38,820 Shares in Truist Financial Corporation (NYSE:TFC) Acquired by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Truist Financial Corporation (NYSE:TFC - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 38,820 shares of the insurance provider's stock, valued at approximately $1,597,000.

Several other institutional investors and hedge funds have also made changes to their positions in TFC. Comerica Bank lifted its position in Truist Financial by 3.6% during the 4th quarter. Comerica Bank now owns 449,484 shares of the insurance provider's stock worth $19,499,000 after acquiring an additional 15,499 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Truist Financial by 81.7% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider's stock worth $48,085,000 after purchasing an additional 498,531 shares during the last quarter. Cantor Fitzgerald Investment Advisors L.P. lifted its holdings in shares of Truist Financial by 4.6% during the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider's stock worth $17,927,000 after purchasing an additional 19,286 shares during the period. Stifel Financial Corp boosted its position in Truist Financial by 2.8% in the fourth quarter. Stifel Financial Corp now owns 2,242,763 shares of the insurance provider's stock valued at $97,291,000 after buying an additional 60,848 shares during the last quarter. Finally, Glass Wealth Management Co LLC boosted its position in Truist Financial by 9.5% in the fourth quarter. Glass Wealth Management Co LLC now owns 67,978 shares of the insurance provider's stock valued at $2,949,000 after buying an additional 5,900 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Price Performance

Shares of TFC stock traded up $1.17 during trading hours on Thursday, hitting $42.57. 7,022,236 shares of the company's stock were exchanged, compared to its average volume of 8,271,129. Truist Financial Corporation has a fifty-two week low of $33.56 and a fifty-two week high of $49.06. The firm has a market cap of $55.75 billion, a P/E ratio of 12.56, a P/E/G ratio of 1.54 and a beta of 0.84. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.55. The firm has a 50 day moving average of $39.54 and a two-hundred day moving average of $42.01.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, hitting analysts' consensus estimates of $0.87. The company had revenue of $4.95 billion during the quarter, compared to analysts' expectations of $4.99 billion. Truist Financial had a net margin of 15.59% and a return on equity of 8.96%. During the same period in the prior year, the business posted $0.90 earnings per share. Sell-side analysts forecast that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.89%. The ex-dividend date of this dividend was Friday, May 9th. Truist Financial's dividend payout ratio is presently 61.36%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TFC. Barclays decreased their price objective on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and upped their price target for the company from $44.00 to $55.00 in a report on Thursday. Argus set a $43.00 price target on Truist Financial in a research report on Monday, April 21st. Stephens decreased their price objective on Truist Financial from $48.00 to $46.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Finally, Raymond James Financial downgraded Truist Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Eight equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Truist Financial currently has an average rating of "Moderate Buy" and a consensus target price of $48.44.

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.