Pinebridge Investments L.P. reduced its holdings in Truist Financial Co. (NYSE:TFC – Free Report) by 71.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 139,143 shares of the insurance provider’s stock after selling 346,446 shares during the quarter. Pinebridge Investments L.P.’s holdings in Truist Financial were worth $4,223,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Fairfield Bush & CO. bought a new stake in shares of Truist Financial in the 1st quarter worth approximately $25,000. Winch Advisory Services LLC purchased a new position in shares of Truist Financial in the first quarter worth approximately $26,000. JFS Wealth Advisors LLC increased its position in shares of Truist Financial by 617.0% in the second quarter. JFS Wealth Advisors LLC now owns 968 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 833 shares in the last quarter. GW&K Investment Management LLC purchased a new position in shares of Truist Financial in the first quarter worth approximately $31,000. Finally, Quarry LP purchased a new position in shares of Truist Financial in the first quarter worth approximately $32,000. 71.11% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several research firms have recently weighed in on TFC. StockNews.com began coverage on shares of Truist Financial in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Bank of America lowered their price objective on shares of Truist Financial from $35.00 to $32.00 in a research report on Tuesday, October 10th. Piper Sandler lowered their price objective on shares of Truist Financial from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Friday, October 20th. Raymond James lowered their price objective on shares of Truist Financial from $36.00 to $34.00 and set an “outperform” rating on the stock in a research report on Thursday, October 5th. Finally, Jefferies Financial Group lowered their price objective on shares of Truist Financial from $31.00 to $28.00 in a research report on Tuesday, October 10th. Eleven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Truist Financial has a consensus rating of “Hold” and an average target price of $37.51.
Insider Transactions at Truist Financial
In related news, CEO William H. Rogers, Jr. bought 10,000 shares of the business’s stock in a transaction that occurred on Friday, October 20th. The stock was purchased at an average cost of $28.05 per share, for a total transaction of $280,500.00. Following the purchase, the chief executive officer now directly owns 412,924 shares in the company, valued at $11,582,518.20. The purchase was disclosed in a filing with the SEC, which is available through this link. 0.31% of the stock is owned by corporate insiders.
Truist Financial Price Performance
Shares of Truist Financial stock opened at $33.27 on Friday. The firm has a fifty day simple moving average of $29.49 and a 200-day simple moving average of $30.47. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. Truist Financial Co. has a 1-year low of $25.56 and a 1-year high of $53.34. The stock has a market capitalization of $44.37 billion, a price-to-earnings ratio of 8.38, a PEG ratio of 1.91 and a beta of 1.12.
Truist Financial (NYSE:TFC – Get Free Report) last issued its quarterly earnings data on Thursday, October 19th. The insurance provider reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.02). Truist Financial had a return on equity of 10.74% and a net margin of 17.59%. The firm had revenue of $5.73 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same quarter in the previous year, the firm posted $1.24 earnings per share. Truist Financial’s quarterly revenue was down 2.7% compared to the same quarter last year. On average, sell-side analysts expect that Truist Financial Co. will post 3.76 earnings per share for the current year.
Truist Financial Announces Dividend
The company also recently disclosed a special dividend, which was paid on Friday, December 1st. Stockholders of record on Friday, November 10th were paid a $0.52 dividend. This represents a dividend yield of 7.4%. The ex-dividend date of this dividend was Thursday, November 9th. Truist Financial’s payout ratio is 52.39%.
Truist Financial Profile
Truist Financial Corporation, a holding 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.
Further Reading
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