Pallas Capital Advisors LLC Makes New $601,000 Investment in Truist Financial Corporation $TFC

Pallas Capital Advisors LLC purchased a new stake in Truist Financial Corporation (NYSE:TFC) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 12,065 shares of the insurance provider’s stock, valued at approximately $601,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Brighton Jones LLC lifted its stake in shares of Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after acquiring an additional 14,093 shares during the period. Woodline Partners LP boosted its holdings in 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 acquiring an additional 31,454 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Truist Financial during the 2nd quarter valued at approximately $575,000. AXA S.A. increased its position in Truist Financial by 23.1% during the 2nd quarter. AXA S.A. now owns 26,192 shares of the insurance provider’s stock valued at $1,126,000 after purchasing an additional 4,921 shares during the period. Finally, Main Street Financial Solutions LLC raised its holdings in Truist Financial by 20.1% during the 2nd quarter. Main Street Financial Solutions LLC now owns 6,783 shares of the insurance provider’s stock worth $292,000 after purchasing an additional 1,134 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on TFC. Stephens decreased their price objective on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a research report on Tuesday, July 21st. Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and dropped their target price for the company from $63.00 to $54.00 in a report on Tuesday, June 30th. Keefe, Bruyette & Woods increased their price target on Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a report on Monday, July 20th. Evercore reissued an “outperform” rating and issued a $57.00 price objective on shares of Truist Financial in a research report on Monday, July 6th. Finally, UBS Group downgraded Truist Financial from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $58.00 to $55.00 in a research note on Tuesday, July 7th. Seven 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’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $54.67.

Truist Financial Trading Down 2.7%

NYSE:TFC opened at $50.99 on Thursday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $62.30 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 1.10 and a beta of 0.89. The firm has a fifty day simple moving average of $51.29 and a two-hundred day simple moving average of $49.82. Truist Financial Corporation has a 12 month low of $40.78 and a 12 month high of $56.19.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.15. The firm had revenue of $5.31 billion during 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 business’s revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 earnings per share. Analysts expect that Truist Financial Corporation will post 4.58 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend is Friday, August 14th. Truist Financial’s dividend payout ratio is 47.71%.

Insider Buying and Selling

In other Truist Financial news, Director K. David Jr. Boyer sold 3,986 shares of the stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total value of $202,090.20. Following the transaction, the director owned 10,270 shares in the company, valued at approximately $520,689. This represents a 27.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of the firm’s stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $51.85, for a total value of $688,568.00. Following the completion of the sale, the insider directly owned 56,009 shares of the company’s stock, 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. In the last three months, insiders have sold 30,516 shares of company stock valued at $1,584,428. 0.15% of the stock is owned by company insiders.

About Truist Financial

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.