State of New Jersey Common Pension Fund D Has $18.45 Million Stock Position in Truist Financial Corporation $TFC

State of New Jersey Common Pension Fund D cut its stake in Truist Financial Corporation (NYSE:TFC) by 0.4% in the second quarter, HoldingsChannel reports. The institutional investor owned 429,141 shares of the insurance provider’s stock after selling 1,644 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Truist Financial were worth $18,449,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Wealth Preservation Advisors LLC acquired a new position in shares of Truist Financial in the 1st quarter worth approximately $25,000. Centennial Bank AR grew its position in Truist Financial by 360.2% during the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 580 shares during the last quarter. Princeton Global Asset Management LLC bought a new position in Truist Financial in the 2nd quarter valued at $30,000. Motco boosted its position in Truist Financial by 435.6% in the 1st quarter. Motco now owns 798 shares of the insurance provider’s stock valued at $33,000 after buying an additional 649 shares during the last quarter. Finally, Ramirez Asset Management Inc. boosted its position in Truist Financial by 60.0% in the 2nd quarter. Ramirez Asset Management Inc. now owns 800 shares of the insurance provider’s stock valued at $34,000 after buying an additional 300 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TFC has been the topic of a number of analyst reports. UBS Group set a $55.00 price target on Truist Financial in a research note on Tuesday. Morgan Stanley increased their price target on Truist Financial from $54.00 to $55.00 and gave the company an “equal weight” rating in a research note on Monday, October 20th. TD Cowen raised Truist Financial from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research note on Tuesday, October 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of Truist Financial in a research note on Friday. Finally, Wells Fargo & Company reissued an “equal weight” rating and issued a $47.00 price target on shares of Truist Financial in a research note on Thursday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $50.59.

Truist Financial Stock Performance

TFC opened at $44.17 on Friday. The business’s 50-day moving average price is $45.06 and its two-hundred day moving average price is $42.51. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The company has a market capitalization of $56.96 billion, a price-to-earnings ratio of 11.87, a P/E/G ratio of 1.21 and a beta of 0.88. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.05. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The firm had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.20 billion. During the same quarter last year, the business posted $0.97 EPS. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. Truist Financial has set its FY 2025 guidance at EPS. Q4 2025 guidance at EPS. Equities analysts expect that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.7%. Truist Financial’s dividend payout ratio (DPR) is currently 55.91%.

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.