State of New Jersey Common Pension Fund D Sells 19,834 Shares of Truist Financial Corporation $TFC

Key Points

• State of New Jersey Common Pension Fund D sold 19,834 shares of Truist Financial, reducing its stake by 4.6% to 409,307 shares worth about $20.14 million at quarter-end.
• Analysts maintain a consensus "Moderate Buy" on TFC with a consensus target price of $55.41, reflecting mixed but generally positive target revisions (10 Buys, 4 Holds, 1 Sell).
• Truist beat quarterly EPS estimates ($1.09 vs. $1.00) and announced a $0.52 quarterly dividend (annualized $2.08, ~4.0% yield; ex-dividend May 8).

State of New Jersey Common Pension Fund D reduced its position in Truist Financial Corporation (NYSE:TFC - Free Report) by 4.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 409,307 shares of the insurance provider's stock after selling 19,834 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Truist Financial were worth $20,142,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of TFC. Valley Wealth Managers Inc. bought a new position in Truist Financial in the 3rd quarter valued at about $28,000. Ancora Advisors LLC increased its holdings in Truist Financial by 259.1% in the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider's stock valued at $32,000 after buying an additional 500 shares during the period. Maseco LLP increased its holdings in Truist Financial by 53.8% in the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider's stock valued at $32,000 after buying an additional 228 shares during the period. Mowery & Schoenfeld Wealth Management LLC increased its holdings in Truist Financial by 190.7% in the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider's stock valued at $32,000 after buying an additional 431 shares during the period. Finally, Steigerwald Gordon & Koch Inc. bought a new position in Truist Financial in the 3rd quarter valued at about $41,000. 71.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on TFC shares. Royal Bank Of Canada raised their target price on shares of Truist Financial from $51.00 to $53.00 and gave the company an "outperform" rating in a report on Monday, April 20th. Argus boosted their target price on Truist Financial from $54.00 to $58.00 and gave the stock a "buy" rating in a research note on Friday, January 23rd. Weiss Ratings raised Truist Financial from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, April 17th. JPMorgan Chase & Co. lowered their target price on Truist Financial from $57.00 to $51.50 and set a "neutral" rating for the company in a research note on Tuesday, April 7th. Finally, Piper Sandler boosted their target price on Truist Financial from $50.00 to $53.00 and gave the stock a "neutral" rating in a research note on Thursday, January 22nd. Ten investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.41.

Insider Transactions at Truist Financial

In related news, CAO Cynthia B. Powell sold 3,500 shares of the firm's stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the transaction, the chief accounting officer owned 667 shares in the company, valued at $35,010.83. This trade represents a 83.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.15% of the stock is currently owned by company insiders.

Truist Financial Stock Up 1.7%

Shares of NYSE TFC opened at $51.53 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The company has a market cap of $63.95 billion, a price-to-earnings ratio of 12.79, a PEG ratio of 0.87 and a beta of 0.89. Truist Financial Corporation has a 12 month low of $38.16 and a 12 month high of $56.19. The stock has a 50-day moving average price of $48.10 and a two-hundred day moving average price of $48.24.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same period last year, the firm posted $0.87 earnings per share. The business's revenue for the quarter was up 5.0% on a year-over-year basis. As a group, analysts forecast that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 8th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Friday, May 8th. Truist Financial's dividend payout ratio (DPR) is 51.61%.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.

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