:TFC) by 10.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,110,261 shares of the insurance provider’s stock after selling 236,823 shares during the quarter. California Public Employees Retirement System owned about 0.16% of Truist Financial worth $91,543,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of TFC. Fisher Asset Management LLC increased its holdings in shares of Truist Financial by 4.5% in the 3rd quarter. Fisher Asset Management LLC now owns 7,995 shares of the insurance provider’s stock worth $342,000 after buying an additional 345 shares during the last quarter. FMR LLC increased its stake in Truist Financial by 10.6% in the third quarter. FMR LLC now owns 5,003,106 shares of the insurance provider’s stock valued at $213,983,000 after acquiring an additional 478,886 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec purchased a new stake in Truist Financial during the third quarter valued at about $26,087,000. Edgestream Partners L.P. bought a new stake in Truist Financial during the third quarter worth about $962,000. Finally, Cobblestone Capital Advisors LLC NY boosted its holdings in shares of Truist Financial by 2.5% in the 3rd quarter. Cobblestone Capital Advisors LLC NY now owns 14,045 shares of the insurance provider’s stock worth $601,000 after purchasing an additional 339 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

Shares of NYSE TFC opened at $41.16 on Tuesday. Truist Financial Co. has a 1 year low of $35.09 and a 1 year high of $49.06. The stock has a market capitalization of $53.74 billion, a P/E ratio of 12.36, a P/E/G ratio of 1.63 and a beta of 1.08. The company’s 50-day moving average is $44.65 and its 200 day moving average is $44.43. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83.

Truist Financial (NYSE:TFC) last announced 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 firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same quarter in the prior year, the company earned $0.81 EPS. The business’s revenue was up 3.4% compared to the same quarter last year. On average, sell-side analysts expect that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.05%. The ex-dividend date of this dividend was Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is presently 62.46%.

Analyst Ratings Changes

A number of analysts recently weighed in on TFC shares. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $48.00 to $52.00 in a research report on Wednesday, March 5th. Stephens upped their price objective on shares of Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Tuesday, January 21st. Piper Sandler lifted their target price on shares of Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Barclays upped their price target on shares of Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Finally, Wells Fargo & Company decreased their price objective on Truist Financial from $52.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday. Nine analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Truist Financial has an average rating of “Moderate Buy” and an average price target of $50.68.

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.