Park Place Capital Corp Has $399,000 Stock Holdings in Truist Financial Corporation $TFC

Park Place Capital Corp cut its holdings in Truist Financial Corporation (NYSE:TFC) by 5.8% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 9,029 shares of the insurance provider’s stock after selling 558 shares during the quarter. Park Place Capital Corp’s holdings in Truist Financial were worth $399,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Evercore ISI increased their price objective on Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a research report on Tuesday. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $44.00 to $55.00 in a research note on Thursday, June 26th. Keefe, Bruyette & Woods cut Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price for the company. in a research note on Wednesday, July 9th. Wells Fargo & Company reiterated an “equal weight” rating and issued a $47.00 target price on shares of Truist Financial in a research report on Thursday, August 21st. Finally, Raymond James Financial upgraded Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a research report on Tuesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.89.

Truist Financial Trading Down 0.5%

NYSE TFC opened at $45.70 on Wednesday. The business has a 50 day moving average price of $45.15 and a 200-day moving average price of $41.99. Truist Financial Corporation has a 52 week low of $33.56 and a 52 week high of $49.06. The company has a market cap of $58.93 billion, a price-to-earnings ratio of 12.45, a P/E/G ratio of 1.47 and a beta of 0.88. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.02). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The company had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $5.04 billion. During the same quarter last year, the company posted $0.91 EPS. The company’s quarterly revenue was down 406.0% compared to the same quarter last year. As a group, equities analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date was Friday, August 8th. Truist Financial’s dividend payout ratio is 56.68%.

Insider Activity at Truist Financial

In other news, insider Bradley D. Bender sold 12,540 shares of the company’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider owned 500 shares of the company’s stock, valued at $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is owned by corporate insiders.

Truist Financial Company Profile

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.