Public Employees Retirement System of Ohio Trims Holdings in Truist Financial Corporation $TFC

Key Points

• The Public Employees Retirement System of Ohio reduced its holdings in Truist Financial Corporation by 2.7%, now owning 534,371 shares valued at approximately $22.97 million.
• In the latest quarter, Truist Financial reported earnings per share of $0.91, missing estimates by $0.02, with revenue of $5.04 billion, which marked a significant year-over-year decline.
• Truist Financial recently announced a quarterly dividend of $0.52 per share, representing an annualized yield of 4.5% and a payout ratio of 56.68%.

Public Employees Retirement System of Ohio cut its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 2.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 534,371 shares of the insurance provider's stock after selling 14,626 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Truist Financial were worth $22,973,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TFC. Wealth Preservation Advisors LLC purchased a new stake in shares of Truist Financial in the 1st quarter worth about $25,000. Centennial Bank AR grew its position in shares of Truist Financial by 360.2% in the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider's stock worth $30,000 after buying an additional 580 shares during the period. Motco grew its position in shares of Truist Financial by 435.6% in the 1st quarter. Motco now owns 798 shares of the insurance provider's stock worth $33,000 after buying an additional 649 shares during the period. Meeder Asset Management Inc. grew its position in shares of Truist Financial by 115.3% in the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider's stock worth $36,000 after buying an additional 468 shares during the period. Finally, Sierra Ocean LLC grew its position in shares of Truist Financial by 64.4% in the 1st quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider's stock worth $37,000 after buying an additional 352 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Truist Financial

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider owned 500 shares in the company, valued at approximately $22,595. This represents a 96.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.17% of the company's stock.

Truist Financial Price Performance

TFC opened at $45.75 on Friday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $58.99 billion, a P/E ratio of 12.47, a P/E/G ratio of 1.71 and a beta of 0.88. The company's 50-day simple moving average is $45.09 and its two-hundred day simple moving average is $41.85. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last posted its earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). The company had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. Truist Financial's revenue was down 406.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.91 EPS. As a group, analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, August 8th. This represents a $2.08 annualized dividend and a yield of 4.5%. Truist Financial's dividend payout ratio is currently 56.68%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on TFC. Citigroup raised shares of Truist Financial from a "neutral" rating to a "buy" rating and increased their price objective for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Morgan Stanley reissued a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Raymond James Financial raised shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective on the stock in a research report on Tuesday, July 8th. Wells Fargo & Company reissued an "equal weight" rating and set a $47.00 price objective on shares of Truist Financial in a research report on Thursday, August 21st. Finally, Keefe, Bruyette & Woods downgraded shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective on the stock. in a research report on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $48.47.

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.

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