State of New Jersey Common Pension Fund D Buys 15,734 Shares of Truist Financial Co. (NYSE:TFC)

State of New Jersey Common Pension Fund D boosted its stake in Truist Financial Co. (NYSE:TFC) by 3.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 479,334 shares of the insurance provider’s stock after purchasing an additional 15,734 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Truist Financial were worth $20,501,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Capital International Investors raised its position in shares of Truist Financial by 93.7% in the first quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after buying an additional 5,632,493 shares in the last quarter. Legal & General Group Plc grew its stake in Truist Financial by 1.0% in the 2nd quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock worth $401,663,000 after buying an additional 103,565 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Truist Financial by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after acquiring an additional 299,196 shares during the last quarter. Truist Financial Corp increased its stake in Truist Financial by 6.7% in the second quarter. Truist Financial Corp now owns 4,931,783 shares of the insurance provider’s stock valued at $191,600,000 after acquiring an additional 311,523 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in Truist Financial by 1.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,489,411 shares of the insurance provider’s stock worth $136,018,000 after purchasing an additional 58,349 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TFC has been the topic of several research reports. UBS Group lifted their price target on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. The Goldman Sachs Group cut their price target on shares of Truist Financial from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Compass Point lifted their price objective on Truist Financial from $46.00 to $47.00 in a research report on Wednesday, October 16th. Robert W. Baird cut shares of 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. Finally, StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Twelve equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $46.02.

Truist Financial Stock Performance

Truist Financial stock traded down $0.45 during trading on Friday, reaching $45.22. The company had a trading volume of 9,361,938 shares, compared to its average volume of 9,872,538. The firm’s 50-day simple moving average is $42.88 and its 200 day simple moving average is $40.95. Truist Financial Co. has a 52 week low of $28.93 and a 52 week high of $47.03. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $60.03 billion, a price-to-earnings ratio of -31.62, a price-to-earnings-growth ratio of 1.86 and a beta of 1.05.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. The firm had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. Sell-side analysts forecast that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid 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 4.60%. Truist Financial’s payout ratio is presently -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.