State of New Jersey Common Pension Fund D Boosts Stock Holdings in Truist Financial Co. (NYSE:TFC)

State of New Jersey Common Pension Fund D lifted its position in Truist Financial Co. (NYSE:TFC) by 3.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 479,334 shares of the insurance provider’s stock after acquiring 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 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital International Investors raised its position in shares of Truist Financial by 93.7% during the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after buying an additional 5,632,493 shares in the last quarter. Assenagon Asset Management S.A. raised its position in Truist Financial by 316.4% during the third quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock valued at $90,585,000 after purchasing an additional 1,609,351 shares during the period. Swedbank AB bought a new stake in shares of Truist Financial in the 1st quarter valued at approximately $29,957,000. National Bank of Canada FI increased its position in shares of Truist Financial by 41.8% during the 1st quarter. National Bank of Canada FI now owns 1,835,736 shares of the insurance provider’s stock valued at $72,446,000 after purchasing an additional 541,037 shares during the last quarter. Finally, GW Henssler & Associates Ltd. raised its holdings in Truist Financial by 4,435.3% during the 3rd quarter. GW Henssler & Associates Ltd. now owns 505,145 shares of the insurance provider’s stock valued at $21,605,000 after buying an additional 494,007 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

TFC has been the topic of a number of analyst reports. Stephens reiterated an “overweight” rating and set a $50.00 price objective on shares of Truist Financial in a research report on Tuesday, September 10th. Bank of America raised their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Argus upped their target price on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. UBS Group lifted their price target on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Finally, Morgan Stanley upped their price target on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Twelve research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $46.02.

Truist Financial Stock Performance

Shares of TFC traded down $0.45 during trading hours on Friday, hitting $45.22. The stock had a trading volume of 9,361,938 shares, compared to its average volume of 9,872,538. 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 fifty-two week low of $28.93 and a fifty-two week high of $47.03. The firm has a 50-day moving average price of $42.88 and a 200 day moving average price of $40.95. The firm has a market capitalization of $60.03 billion, a price-to-earnings ratio of -31.62, a PEG ratio of 1.86 and a beta of 1.05.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.89 by $0.08. The company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. As a group, research analysts anticipate that Truist Financial Co. will post 3.7 EPS for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.60%. Truist Financial’s dividend payout ratio (DPR) is currently -145.45%.

Truist Financial Profile

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.