Strs Ohio Makes New Investment in Truist Financial Corporation $TFC

Key Points

• Strs Ohio has acquired 794,083 shares of Truist Financial Corporation, valued at approximately $32.68 million, representing around 0.06% ownership of the company.
• Truist Financial recently reported quarterly earnings of $0.91 per share, missing estimates, while also announcing a quarterly dividend of $0.52 per share.
• The company's stock has received mixed ratings from analysts, with a consensus rating of "Moderate Buy" and an average price target of $48.47 following various upgrades and downgrades.

Strs Ohio acquired a new stake in Truist Financial Corporation (NYSE:TFC - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 794,083 shares of the insurance provider's stock, valued at approximately $32,677,000. Strs Ohio owned approximately 0.06% of Truist Financial as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in TFC. Victory Capital Management Inc. grew its holdings in shares of Truist Financial by 922.9% in the first quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock valued at $274,237,000 after purchasing an additional 6,012,817 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Truist Financial by 32.0% in the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider's stock valued at $540,723,000 after purchasing an additional 3,188,999 shares in the last quarter. Nuveen LLC acquired a new position in shares of Truist Financial in the first quarter valued at approximately $117,929,000. Assenagon Asset Management S.A. grew its holdings in shares of Truist Financial by 610.8% in the first quarter. Assenagon Asset Management S.A. now owns 2,661,895 shares of the insurance provider's stock valued at $109,537,000 after purchasing an additional 2,287,410 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in Truist Financial by 21.8% during the 1st quarter. American Century Companies Inc. now owns 12,041,524 shares of the insurance provider's stock worth $495,509,000 after acquiring an additional 2,158,639 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company's stock.

Insider Buying and Selling

In related news, insider Bradley D. Bender sold 12,540 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the sale, the insider directly owned 500 shares of the company's stock, valued at approximately $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.14% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Wells Fargo & Company reiterated an "equal weight" rating and set a $47.00 price target on shares of Truist Financial in a report on Thursday, August 21st. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a 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 company from $44.00 to $55.00 in a report on Thursday, June 26th. Raymond James Financial upgraded shares of Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 target price for the company in a report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods cut shares of Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 target price for the company. in a report on Wednesday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $48.47.

Truist Financial Stock Performance

TFC stock traded down $0.08 on Friday, hitting $45.22. The company's stock had a trading volume of 8,026,887 shares, compared to its average volume of 7,191,906. The firm has a 50 day moving average of $45.02 and a two-hundred day moving average of $41.72. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The stock has a market cap of $58.30 billion, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 1.69 and a beta of 0.88. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing analysts' consensus estimates 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 return on equity of 8.69% and a net margin of 16.82%.The firm's quarterly revenue was down 406.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 EPS. Equities analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial's dividend payout ratio is presently 56.68%.

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.