Highland Capital Management LLC Decreases Stock Position in Truist Financial Corporation $TFC

Highland Capital Management LLC lowered its position in shares of Truist Financial Corporation (NYSE:TFC) by 1.4% during the second quarter, HoldingsChannel reports. The firm owned 165,569 shares of the insurance provider’s stock after selling 2,284 shares during the period. Highland Capital Management LLC’s holdings in Truist Financial were worth $7,118,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. First Hawaiian Bank grew its stake in shares of Truist Financial by 8.6% during the first quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider’s stock valued at $493,000 after acquiring an additional 948 shares in the last quarter. Code Waechter LLC purchased a new position in Truist Financial in the first quarter valued at about $365,000. Cantor Fitzgerald Investment Advisors L.P. grew its stake in Truist Financial by 4.6% during the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider’s stock valued at $17,927,000 after purchasing an additional 19,286 shares in the last quarter. Pinnacle Financial Partners Inc increased its holdings in Truist Financial by 55.1% during the 1st quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider’s stock worth $5,530,000 after purchasing an additional 47,717 shares during the last quarter. Finally, Credit Agricole S A raised its position in shares of Truist Financial by 76.4% in the 1st quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider’s stock valued at $20,591,000 after purchasing an additional 216,672 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total value of $566,682.60. Following the sale, the insider directly owned 500 shares in the company, valued at $22,595. This trade represents a 96.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.17% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on TFC shares. Morgan Stanley raised their price target on shares of Truist Financial from $48.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Monday, September 29th. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $44.00 to $55.00 in a report on Thursday, June 26th. Keefe, Bruyette & Woods lowered shares of Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price on the stock. in a research note on Wednesday, July 9th. Evercore ISI lifted their price target on Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a research note on Tuesday. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Truist Financial in a report on Saturday, September 27th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial has an average rating of “Moderate Buy” and an average target price of $48.89.

Truist Financial Stock Up 0.4%

Shares of Truist Financial stock opened at $45.53 on Friday. The stock has a market capitalization of $58.71 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 1.46 and a beta of 0.88. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75. The business’s 50 day simple moving average is $45.15 and its 200-day simple moving average is $42.08.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The company had revenue of $5.04 billion for the quarter, compared to analyst estimates of $5.04 billion. During the same quarter in the prior year, the firm earned $0.91 EPS. The company’s revenue for the quarter was down 406.0% compared to the same quarter last year. Equities research analysts forecast that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were given a dividend of $0.52 per share. The ex-dividend date was Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.6%. Truist Financial’s dividend payout ratio is currently 56.68%.

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.