Pinnacle Associates Ltd. Sells 25,949 Shares of Truist Financial Corporation $TFC

Pinnacle Associates Ltd. decreased its holdings in shares of Truist Financial Corporation (NYSE:TFC) by 8.1% in the fourth quarter, Holdings Channel reports. The firm owned 296,013 shares of the insurance provider’s stock after selling 25,949 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Truist Financial were worth $14,567,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Valley Wealth Managers Inc. bought a new position in Truist Financial during the third quarter worth about $28,000. Maseco LLP lifted its stake in Truist Financial by 53.8% during the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 228 shares during the period. Mowery & Schoenfeld Wealth Management LLC lifted its stake in Truist Financial by 190.7% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 431 shares during the period. Ancora Advisors LLC lifted its stake in Truist Financial by 259.1% during the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 500 shares during the period. Finally, Quest 10 Wealth Builders Inc. increased its holdings in shares of Truist Financial by 2,178.4% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 843 shares of the insurance provider’s stock worth $42,000 after buying an additional 806 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Price Performance

TFC opened at $46.53 on Thursday. Truist Financial Corporation has a one year low of $38.27 and a one year high of $56.19. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The company’s 50 day simple moving average is $47.87 and its 200-day simple moving average is $48.59. The stock has a market capitalization of $57.97 billion, a P/E ratio of 11.54, a price-to-earnings-growth ratio of 0.82 and a beta of 0.92.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The business had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same period in the prior year, the firm earned $0.87 earnings per share. Truist Financial’s revenue was up 5.0% compared to the same quarter last year. Sell-side analysts anticipate that Truist Financial Corporation will post 4.52 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Friday, May 8th. Truist Financial’s dividend payout ratio is 51.61%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Jefferies Financial Group reaffirmed a “mixed” rating and set a $45.00 price objective on shares of Truist Financial in a report on Friday, April 17th. TD Cowen raised their price objective on shares of Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Royal Bank Of Canada raised their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. Weiss Ratings raised shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Finally, Morgan Stanley dropped their price objective on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a report on Monday, April 20th. Nine analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $55.59.

Truist Financial Profile

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.