State of Michigan Retirement System Raises Stock Position in Truist Financial Co. (NYSE:TFC)

State of Michigan Retirement System grew its position in shares of Truist Financial Co. (NYSE:TFC) by 0.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 394,343 shares of the insurance provider’s stock after purchasing an additional 300 shares during the quarter. State of Michigan Retirement System’s holdings in Truist Financial were worth $15,371,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Opal Wealth Advisors LLC acquired a new stake in shares of Truist Financial during the first quarter worth about $29,000. Missouri Trust & Investment Co raised its holdings in shares of Truist Financial by 227.2% in the fourth quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 593 shares during the last quarter. Rise Advisors LLC acquired a new position in Truist Financial in the first quarter valued at $32,000. Morton Brown Family Wealth LLC increased its stake in Truist Financial by 236.0% in the fourth quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 649 shares during the last quarter. Finally, Northwest Financial Advisors acquired a new position in Truist Financial in the fourth quarter valued at $34,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

TFC has been the subject of several research analyst reports. Keefe, Bruyette & Woods upped their price target on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 8th. Stephens upped their price target on Truist Financial from $43.00 to $47.00 and gave the stock an “overweight” rating in a research note on Thursday, May 16th. Barclays initiated coverage on Truist Financial in a research note on Thursday, May 16th. They set an “equal weight” rating and a $43.00 price target for the company. StockNews.com downgraded Truist Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, June 26th. Finally, Jefferies Financial Group upped their target price on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $43.17.

Truist Financial Stock Up 0.8 %

TFC opened at $39.56 on Wednesday. Truist Financial Co. has a 12 month low of $26.57 and a 12 month high of $40.51. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market cap of $52.94 billion, a P/E ratio of -29.97, a P/E/G ratio of 2.04 and a beta of 1.07. The stock’s 50 day moving average price is $37.92 and its 200 day moving average price is $37.17.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. The firm had revenue of $4.87 billion during the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm’s quarterly revenue was down 8.8% on a year-over-year basis. During the same period last year, the company posted $1.09 EPS. As a group, research analysts predict that Truist Financial Co. will post 3.36 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 10th were given a $0.52 dividend. The ex-dividend date was Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 5.26%. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

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.