Truist Financial Corporation $TFC Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System lessened its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 3.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,948,960 shares of the insurance provider's stock after selling 76,072 shares during the quarter. California State Teachers Retirement System owned about 0.16% of Truist Financial worth $97,097,187 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Wedmont Private Capital increased its stake in Truist Financial by 19.4% in the 2nd quarter. Wedmont Private Capital now owns 16,570 shares of the insurance provider's stock valued at $856,000 after buying an additional 2,697 shares during the period. Kintra Wealth LLC acquired a new stake in shares of Truist Financial during the second quarter worth $207,000. HB Wealth Management LLC boosted its position in Truist Financial by 3.3% in the second quarter. HB Wealth Management LLC now owns 136,250 shares of the insurance provider's stock valued at $6,788,000 after buying an additional 4,357 shares in the last quarter. Nilsine Partners LLC acquired a new position in shares of Truist Financial during the 2nd quarter valued at $373,000. Finally, Saudi Central Bank boosted its stake in shares of Truist Financial by 84.0% in the 2nd quarter. Saudi Central Bank now owns 86,872 shares of the insurance provider's stock worth $4,328,000 after buying an additional 39,654 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Truist Financial Stock Performance

Shares of TFC stock traded up $0.70 on Tuesday, reaching $50.80. The stock had a trading volume of 5,969,691 shares, compared to its average volume of 8,735,285. The company has a 50 day simple moving average of $51.52 and a 200 day simple moving average of $49.52. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. The stock has a market cap of $62.06 billion, a P/E ratio of 11.65, a price-to-earnings-growth ratio of 1.06 and a beta of 0.88. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same period last year, the firm earned $0.91 EPS. The firm's revenue for the quarter was up 5.6% compared to the same quarter last year. Equities research analysts expect that Truist Financial Corporation will post 4.58 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were issued a $0.52 dividend. The ex-dividend date was Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. Truist Financial's dividend payout ratio is currently 47.71%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Bank of America restated a "neutral" rating and issued a $56.00 target price (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. UBS Group cut Truist Financial from a "buy" rating to a "neutral" rating and reduced their target price for the company from $58.00 to $55.00 in a report on Tuesday, July 7th. Robert W. Baird raised their price target on Truist Financial from $55.00 to $56.00 and gave the stock a "neutral" rating in a research note on Monday, July 20th. Keefe, Bruyette & Woods raised their target price on Truist Financial from $53.00 to $55.00 and gave the company a "market perform" rating in a report on Monday, July 20th. Finally, JPMorgan Chase & Co. raised their target price on shares of Truist Financial from $53.00 to $54.00 and gave the stock an "underweight" rating in a report on Wednesday, July 29th. Seven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Truist Financial currently has a consensus rating of "Hold" and a consensus target price of $55.12.

Insider Activity at Truist Financial

In other Truist Financial news, CEO William Rogers, Jr. sold 13,250 shares of the business's stock in a transaction on Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Donta L. Wilson sold 13,280 shares of the business's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the transaction, the insider owned 56,009 shares in the company, valued at approximately $2,904,066.65. The trade was a 19.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 30,516 shares of company stock worth $1,584,428 in the last 90 days. 0.15% of the stock is owned by company insiders.

Truist Financial Company Profile

Truist Financial Corporation NYSE: TFC is a financial services company formed through the 2019 merger of BB&T Corporation and SunTrust Banks. Headquartered in Charlotte, North Carolina, Truist operates as a major commercial bank serving consumers, businesses, and institutions primarily across the United States.

Through its consumer and business banking operations, Truist provides checking and savings accounts, credit cards, mortgages, home equity lending, personal loans, commercial lending, treasury management, and payment services.

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