Truist Financial Corporation $TFC Shares Sold by Commonwealth of Pennsylvania Public School Empls Retrmt SYS

Key Points

• Commonwealth of Pennsylvania Public School Employees’ Retirement System reduced its Truist Financial holdings by 6.4%, selling 18,902 shares and retaining 275,181 shares valued at approximately $13.71 million. Institutional investors own 71.28% of the company.
• Truist reported quarterly EPS of $1.23, exceeding the $1.08 analyst consensus, while revenue rose 5.6% year over year to $5.31 billion. The company declared a quarterly dividend of $0.52 per share, representing a 3.9% yield.
• Analysts maintain a consensus “Hold” rating with an average price target of $54.67, compared with a recent share price of $53.02. Insiders sold 30,516 shares worth about $1.58 million over the past three months.

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lessened its holdings in Truist Financial Corporation (NYSE:TFC - Free Report) by 6.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 275,181 shares of the insurance provider's stock after selling 18,902 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS's holdings in Truist Financial were worth $13,710,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. 3Chopt Investment Partners LLC lifted its holdings in shares of Truist Financial by 1.3% in the 4th quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider's stock valued at $724,000 after buying an additional 193 shares during the period. IFP Advisors Inc grew its holdings in Truist Financial by 2.4% during the fourth quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider's stock worth $404,000 after acquiring an additional 194 shares during the period. PCB Capital LLC raised its position in Truist Financial by 3.0% in the first quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider's stock worth $310,000 after acquiring an additional 198 shares in the last quarter. AlphaCore Capital LLC raised its position in Truist Financial by 8.3% in the fourth quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider's stock worth $128,000 after acquiring an additional 199 shares in the last quarter. Finally, CYBER HORNET ETFs LLC lifted its holdings in Truist Financial by 5.5% in the fourth quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider's stock valued at $188,000 after acquiring an additional 199 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Price Performance

NYSE:TFC opened at $53.02 on Friday. Truist Financial Corporation has a 12-month low of $40.78 and a 12-month high of $56.19. The firm has a market cap of $64.77 billion, a price-to-earnings ratio of 12.16, a price-to-earnings-growth ratio of 1.11 and a beta of 0.89. The company's 50-day moving average is $51.06 and its two-hundred day moving average is $49.78. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping analysts' consensus estimates of $1.08 by $0.15. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company's quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 earnings per share. Research analysts expect that Truist Financial Corporation will post 4.58 EPS for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial's payout ratio is presently 47.71%.

Analyst Ratings Changes

Several brokerages have commented on TFC. Stephens decreased their target price on shares of Truist Financial from $59.00 to $57.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 21st. Jefferies Financial Group reissued a "mixed" rating and set a $45.00 price objective on shares of Truist Financial in a report on Friday, April 17th. Bank of America restated a "neutral" rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Wall Street Zen raised shares of Truist Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Truist Financial in a research report on Wednesday, July 29th. Seven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Truist Financial currently has an average rating of "Hold" and a consensus target price of $54.67.

Insiders Place Their Bets

In other news, insider Donta L. Wilson sold 13,280 shares of the firm's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the sale, the insider owned 56,009 shares in the company, valued at $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director K. David Jr. Boyer sold 3,986 shares of Truist Financial stock in a transaction on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the completion of the sale, the director directly owned 10,270 shares of the company's stock, valued at approximately $520,689. This represents a 27.96% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 30,516 shares of company stock valued at $1,584,428. Company insiders own 0.15% of the company's stock.

About Truist Financial

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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