State of New Jersey Common Pension Fund D Cuts Stock Holdings in Truist Financial Corporation (NYSE:TFC)

Key Points

• The State of New Jersey Common Pension Fund D decreased its stake in Truist Financial Corporation by 10.1%, selling 48,549 shares and retaining ownership of 430,785 shares worth approximately $17.7 million.
• Truist Financial recently announced a quarterly dividend of $0.52 per share, with an annualized yield of 4.7%, and a payout ratio of 56.68%.
• Several institutional investors have increased their holdings in Truist Financial, with Capital International Investors growing its position by 26.0% during the fourth quarter, now owning 90.6 million shares valued at nearly $3.93 billion.

State of New Jersey Common Pension Fund D reduced its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 10.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 430,785 shares of the insurance provider's stock after selling 48,549 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Truist Financial were worth $17,727,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Capital International Investors grew its position in Truist Financial by 26.0% during the fourth quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock worth $3,930,983,000 after buying an additional 18,712,246 shares during the period. Northern Trust Corp grew its position in Truist Financial by 20.5% during the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock worth $626,154,000 after buying an additional 2,452,239 shares during the period. Invesco Ltd. grew its position in Truist Financial by 32.0% during the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock worth $540,723,000 after buying an additional 3,188,999 shares during the period. American Century Companies Inc. grew its position in Truist Financial by 21.8% during the first quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider's stock worth $495,509,000 after buying an additional 2,158,639 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Truist Financial by 13.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,738,289 shares of the insurance provider's stock worth $465,827,000 after buying an additional 1,307,252 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

Shares of TFC opened at $44.50 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 company has a market capitalization of $57.38 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 1.68 and a beta of 0.87. The company's 50 day simple moving average is $43.31 and its 200 day simple moving average is $41.91. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $5.04 billion for the quarter, compared to analysts' expectations of $5.04 billion. Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business's quarterly revenue was down 406.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.91 EPS. On average, sell-side analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Friday, August 8th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.7%. Truist Financial's dividend payout ratio is presently 56.68%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Citigroup upgraded shares of Truist Financial from a "neutral" rating to a "buy" rating and upped their target price for the stock from $44.00 to $55.00 in a research report on Thursday, June 26th. Stephens lowered their target price on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Argus set a $43.00 price target on shares of Truist Financial in a research report on Monday, April 21st. Finally, TD Cowen began coverage on shares of Truist Financial in a research report on Thursday, May 15th. They issued a "hold" rating and a $44.00 price target on the stock. Six research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $48.65.

Insider Activity

In related news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.17% of the company's stock.

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.

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