Truist Financial Corporation $TFC Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. decreased its position in shares of Truist Financial Corporation (NYSE:TFC) by 5.8% in the third quarter, Holdings Channel reports. The fund owned 209,144 shares of the insurance provider’s stock after selling 12,906 shares during the period. Pinnacle Associates Ltd.’s holdings in Truist Financial were worth $9,683,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of TFC. PCB Capital LLC grew its position in shares of Truist Financial by 3.0% in the first quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock valued at $310,000 after purchasing an additional 198 shares during the last quarter. First Dallas Securities Inc. increased its stake in shares of Truist Financial by 1.5% in the first quarter. First Dallas Securities Inc. now owns 14,659 shares of the insurance provider’s stock worth $674,000 after purchasing an additional 211 shares during the period. Meiji Yasuda Asset Management Co Ltd. lifted its position in shares of Truist Financial by 4.0% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,456 shares of the insurance provider’s stock worth $272,000 after purchasing an additional 211 shares during the last quarter. Csenge Advisory Group lifted its position in shares of Truist Financial by 0.3% during the 2nd quarter. Csenge Advisory Group now owns 69,426 shares of the insurance provider’s stock worth $3,459,000 after purchasing an additional 227 shares during the last quarter. Finally, Apella Capital LLC lifted its position in shares of Truist Financial by 0.5% during the 2nd quarter. Apella Capital LLC now owns 43,030 shares of the insurance provider’s stock worth $2,210,000 after purchasing an additional 232 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

TFC has been the subject of several recent analyst reports. Wells Fargo & Company set a $52.00 target price on Truist Financial in a research note on Thursday, October 8th. Robert W. Baird lifted their price target on Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Royal Bank Of Canada dropped their price target on Truist Financial from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Monday. Evercore reiterated an “outperform” rating and set a $57.00 price target on shares of Truist Financial in a report on Monday, July 6th. Finally, TD Cowen initiated coverage on Truist Financial in a research report on Thursday, October 8th. They issued a “hold” rating and a $52.00 price objective for the company. Seven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $53.87.

Insiders Place Their Bets

In other Truist Financial news, CEO Michael Lyons purchased 21,000 shares of the firm’s stock in a transaction on Thursday, September 17th. The shares were purchased at an average price of $48.36 per share, for a total transaction of $1,015,560.00. Following the completion of the purchase, the chief executive officer directly owned 21,000 shares of the company’s stock, valued at approximately $1,015,560. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of the business’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the sale, the insider directly owned 56,009 shares in the company, valued at $2,904,066.65. This trade represents a 19.17% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.15% of the stock is owned by insiders.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $47.73 on Thursday. Truist Financial Corporation has a 1-year low of $43.13 and a 1-year high of $56.19. The firm has a market capitalization of $58.31 billion, a PE ratio of 12.30, a PEG ratio of 1.07 and a beta of 0.92. The business’s 50 day moving average is $48.86 and its 200-day moving average is $49.66. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.95.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, October 16th. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.01). The firm had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.35 billion. Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The business’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.04 earnings per share. Sell-side analysts predict that Truist Financial Corporation will post 4.65 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were paid a dividend of $0.52 per share. The ex-dividend date was Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.4%. Truist Financial’s payout ratio is currently 53.61%.

Truist Financial Company Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.