State Board of Administration of Florida Retirement System Boosts Stake in Truist Financial Co. (NYSE:TFC)

State Board of Administration of Florida Retirement System raised its position in shares of Truist Financial Co. (NYSE:TFCFree Report) by 0.4% during the third quarter, HoldingsChannel reports. The fund owned 1,444,844 shares of the insurance provider’s stock after acquiring an additional 6,290 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Truist Financial were worth $41,337,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC bought a new position in Truist Financial during the 3rd quarter valued at about $144,000. HighTower Advisors LLC boosted its position in shares of Truist Financial by 1.3% during the third quarter. HighTower Advisors LLC now owns 2,979,035 shares of the insurance provider’s stock valued at $85,285,000 after buying an additional 39,298 shares during the period. Pathstone Family Office LLC grew its stake in shares of Truist Financial by 84.8% during the third quarter. Pathstone Family Office LLC now owns 97,317 shares of the insurance provider’s stock valued at $2,786,000 after buying an additional 44,659 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Truist Financial by 13.1% in the third quarter. Van ECK Associates Corp now owns 255,857 shares of the insurance provider’s stock worth $7,320,000 after buying an additional 29,642 shares during the period. Finally, AMG National Trust Bank boosted its holdings in Truist Financial by 149.8% during the 3rd quarter. AMG National Trust Bank now owns 100,292 shares of the insurance provider’s stock valued at $2,869,000 after acquiring an additional 60,141 shares during the period. Hedge funds and other institutional investors own 71.11% of the company’s stock.

Analyst Upgrades and Downgrades

TFC has been the topic of a number of research analyst reports. UBS Group upped their price target on shares of Truist Financial from $37.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, January 17th. Morgan Stanley lifted their price objective on shares of Truist Financial from $38.00 to $43.00 and gave the company an “equal weight” rating in a report on Tuesday, January 30th. Royal Bank of Canada increased their target price on shares of Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. StockNews.com lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, Keefe, Bruyette & Woods lifted their price objective on Truist Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $39.87.

Check Out Our Latest Report on Truist Financial

Truist Financial Stock Performance

Shares of TFC stock opened at $35.51 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.74. The stock has a 50 day simple moving average of $36.39 and a 200-day simple moving average of $32.14. The company has a market cap of $47.36 billion, a price-to-earnings ratio of -32.88, a price-to-earnings-growth ratio of 1.52 and a beta of 1.09. Truist Financial Co. has a 12-month low of $25.56 and a 12-month high of $49.32.

Truist Financial (NYSE:TFCGet Free Report) last announced its quarterly earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.13. The business had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.70 billion. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. During the same quarter last year, the firm posted $1.30 EPS. On average, equities analysts forecast that Truist Financial Co. will post 3.38 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Friday, February 9th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.86%. The ex-dividend date of this dividend is Thursday, February 8th. Truist Financial’s dividend payout ratio is currently -192.59%.

Truist Financial Profile

(Free Report)

Truist Financial Corporation, a holding 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.

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Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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