Kentucky Retirement Systems Sells 454 Shares of Truist Financial Co. (NYSE:TFC)

Kentucky Retirement Systems reduced its stake in Truist Financial Co. (NYSE:TFC) by 0.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 100,834 shares of the insurance provider’s stock after selling 454 shares during the period. Kentucky Retirement Systems’ holdings in Truist Financial were worth $3,917,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Seven Eight Capital LP bought a new stake in shares of Truist Financial in the second quarter worth about $434,000. Hsbc Holdings PLC grew its holdings in shares of Truist Financial by 2.0% in the second quarter. Hsbc Holdings PLC now owns 2,986,841 shares of the insurance provider’s stock valued at $115,774,000 after purchasing an additional 58,463 shares in the last quarter. Elo Mutual Pension Insurance Co increased its position in Truist Financial by 65.3% in the second quarter. Elo Mutual Pension Insurance Co now owns 114,103 shares of the insurance provider’s stock worth $4,433,000 after purchasing an additional 45,064 shares during the last quarter. Waterloo Capital L.P. raised its stake in Truist Financial by 9.3% during the second quarter. Waterloo Capital L.P. now owns 14,412 shares of the insurance provider’s stock valued at $560,000 after purchasing an additional 1,225 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its position in Truist Financial by 14.6% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 95,421 shares of the insurance provider’s stock valued at $3,553,000 after purchasing an additional 12,166 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Up 2.2 %

Shares of NYSE:TFC opened at $42.95 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $57.47 billion, a PE ratio of -32.54, a P/E/G ratio of 1.98 and a beta of 1.06. Truist Financial Co. has a 12-month low of $26.57 and a 12-month high of $45.31. The business’s fifty day simple moving average is $42.78 and its 200-day simple moving average is $39.48.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.07. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The business had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. During the same period in the previous year, the company earned $0.95 earnings per share. The business’s revenue for the quarter was down 15.9% on a year-over-year basis. As a group, equities research analysts predict that Truist Financial Co. will post 3.55 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.84%. Truist Financial’s payout ratio is -157.58%.

Insider Activity

In related news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the stock in a transaction on Tuesday, July 23rd. The shares were purchased at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the transaction, the chief executive officer now owns 569,271 shares in the company, valued at approximately $25,025,153.16. The disclosure for this purchase can be found here. Corporate insiders own 0.17% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TFC. Stephens reissued an “overweight” rating and set a $50.00 price objective on shares of Truist Financial in a research note on Tuesday, September 10th. Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price target for the company. in a research note on Wednesday, July 17th. Baird R W downgraded shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. Morgan Stanley raised their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Finally, Royal Bank of Canada boosted their price objective on Truist Financial from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $45.45.

About Truist Financial

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.