Arizona State Pension System buys 4,187 shares of Truist Financial Co. (NYSE:TFC)

VaselineSeptember 7, 2024

0 5 minutes read

Arizona State Retirement System lifted its stake in Truist Financial Co. (NYSE:TFC – Free Report) by 1.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 386,905 shares of the insurance provider’s stock after purchasing an additional 4,187 shares during the quarter. Arizona State Retirement System’s holdings in Truist Financial were worth $15,031,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of TFC. Capital Investment Counsel Inc boosted its stake in Truist Financial by 0.4% during the second quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock worth $2,413,000 after buying an additional 244 shares during the period. Verum Partners LLC increased its holdings in Truist Financial by 2.5% in the 2nd quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock valued at $411,000 after buying an additional 261 shares in the last quarter . CX Institutional raised its position in Truist Financial by 3.4% in the second quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock worth $313,000 after purchasing an additional 263 shares during the period. Patriot Financial Group Insurance Agency LLC boosted its stake in Truist Financial by 2.0% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 14,339 shares of the insurance provider’s stock worth $557,000 after buying an additional 275 shares during the last quarter. Finally, Texas Yale Capital Corp. boosted its position in shares of Truist Financial by 2.4% in the first quarter. Texas Yale Capital Corp. now owns 12,118 shares of the insurance provider’s stock valued at $472,000 after buying an additional 280 shares during the period. Institutional investors own 71.28% of the company’s shares.

Insider trading at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. purchased 57,300 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was bought at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the transaction, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible via this link. In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction that occurred 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 filing with the SEC, which is accessible via this link. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was purchased at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the transaction, the chief executive officer now directly owns 569,271 shares in the company, valued at $25,025,153.16. Disclosure for this purchase can be found here. Company insiders own 0.17% of the company’s shares.

Truist Financial Stock Performance

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Shares of TFC stock opened at $42.06 on Friday. Truist Financial Co. has a 12-month low of $26.57 and a 12-month high of $45.31. The company’s fifty day simple moving average is $42.24 and its 200 day simple moving average is $39.05. 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 cap of $56.28 billion, a PE ratio of -31.86, a PEG ratio of 2.09 and a beta of 1.06.

Truist Financial (NYSE:TFC – Get Free Report ) last posted its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. The company had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The company’s revenue was down 15.9% compared to the same quarter last year. In the same period last year, the company posted earnings of $0.95 per share. Analysts expect Truist Financial Co. to post 3.55 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 9. This represents a dividend of $2.08 on an annualized basis and a yield of 4.95%. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

Changes in Analyst Ratings

Several equities research analysts recently weighed in on the company. Argus upped their target price on Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Robert W. Baird downgraded Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 target price for the company. in a research report on Wednesday, July 17th. Bank of America upped their target price on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Royal Bank of Canada raised their price objective on shares of Truist Financial from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Finally, StockNews.com downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $45.30, based on data from MarketBeat.com.

Check out our latest analysis of TFC

About Truist Financial

(Free report)

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 non-interest-bearing accounts, interest-bearing checking, savings and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.