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

Pinnacle Associates Ltd. lowered its stake in shares of Truist Financial Corporation (NYSE:TFC) by 5.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm 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 SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Truist Financial in the second quarter worth $4,959,834,000. State Street Corp raised its holdings in shares of Truist Financial by 0.9% during the second quarter. State Street Corp now owns 58,692,619 shares of the insurance provider’s stock worth $2,924,066,000 after acquiring an additional 501,026 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Truist Financial by 7.5% during the first quarter. Bank of New York Mellon Corp now owns 11,289,721 shares of the insurance provider’s stock worth $518,988,000 after acquiring an additional 789,179 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Truist Financial by 1.9% during the first quarter. Dimensional Fund Advisors LP now owns 8,608,268 shares of the insurance provider’s stock valued at $395,642,000 after purchasing an additional 164,052 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in Truist Financial by 0.6% during the second quarter. Legal & General Group Plc now owns 7,853,887 shares of the insurance provider’s stock valued at $391,281,000 after purchasing an additional 44,215 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $47.73 on Thursday. Truist Financial Corporation has a fifty-two week low of $43.13 and a fifty-two week high of $56.19. The business has a 50-day moving average of $48.86 and a two-hundred day moving average of $49.66. The stock has a market capitalization of $58.31 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.07 and a beta of 0.92. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.88 and a quick ratio of 0.88.

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

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.4%. The ex-dividend date was Friday, August 14th. Truist Financial’s payout ratio is 53.61%.

Insider Activity at Truist Financial

In other Truist Financial news, insider Dontá Wilson sold 13,280 shares of the stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the transaction, the insider owned 56,009 shares in the company, valued at $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Michael P. Lyons purchased 21,000 shares of the stock in a transaction on Thursday, September 17th. The shares were bought at an average price of $48.36 per share, for a total transaction of $1,015,560.00. Following the acquisition, the chief executive officer owned 21,000 shares of the company’s stock, valued at approximately $1,015,560. The trade was a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 0.15% of the stock is currently owned by insiders.

Analyst Ratings Changes

TFC has been the topic of a number of recent research reports. Wells Fargo & Company set a $52.00 target price on Truist Financial in a research note on Thursday, October 8th. Stephens cut their price target on Truist Financial from $55.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Truist Financial in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods reduced their price target on Truist Financial from $55.00 to $54.00 and set a “market perform” rating for the company in a report on Monday. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $54.00 price target (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Seven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Truist Financial currently has a consensus rating of “Hold” and an average price target of $53.87.

About Truist Financial

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.