Kentucky Retirement Systems Insurance Trust Fund Reduces Stock Position in Truist Financial Co. (NYSE:TFC)

Kentucky Retirement Systems Insurance Trust Fund trimmed its position in Truist Financial Co. (NYSE:TFC) by 8.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 39,649 shares of the insurance provider’s stock after selling 3,510 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Truist Financial were worth $1,696,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Valley Wealth Managers Inc. purchased a new position in Truist Financial during the 3rd quarter worth approximately $26,000. Crewe Advisors LLC acquired a new stake in shares of Truist Financial in the first quarter worth $27,000. MFA Wealth Advisors LLC purchased a new position in shares of Truist Financial during the second quarter worth $30,000. Y.D. More Investments Ltd acquired a new position in Truist Financial during the second quarter valued at $31,000. Finally, Fortitude Family Office LLC boosted its holdings in Truist Financial by 376.7% in the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 678 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

TFC has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted their price objective on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. UBS Group lifted their price target on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Wells Fargo & Company upped their price objective on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday. Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Finally, Barclays boosted their target price on shares of Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Truist Financial currently has a consensus rating of “Hold” and a consensus target price of $46.37.

Truist Financial Trading Up 0.6 %

NYSE TFC opened at $46.55 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. Truist Financial Co. has a 1-year low of $31.13 and a 1-year high of $47.57. The stock’s 50 day simple moving average is $43.18 and its 200-day simple moving average is $41.24.

Truist Financial (NYSE:TFC) last announced its earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.08. The company had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. Research analysts anticipate that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.47%. Truist Financial’s payout ratio is -145.45%.

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.