Truist Financial Co. (NYSE:TFC) Shares Acquired by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc raised its stake in shares of Truist Financial Co. (NYSE:TFC) by 6.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 68,649 shares of the insurance provider’s stock after purchasing an additional 4,446 shares during the period. Pinnacle Financial Partners Inc’s holdings in Truist Financial were worth $2,936,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Capital International Investors raised its position in shares of Truist Financial by 93.7% in the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after buying an additional 5,632,493 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of Truist Financial by 316.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock worth $90,585,000 after purchasing an additional 1,609,351 shares during the period. Swedbank AB acquired a new position in shares of Truist Financial in the 1st quarter valued at about $29,957,000. National Bank of Canada FI grew its holdings in shares of Truist Financial by 41.8% during the 1st quarter. National Bank of Canada FI now owns 1,835,736 shares of the insurance provider’s stock worth $72,446,000 after purchasing an additional 541,037 shares during the period. Finally, GW Henssler & Associates Ltd. raised its holdings in Truist Financial by 4,435.3% in the third quarter. GW Henssler & Associates Ltd. now owns 505,145 shares of the insurance provider’s stock valued at $21,605,000 after buying an additional 494,007 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Analyst Ratings Changes

TFC has been the subject of several recent research reports. Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Stephens reissued an “overweight” rating and issued a $50.00 price objective on shares of Truist Financial in a research report on Tuesday, September 10th. Bank of America upped their target price on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Barclays raised their target price on Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Finally, Royal Bank of Canada increased 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. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Truist Financial presently has an average rating of “Hold” and an average target price of $46.02.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $46.51 on Thursday. The company has a market cap of $61.74 billion, a PE ratio of -32.52, a P/E/G ratio of 1.92 and a beta of 1.05. Truist Financial Co. has a fifty-two week low of $30.31 and a fifty-two week high of $47.57. The firm has a 50-day simple moving average of $42.97 and a 200 day simple moving average of $41.09. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62.

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

Truist Financial Announces Dividend

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

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.