Louisiana State Employees Retirement System Invests $2.96 Million in Truist Financial Corporation $TFC

Louisiana State Employees Retirement System bought a new position in Truist Financial Corporation (NYSE:TFC) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 64,300 shares of the insurance provider’s stock, valued at approximately $2,956,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Truist Financial by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock worth $5,892,453,000 after purchasing an additional 701,049 shares in the last quarter. Capital International Investors raised its holdings in shares of Truist Financial by 0.7% during the 4th quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock valued at $5,332,835,000 after buying an additional 715,433 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Truist Financial by 7.5% during the 4th quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock valued at $1,572,968,000 after buying an additional 2,226,288 shares in the last quarter. Morgan Stanley raised its holdings in shares of Truist Financial by 2.9% during the 4th quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock valued at $1,030,028,000 after buying an additional 597,255 shares in the last quarter. Finally, Auto Owners Insurance Co lifted its position in Truist Financial by 4,821.0% in the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after buying an additional 13,884,480 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on TFC shares. Robert W. Baird lowered Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 target price for the company. in a research note on Friday, May 1st. Morgan Stanley lowered their price objective on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Monday, April 20th. Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Monday. Jefferies Financial Group reaffirmed a “mixed” rating and set a $45.00 target price on shares of Truist Financial in a report on Friday, April 17th. Finally, Stephens started coverage on shares of Truist Financial in a research report on Monday, June 15th. They issued an “overweight” rating and a $59.00 target price on the stock. Ten analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Truist Financial currently has an average rating of “Moderate Buy” and an average price target of $55.79.

Truist Financial Stock Performance

NYSE:TFC opened at $50.48 on Monday. The firm has a market cap of $62.90 billion, a PE ratio of 12.53, a price-to-earnings-growth ratio of 0.86 and a beta of 0.89. Truist Financial Corporation has a fifty-two week low of $40.78 and a fifty-two week high of $56.19. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86. The business has a 50 day moving average price of $49.17 and a 200-day moving average price of $49.35.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. The firm had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.87 earnings per share. Equities research analysts predict that Truist Financial Corporation will post 4.5 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. Truist Financial’s dividend payout ratio is presently 51.61%.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.