Teacher Retirement System of Texas Boosts Position in Truist Financial Corporation (NYSE:TFC)

Teacher Retirement System of Texas increased its stake in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 223.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 255,744 shares of the insurance provider's stock after purchasing an additional 176,755 shares during the quarter. Teacher Retirement System of Texas' holdings in Truist Financial were worth $10,524,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. First Horizon Advisors Inc. lifted its position in Truist Financial by 2.0% during the 1st quarter. First Horizon Advisors Inc. now owns 17,466 shares of the insurance provider's stock worth $719,000 after acquiring an additional 350 shares during the period. Private Trust Co. NA grew its stake in Truist Financial by 8.4% during the 1st quarter. Private Trust Co. NA now owns 15,205 shares of the insurance provider's stock valued at $626,000 after purchasing an additional 1,181 shares during the last quarter. Pinnacle Financial Partners Inc grew its stake in Truist Financial by 55.1% during the 1st quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider's stock valued at $5,530,000 after purchasing an additional 47,717 shares during the last quarter. Kanawha Capital Management LLC grew its stake in Truist Financial by 0.5% during the 1st quarter. Kanawha Capital Management LLC now owns 261,745 shares of the insurance provider's stock valued at $10,771,000 after purchasing an additional 1,347 shares during the last quarter. Finally, Aaron Wealth Advisors LLC grew its stake in Truist Financial by 12.7% during the 1st quarter. Aaron Wealth Advisors LLC now owns 8,691 shares of the insurance provider's stock valued at $358,000 after purchasing an additional 979 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TFC has been the topic of several research analyst reports. Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, May 7th. Barclays dropped their price target on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating on the stock in a research note on Monday, April 21st. Argus set a $43.00 price objective on Truist Financial in a 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 cut Truist Financial from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Eight research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $48.44.

Truist Financial Price Performance

TFC stock traded down $0.36 during midday trading on Monday, reaching $45.18. The stock had a trading volume of 7,072,972 shares, compared to its average volume of 8,271,157. Truist Financial Corporation has a 52-week low of $33.56 and a 52-week high of $49.06. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.55. The company's fifty day simple moving average is $40.44 and its 200 day simple moving average is $41.94. The company has a market cap of $59.17 billion, a price-to-earnings ratio of 13.33, a price-to-earnings-growth ratio of 1.69 and a beta of 0.85.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, hitting analysts' consensus estimates of $0.87. The firm had revenue of $4.95 billion for the quarter, compared to analyst estimates 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 previous year, the business posted $0.90 earnings per share. As a group, sell-side analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 4.60%. Truist Financial's payout ratio is 61.36%.

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.