Pinnacle Financial Partners Inc Sells 1,942 Shares of Truist Financial Co. (NYSE:TFC)

Pinnacle Financial Partners Inc decreased its position in shares of Truist Financial Co. (NYSE:TFCFree Report) by 2.9% in the 4th quarter, Holdings Channel reports. The firm owned 65,290 shares of the insurance provider’s stock after selling 1,942 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Truist Financial were worth $2,411,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Fairfield Bush & CO. bought a new position in Truist Financial during the 1st quarter worth approximately $25,000. Quarry LP bought a new stake in shares of Truist Financial in the 1st quarter valued at $32,000. OFI Invest Asset Management bought a new stake in shares of Truist Financial in the 3rd quarter valued at $26,000. Union Savings Bank bought a new stake in shares of Truist Financial in the 2nd quarter valued at $36,000. Finally, Operose Advisors LLC bought a new stake in shares of Truist Financial in the 3rd quarter valued at $31,000. Institutional investors own 71.28% of the company’s stock.

Insider Activity at Truist Financial

In other news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the sale, the director now directly owns 16,132 shares in the company, valued at $604,627.36. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.17% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

TFC has been the subject of several research analyst reports. Keefe, Bruyette & Woods lifted their price objective on shares of Truist Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. Raymond James boosted their price target on shares of Truist Financial from $34.00 to $41.00 and gave the company an “outperform” rating in a research note on Friday, January 5th. Bank of America upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 price target for the company in a research note on Thursday, January 4th. HSBC lifted their price objective on shares of Truist Financial from $37.00 to $39.00 and gave the stock a “hold” rating in a report on Thursday, March 28th. Finally, Barclays lifted their price objective on shares of Truist Financial from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $40.38.

View Our Latest Research Report on Truist Financial

Truist Financial Trading Down 1.3 %

Shares of Truist Financial stock opened at $37.88 on Wednesday. Truist Financial Co. has a 52-week low of $25.56 and a 52-week high of $39.29. The stock’s 50-day simple moving average is $36.53 and its 200 day simple moving average is $33.65. The stock has a market capitalization of $50.55 billion, a P/E ratio of -35.07, a P/E/G ratio of 1.62 and a beta of 1.08. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.82 and a current ratio of 0.82.

Truist Financial (NYSE:TFCGet Free Report) last announced its quarterly earnings data on Thursday, January 18th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.13. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. The business had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the previous year, the business posted $1.30 EPS. As a group, research analysts anticipate that Truist Financial Co. will post 3.39 EPS for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 5.49%. The ex-dividend date of this dividend was Thursday, February 8th. Truist Financial’s dividend payout ratio is currently -192.59%.

About Truist Financial

(Free Report)

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.

See Also

Want to see what other hedge funds are holding TFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Truist Financial Co. (NYSE:TFCFree Report).

Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

Receive News & Ratings for Truist Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Truist Financial and related companies with MarketBeat.com's FREE daily email newsletter.