State of Tennessee Department of Treasury Has $20.72 Million Holdings in Truist Financial Co. (NYSE:TFC)

State of Tennessee Department of Treasury trimmed its stake in Truist Financial Co. (NYSE:TFC) by 4.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 477,671 shares of the insurance provider’s stock after selling 21,002 shares during the period. State of Tennessee Department of Treasury’s holdings in Truist Financial were worth $20,721,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Bangor Savings Bank increased its stake in shares of Truist Financial by 92.5% in the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after buying an additional 272 shares during the period. Hopwood Financial Services Inc. acquired a new stake in Truist Financial during the 4th quarter valued at approximately $26,000. Curio Wealth LLC bought a new position in Truist Financial during the 4th quarter worth approximately $45,000. City State Bank lifted its position in shares of Truist Financial by 158.1% in the 4th quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock worth $51,000 after purchasing an additional 716 shares during the period. Finally, Brown Lisle Cummings Inc. bought a new stake in shares of Truist Financial in the 4th quarter valued at $55,000. 71.28% of the stock is owned by institutional investors.

Truist Financial Price Performance

TFC stock opened at $36.34 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The business has a 50-day simple moving average of $40.79 and a two-hundred day simple moving average of $43.71. The company has a market capitalization of $47.44 billion, a P/E ratio of 10.91, a price-to-earnings-growth ratio of 1.63 and a beta of 0.91. Truist Financial Co. has a 52-week low of $33.56 and a 52-week high of $49.06.

Truist Financial (NYSE:TFC) last announced its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.87. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company had revenue of $4.95 billion for the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter in the previous year, the firm earned $0.90 earnings per share. Research analysts expect that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 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 5.72%. The ex-dividend date was Friday, February 14th. Truist Financial’s payout ratio is currently 61.36%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Robert W. Baird upgraded shares of Truist Financial from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $48.00 to $52.00 in a report on Wednesday, March 5th. Keefe, Bruyette & Woods dropped their price objective on Truist Financial from $53.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday. Argus set a $43.00 target price on Truist Financial in a research report on Monday. Barclays dropped their price target on Truist Financial from $51.00 to $47.00 and set an “equal weight” rating on the stock in a research note on Monday. Finally, Hsbc Global Res raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Nine investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.83.

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.