Pinnacle Financial Partners Inc Has $2.94 Million Position in Truist Financial Co. (NYSE:TFC)

Pinnacle Financial Partners Inc grew its holdings in Truist Financial Co. (NYSE:TFC) by 6.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 68,649 shares of the insurance provider’s stock after acquiring an additional 4,446 shares during the period. Pinnacle Financial Partners Inc’s holdings in Truist Financial were worth $2,936,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of TFC. Capital Investment Counsel Inc boosted its stake in Truist Financial by 0.4% during the 2nd quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock worth $2,413,000 after acquiring an additional 244 shares during the last quarter. Burkett Financial Services LLC boosted its position in shares of Truist Financial by 26.8% during the third quarter. Burkett Financial Services LLC now owns 1,198 shares of the insurance provider’s stock worth $51,000 after purchasing an additional 253 shares in the last quarter. Verum Partners LLC raised its stake in Truist Financial by 2.5% during the 2nd quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock worth $411,000 after buying an additional 261 shares during the period. CX Institutional lifted its holdings in Truist Financial by 3.4% during the second quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock worth $313,000 after acquiring an additional 263 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC grew its stake in Truist Financial by 2.7% in the third quarter. Prime Capital Investment Advisors LLC now owns 10,399 shares of the insurance provider’s stock valued at $445,000 after acquiring an additional 270 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Stock Performance

TFC opened at $46.51 on Thursday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. The stock has a market cap of $61.74 billion, a price-to-earnings ratio of -32.52, a PEG ratio of 1.92 and a beta of 1.05. Truist Financial Co. has a 12-month low of $30.31 and a 12-month high of $47.57. The business has a 50 day moving average of $42.97 and a 200-day moving average of $41.09.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The firm had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. On average, equities research analysts expect that Truist Financial Co. will post 3.7 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.47%. Truist Financial’s payout ratio is currently -145.45%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. UBS Group boosted their price objective on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. increased their price objective on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Royal Bank of Canada boosted their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Finally, Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $45.00 to $47.00 in a research report on Wednesday, July 24th. Twelve equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Truist Financial has a consensus rating of “Hold” and an average price target of $46.02.

About Truist Financial

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.