Pinnacle Financial Partners Inc Raises Stock Position in Truist Financial Corporation $TFC

Pinnacle Financial Partners Inc increased its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 30.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 174,839 shares of the insurance provider’s stock after purchasing an additional 40,393 shares during the period. Pinnacle Financial Partners Inc’s holdings in Truist Financial were worth $7,994,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in TFC. Norges Bank purchased a new stake in shares of Truist Financial in the second quarter worth about $487,401,000. Laurel Wealth Advisors LLC lifted its position in Truist Financial by 4,121.3% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider’s stock worth $100,424,000 after acquiring an additional 2,280,653 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Truist Financial by 811.0% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,018,457 shares of the insurance provider’s stock worth $86,773,000 after acquiring an additional 1,796,884 shares during the period. Vanguard Group Inc. grew its position in Truist Financial by 1.3% in the second quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock valued at $5,177,722,000 after acquiring an additional 1,529,478 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in Truist Financial by 71.9% in the second quarter. AQR Capital Management LLC now owns 3,165,033 shares of the insurance provider’s stock valued at $136,065,000 after acquiring an additional 1,323,866 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on TFC. Baird R W downgraded shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Raymond James Financial upped their price objective on shares of Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, January 7th. Morgan Stanley lifted their target price on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 17th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a research note on Monday, December 29th. Finally, TD Cowen raised their price objective on Truist Financial from $55.00 to $59.00 and gave the company a “buy” rating in a research note on Wednesday, January 7th. Seven equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Truist Financial currently has an average rating of “Hold” and an average target price of $52.80.

Insider Activity at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the transaction, the director directly owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. The trade was a 33.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.17% of the company’s stock.

Truist Financial Trading Down 0.5%

NYSE:TFC opened at $50.01 on Friday. The company has a market cap of $63.98 billion, a PE ratio of 13.44, a P/E/G ratio of 0.95 and a beta of 0.89. The business’s 50 day moving average is $48.29 and its two-hundred day moving average is $46.02. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $51.51.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The business had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.20 billion. During the same period in the previous year, the business earned $0.97 EPS. The business’s quarterly revenue was up 1.9% on a year-over-year basis. On average, analysts predict that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 14th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date was Friday, November 14th. Truist Financial’s dividend payout ratio (DPR) is presently 55.91%.

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

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.