64,300 Shares in Truist Financial Corporation $TFC Bought by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System purchased a new stake in Truist Financial Corporation (NYSE:TFC) during the 1st quarter, HoldingsChannel reports. The firm purchased 64,300 shares of the insurance provider’s stock, valued at approximately $2,956,000.

A number of other hedge funds have also added to or reduced their stakes in TFC. Kemnay Advisory Services Inc. bought a new stake in shares of Truist Financial during the 4th quarter valued at about $25,000. Swiss RE Ltd. bought a new position in Truist Financial in the fourth quarter worth about $26,000. McMillan Office Inc. bought a new position in Truist Financial in the fourth quarter worth about $31,000. Maseco LLP lifted its holdings in Truist Financial by 53.8% in the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after buying an additional 228 shares during the period. Finally, Mowery & Schoenfeld Wealth Management LLC boosted its position in Truist Financial by 190.7% during the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 431 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a report on Monday. Weiss Ratings upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Stephens assumed coverage on Truist Financial in a research note on Monday, June 15th. They issued an “overweight” rating and a $59.00 price target on the stock. Robert W. Baird downgraded Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective for the company. in a report on Friday, May 1st. Finally, Jefferies Financial Group reiterated a “mixed” rating and issued a $45.00 price objective on shares of Truist Financial in a report on Friday, April 17th. Ten research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $55.79.

Truist Financial Price Performance

Shares of NYSE TFC opened at $50.48 on Monday. Truist Financial Corporation has a fifty-two week low of $40.78 and a fifty-two week high of $56.19. The company has a 50 day simple moving average of $49.17 and a two-hundred day simple moving average of $49.35. The company has a market capitalization of $62.90 billion, a price-to-earnings ratio of 12.53, a P/E/G ratio of 0.86 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The firm had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.18 billion. During the same period last year, the business earned $0.87 earnings per share. The business’s revenue was up 5.0% on a year-over-year basis. Analysts expect that Truist Financial Corporation will post 4.5 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. Truist Financial’s payout ratio is presently 51.61%.

Truist Financial Profile

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.