Kentucky Retirement Systems Trims Stake in Truist Financial Co. (NYSE:TFC)

Kentucky Retirement Systems lessened its position in Truist Financial Co. (NYSE:TFC) by 7.5% in the third quarter, HoldingsChannel reports. The firm owned 93,292 shares of the insurance provider’s stock after selling 7,542 shares during the quarter. Kentucky Retirement Systems’ holdings in Truist Financial were worth $3,990,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in TFC. Capital Investment Counsel Inc lifted its position in Truist Financial by 0.4% during the second quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock valued at $2,413,000 after buying an additional 244 shares during the period. Burkett Financial Services LLC increased its stake in shares of Truist Financial by 26.8% in the 3rd quarter. Burkett Financial Services LLC now owns 1,198 shares of the insurance provider’s stock worth $51,000 after acquiring an additional 253 shares in the last quarter. Verum Partners LLC lifted its position in Truist Financial by 2.5% during the 2nd quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock valued at $411,000 after acquiring an additional 261 shares during the period. CX Institutional boosted its stake in Truist Financial by 3.4% during the second quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock worth $313,000 after acquiring an additional 263 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC boosted its stake in Truist Financial by 2.7% during the third quarter. Prime Capital Investment Advisors LLC now owns 10,399 shares of the insurance provider’s stock worth $445,000 after acquiring an additional 270 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TFC. Keefe, Bruyette & Woods raised their target price on shares of Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. UBS Group lifted their price objective on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Morgan Stanley boosted their target price on Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Barclays raised their price target on Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Finally, Bank of America upped their price target on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Twelve equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $46.37.

Truist Financial Stock Performance

TFC stock opened at $46.55 on Friday. The business’s 50-day moving average is $43.18 and its two-hundred day moving average is $41.24. Truist Financial Co. has a fifty-two week low of $31.13 and a fifty-two week high of $47.57. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. The company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. On average, research analysts forecast that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.47%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s payout ratio is -145.45%.

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.