Public Sector Pension Investment Board Has $14.48 Million Stake in Truist Financial Corporation (NYSE:TFC)

Key Points

• The Public Sector Pension Investment Board increased its stake in Truist Financial Corporation by 2.2% in the first quarter, owning 351,885 shares valued at approximately $14.48 million.
• Truist Financial has received mixed ratings from analysts, with Citigroup upgrading its rating to "buy" and raising the price target to $55, while Piper Sandler adjusted their target down to $41.
• Truist Financial announced a quarterly dividend of $0.52 per share, which translates to an annualized yield of 4.7%, set to be paid on September 2nd.

Public Sector Pension Investment Board raised its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 2.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 351,885 shares of the insurance provider's stock after acquiring an additional 7,408 shares during the quarter. Public Sector Pension Investment Board's holdings in Truist Financial were worth $14,480,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Capital International Investors increased its position in Truist Financial by 26.0% in the 4th 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 increased its position in Truist Financial by 20.5% in the 4th 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. increased its position in shares of Truist Financial by 32.0% during 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 during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of 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 valued at $465,827,000 after purchasing an additional 1,307,252 shares during the period. Finally, Federated Hermes Inc. increased its position in shares of Truist Financial by 0.9% during the first quarter. Federated Hermes Inc. now owns 9,511,639 shares of the insurance provider's stock valued at $391,404,000 after purchasing an additional 89,373 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction on Tuesday, July 22nd. The stock was 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 $22,595. This represents a 96.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.17% of the stock is owned by company insiders.

Truist Financial Trading Down 1.0%

Shares of TFC traded down $0.45 during trading hours on Friday, hitting $44.50. 6,876,737 shares of the stock traded hands, compared to its average volume of 7,136,164. 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 Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The firm has a market capitalization of $57.38 billion, a PE ratio of 12.13, a price-to-earnings-growth ratio of 1.68 and a beta of 0.87. The business has a fifty day moving average of $43.31 and a 200-day moving average of $41.91.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly 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). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The firm had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. During the same period last year, the company earned $0.91 EPS. The company's revenue was down 406.0% compared to the same quarter last year. Analysts expect that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. TD Cowen assumed coverage on Truist Financial in a research report on Thursday, May 15th. They set a "hold" rating and a $44.00 price objective on the stock. Keefe, Bruyette & Woods cut 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. Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a research report on Wednesday, May 7th. Morgan Stanley restated a "mixed" rating on shares of Truist Financial in a research report on Monday, July 21st. Finally, Stephens lowered their price objective on Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. 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. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $48.65.

Truist Financial 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.