Pinnacle Financial Partners Inc Trims Position in Truist Financial Co. (NYSE:TFC)

Pinnacle Financial Partners Inc lowered its holdings in shares of Truist Financial Co. (NYSE:TFCFree Report) by 11.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,232 shares of the insurance provider’s stock after selling 8,435 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Truist Financial were worth $1,924,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Fairfield Bush & CO. bought a new stake in shares of Truist Financial in the 1st quarter valued at approximately $25,000. United Bank increased its holdings in Truist Financial by 4.1% during the 1st quarter. United Bank now owns 74,457 shares of the insurance provider’s stock worth $4,222,000 after purchasing an additional 2,938 shares during the period. Panagora Asset Management Inc. increased its holdings in Truist Financial by 33.3% during the 1st quarter. Panagora Asset Management Inc. now owns 26,365 shares of the insurance provider’s stock worth $1,495,000 after purchasing an additional 6,593 shares during the period. Vontobel Holding Ltd. increased its holdings in Truist Financial by 3.3% during the 1st quarter. Vontobel Holding Ltd. now owns 22,951 shares of the insurance provider’s stock worth $1,348,000 after purchasing an additional 738 shares during the period. Finally, Blair William & Co. IL increased its holdings in Truist Financial by 8.1% during the 1st quarter. Blair William & Co. IL now owns 56,690 shares of the insurance provider’s stock worth $3,214,000 after purchasing an additional 4,234 shares during the period. Hedge funds and other institutional investors own 71.11% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on TFC shares. Royal Bank of Canada lifted their price target on Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Odeon Capital Group upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $40.45 target price on the stock in a research note on Thursday, December 14th. Keefe, Bruyette & Woods boosted their target price on Truist Financial from $42.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. Morgan Stanley dropped their target price on Truist Financial from $40.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Monday, December 4th. Finally, Piper Sandler boosted their target price on Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Friday, January 19th. Ten analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $39.60.

Get Our Latest Report on TFC

Truist Financial Price Performance

Shares of Truist Financial stock traded up $0.33 on Friday, hitting $37.84. The company had a trading volume of 9,682,551 shares, compared to its average volume of 9,740,381. The business has a 50-day simple moving average of $35.37 and a 200-day simple moving average of $31.90. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market cap of $50.47 billion, a PE ratio of -35.05, a PEG ratio of 1.57 and a beta of 1.11. Truist Financial Co. has a 52 week low of $25.56 and a 52 week high of $50.57.

Truist Financial (NYSE:TFCGet Free Report) last released its earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.13. Truist Financial had a negative net margin of 3.28% and a positive return on equity of 9.64%. The company had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter in the prior year, the firm earned $1.30 EPS. Research analysts expect that Truist Financial Co. will post 3.41 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Friday, February 9th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, February 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.50%. Truist Financial’s dividend payout ratio is currently -192.59%.

Truist Financial Company Profile

(Free Report)

Truist Financial Corporation, a holding 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.

See Also

Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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