California State Teachers Retirement System Has $4.84 Billion Position in Truist Financial Corporation $TFC

Key Points

• California State Teachers Retirement System increased its Truist Financial stake by 4,694.8% in the second quarter, acquiring more than 95 million shares and bringing its position to 7.95% of the company, valued at approximately $4.84 billion.
• Truist reported quarterly earnings of $1.23 per share, beating estimates of $1.08, while revenue rose 5.6% year over year to $5.31 billion. The company also paid a quarterly dividend of $0.52 per share, implying a 4.1% yield.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $55.12, compared with shares opening at $50.20.

California State Teachers Retirement System lifted its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 4,694.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 97,097,187 shares of the insurance provider's stock after purchasing an additional 95,072,155 shares during the quarter. California State Teachers Retirement System owned 7.95% of Truist Financial worth $4,837,382,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Kemnay Advisory Services Inc. bought a new stake in shares of Truist Financial during the fourth quarter worth $25,000. Swiss RE Ltd. bought a new position in shares of Truist Financial in the 4th quarter valued at $26,000. N.E.W. Advisory Services LLC bought a new position in shares of Truist Financial in the 2nd quarter valued at $30,000. Navigoe LLC acquired a new stake in shares of Truist Financial during the 2nd quarter valued at $30,000. Finally, McMillan Office Inc. acquired a new stake in shares of Truist Financial during the 4th quarter valued at $31,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Dontá Wilson sold 13,280 shares of Truist Financial stock in a transaction on Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the transaction, the insider owned 56,009 shares of the company's stock, valued at $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William H. Rogers, Jr. sold 13,250 shares of the business's stock in a transaction on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 30,516 shares of company stock worth $1,584,428. 0.15% of the stock is currently owned by insiders.

Truist Financial Stock Down 0.7%

Shares of TFC opened at $50.20 on Thursday. The company has a market capitalization of $61.32 billion, a PE ratio of 11.51, a PEG ratio of 1.06 and a beta of 0.88. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19. The stock's 50-day moving average price is $51.57 and its two-hundred day moving average price is $49.53. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $5.24 billion. During the same quarter in the prior year, the firm posted $0.91 earnings per share. The business's quarterly revenue was up 5.6% on a year-over-year basis. On average, analysts anticipate that Truist Financial Corporation will post 4.58 EPS for the current year.

Truist Financial Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Evercore reaffirmed an "outperform" rating and issued a $57.00 target price on shares of Truist Financial in a report on Monday, July 6th. Citigroup cut Truist Financial from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $63.00 to $54.00 in a report on Tuesday, June 30th. Raymond James Financial reiterated a "market perform" rating on shares of Truist Financial in a report on Wednesday, July 1st. Morgan Stanley reiterated an "equal weight" rating and set a $54.00 target price (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Finally, Bank of America reissued a "neutral" rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Seven analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $55.12.

About Truist Financial

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.

Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Corporation (NYSE:TFC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.