Pinnacle Associates Ltd. Purchases 89,223 Shares of Truist Financial Corporation $TFC

Pinnacle Associates Ltd. boosted its holdings in Truist Financial Corporation (NYSE:TFC) by 38.3% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 321,962 shares of the insurance provider’s stock after buying an additional 89,223 shares during the period. Pinnacle Associates Ltd.’s holdings in Truist Financial were worth $14,720,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of TFC. Valley Wealth Managers Inc. bought a new position in shares of Truist Financial in the third quarter worth about $28,000. Darwin Wealth Management LLC grew its position in shares of Truist Financial by 631.6% during the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 600 shares in the last quarter. Capital A Wealth Management LLC raised its stake in Truist Financial by 1,189.5% during the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 678 shares during the period. Twin Peaks Wealth Advisors LLC bought a new stake in Truist Financial during the 2nd quarter valued at approximately $36,000. Finally, Tripletail Wealth Management LLC purchased a new position in Truist Financial in the 3rd quarter worth approximately $37,000. 71.28% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on TFC shares. Citigroup increased their price objective on shares of Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, December 31st. Barclays downgraded shares of Truist Financial from an “equal weight” rating to an “underweight” rating and boosted their target price for the stock from $47.00 to $56.00 in a report on Monday, January 5th. Keefe, Bruyette & Woods upped their target price on shares of Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 17th. Argus raised their target price on shares of Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. Finally, Robert W. Baird downgraded shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $56.47.

Insiders Place Their Bets

In other news, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the sale, the chief financial officer directly owned 74,323 shares in the company, valued at $3,725,811.99. The trade was a 14.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Cynthia B. Powell sold 3,500 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction of $183,715.00. Following the sale, the chief accounting officer owned 667 shares in the company, valued at $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.17% of the company’s stock.

Truist Financial Stock Down 4.3%

Shares of TFC opened at $46.40 on Monday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. The stock has a market capitalization of $57.96 billion, a price-to-earnings ratio of 12.18, a price-to-earnings-growth ratio of 0.79 and a beta of 0.87. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $56.19. The business’s 50 day simple moving average is $51.01 and its 200-day simple moving average is $47.72.

Truist Financial (NYSE:TFC) last posted its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The business had revenue of $4.93 billion during the quarter, compared to analysts’ expectations of $5.32 billion. During the same period last year, the business posted $0.91 earnings per share. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, equities analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Friday, February 13th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend was Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is presently 54.59%.

Truist Financial announced that its Board of Directors has initiated a share repurchase plan on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the insurance provider to purchase up to 15.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Truist Financial 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.