Pinnacle Financial Partners Inc Boosts Stake in Truist Financial Co. (NYSE:TFC)

Pinnacle Financial Partners Inc lifted its holdings in Truist Financial Co. (NYSE:TFC) by 26.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 86,646 shares of the insurance provider’s stock after buying an additional 17,997 shares during the period. Pinnacle Financial Partners Inc’s holdings in Truist Financial were worth $3,758,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of TFC. Bangor Savings Bank lifted its stake in shares of Truist Financial by 92.5% in the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after buying an additional 272 shares in the last quarter. Valley Wealth Managers Inc. purchased a new position in shares of Truist Financial in the third quarter worth about $26,000. MidAtlantic Capital Management Inc. purchased a new position in shares of Truist Financial in the third quarter worth about $32,000. Fortitude Family Office LLC lifted its stake in shares of Truist Financial by 376.7% in the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after buying an additional 678 shares in the last quarter. Finally, Ashton Thomas Securities LLC purchased a new position in shares of Truist Financial in the third quarter worth about $45,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Truist Financial

In related news, CEO William H. Rogers, Jr. acquired 34,180 shares of Truist Financial stock in a transaction dated Monday, November 25th. The stock was acquired at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the transaction, the chief executive officer now owns 691,451 shares of the company’s stock, valued at $33,576,860.56. This represents a 5.20 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director K. David Jr. Boyer sold 4,966 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total transaction of $229,429.20. Following the sale, the director now owns 11,246 shares of the company’s stock, valued at $519,565.20. This represents a 30.63 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on TFC shares. Stephens lifted their target price on shares of Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 21st. Morgan Stanley lifted their target price on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 21st. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, January 17th. Raymond James lifted their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Finally, HSBC raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. Eleven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.79.

Truist Financial Trading Down 2.1 %

NYSE TFC opened at $45.67 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial Co. has a 52 week low of $34.26 and a 52 week high of $49.06. The stock has a market capitalization of $60.62 billion, a PE ratio of 13.71, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. The firm has a 50 day moving average of $45.61 and a two-hundred day moving average of $44.49.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same quarter in the previous year, the business posted $0.81 EPS. The firm’s revenue was up 3.4% on a year-over-year basis. As a group, research analysts expect that Truist Financial Co. will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.55%. Truist Financial’s dividend payout ratio is presently 62.46%.

Truist Financial Profile

Truist Financial Corporation, a financial services 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.