South Dakota Investment Council Decreases Stock Position in Truist Financial Co. (NYSE:TFC)

South Dakota Investment Council decreased its position in Truist Financial Co. (NYSE:TFC) by 3.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 529,605 shares of the insurance provider’s stock after selling 21,500 shares during the quarter. South Dakota Investment Council’s holdings in Truist Financial were worth $19,553,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in TFC. OFI Invest Asset Management acquired a new stake in Truist Financial during the 3rd quarter valued at $26,000. Operose Advisors LLC purchased a new stake in shares of Truist Financial during the third quarter worth about $31,000. Tyler Stone Wealth Management acquired a new position in shares of Truist Financial in the third quarter worth about $33,000. Morton Brown Family Wealth LLC boosted its holdings in Truist Financial by 236.0% in the fourth quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 649 shares during the last quarter. Finally, Authentikos Wealth Advisory LLC purchased a new position in Truist Financial in the third quarter valued at about $36,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on TFC shares. Piper Sandler upped their target price on Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, January 19th. Barclays upped their price target on shares of Truist Financial from $40.00 to $42.00 and gave the company an “equal weight” rating in a report on Tuesday, January 2nd. HSBC raised their price objective on shares of Truist Financial from $37.00 to $39.00 and gave the stock a “hold” rating in a report on Thursday, March 28th. Keefe, Bruyette & Woods upped their target price on shares of Truist Financial from $44.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, April 5th. Finally, Stephens reiterated an “overweight” rating and issued a $43.00 price target on shares of Truist Financial in a research note on Tuesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $41.59.

Truist Financial Stock Performance

NYSE TFC traded up $0.79 during trading hours on Tuesday, hitting $38.85. The company had a trading volume of 10,596,704 shares, compared to its average volume of 9,729,254. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.74. The firm has a market cap of $51.85 billion, a P/E ratio of -35.97, a price-to-earnings-growth ratio of 2.27 and a beta of 1.08. Truist Financial Co. has a fifty-two week low of $25.56 and a fifty-two week high of $39.29. The business has a fifty day simple moving average of $36.76 and a 200-day simple moving average of $34.70.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. The business had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. The company’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.09 EPS. Equities analysts predict that Truist Financial Co. will post 3.33 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.35%. Truist Financial’s dividend payout ratio is presently -192.59%.

Insider Buying and Selling

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the sale, the director now owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

About Truist Financial

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.