Truist Financial Corporation (NYSE:TFC) Stake Lessened by Retirement Systems of Alabama

Retirement Systems of Alabama lowered its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 73.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 282,781 shares of the insurance provider's stock after selling 798,094 shares during the period. Retirement Systems of Alabama's holdings in Truist Financial were worth $11,636,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. FWG Holdings LLC lifted its holdings in shares of Truist Financial by 4.3% in the fourth quarter. FWG Holdings LLC now owns 5,694 shares of the insurance provider's stock valued at $267,000 after purchasing an additional 234 shares in the last quarter. Nwam LLC raised its holdings in shares of Truist Financial by 3.2% during the fourth quarter. Nwam LLC now owns 8,395 shares of the insurance provider's stock worth $364,000 after acquiring an additional 263 shares in the last quarter. TIAA Trust National Association raised its holdings in shares of Truist Financial by 1.2% during the fourth quarter. TIAA Trust National Association now owns 23,822 shares of the insurance provider's stock worth $1,033,000 after acquiring an additional 283 shares in the last quarter. TCTC Holdings LLC raised its holdings in shares of Truist Financial by 28.1% during the fourth quarter. TCTC Holdings LLC now owns 1,310 shares of the insurance provider's stock worth $57,000 after acquiring an additional 287 shares in the last quarter. Finally, Meeder Advisory Services Inc. increased its position in Truist Financial by 1.0% during the fourth quarter. Meeder Advisory Services Inc. now owns 28,385 shares of the insurance provider's stock worth $1,231,000 after buying an additional 288 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $40.25 on Monday. The company's 50 day simple moving average is $39.09 and its 200 day simple moving average is $42.09. The stock has a market capitalization of $52.71 billion, a price-to-earnings ratio of 11.87, a price-to-earnings-growth ratio of 1.49 and a beta of 0.84. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.83 and a quick ratio of 0.83. 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 Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.87. The business had revenue of $4.95 billion for the quarter, compared to analysts' expectations 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 last year, the firm posted $0.90 earnings per share. As a group, research analysts predict that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Friday, May 9th were paid a $0.52 dividend. The ex-dividend date was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.17%. Truist Financial's dividend payout ratio (DPR) is 61.36%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on TFC shares. Piper Sandler cut their target price on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Barclays decreased their price target on shares of Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Keefe, Bruyette & Woods dropped their price target on Truist Financial from $53.00 to $47.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. Morgan Stanley cut their target price on Truist Financial from $50.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Monday, April 7th. Finally, Robert W. Baird upgraded shares of Truist Financial from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $48.00 to $52.00 in a research note on Wednesday, March 5th. Nine research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $47.83.

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.

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