12,065 Shares in Truist Financial Corporation $TFC Purchased by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC purchased a new stake in Truist Financial Corporation (NYSE:TFC) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 12,065 shares of the insurance provider’s stock, valued at approximately $601,000.

A number of other hedge funds have also added to or reduced their stakes in TFC. Brighton Jones LLC increased its holdings in Truist Financial by 148.5% during the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after purchasing an additional 14,093 shares in the last quarter. Woodline Partners LP lifted its holdings in shares of Truist Financial by 39.5% in the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock valued at $4,575,000 after purchasing an additional 31,454 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of Truist Financial in the second quarter valued at approximately $575,000. AXA S.A. boosted its position in shares of Truist Financial by 23.1% during the second quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock valued at $1,126,000 after buying an additional 4,921 shares during the last quarter. Finally, Main Street Financial Solutions LLC grew its holdings in Truist Financial by 20.1% during the second quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock worth $292,000 after buying an additional 1,134 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analysts Set New Price Targets

TFC has been the subject of a number of analyst reports. Stephens lowered their price target on Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a research report on Tuesday, July 21st. Evercore reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Truist Financial in a report on Monday, July 6th. Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $63.00 to $54.00 in a research note on Tuesday, June 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Truist Financial in a report on Wednesday, July 29th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $54.00 price target (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Truist Financial has a consensus rating of “Hold” and an average target price of $54.67.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. sold 13,250 shares of the business’s stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction that occurred 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 transaction, the insider directly owned 56,009 shares of the company’s stock, valued at $2,904,066.65. This represents a 19.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 30,516 shares of company stock worth $1,584,428 over the last three months. 0.15% of the stock is currently owned by insiders.

Truist Financial Trading Down 2.7%

Shares of Truist Financial stock opened at $50.99 on Thursday. Truist Financial Corporation has a 1 year low of $40.78 and a 1 year high of $56.19. The firm has a market cap of $62.30 billion, a PE ratio of 11.70, a P/E/G ratio of 1.10 and a beta of 0.89. The stock has a fifty day moving average price of $51.29 and a 200-day moving average price of $49.82. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The firm’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.91 EPS. Equities research analysts anticipate that Truist Financial Corporation will post 4.58 EPS for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 4.1%. Truist Financial’s payout ratio is currently 47.71%.

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.