Pinnacle Associates Ltd. Reduces Stock Holdings in Truist Financial Corporation $TFC

Pinnacle Associates Ltd. decreased its stake in Truist Financial Corporation (NYSE:TFC) by 1.4% in the second quarter, Holdings Channel.com reports. The firm owned 232,739 shares of the insurance provider’s stock after selling 3,225 shares during the period. Pinnacle Associates Ltd.’s holdings in Truist Financial were worth $10,005,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC lifted its stake in shares of Truist Financial by 148.5% during the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after acquiring an additional 14,093 shares during the last quarter. Mather Group LLC. lifted its stake in shares of Truist Financial by 17.9% during the 1st quarter. Mather Group LLC. now owns 6,452 shares of the insurance provider’s stock worth $266,000 after acquiring an additional 981 shares during the last quarter. Rossby Financial LCC bought a new stake in shares of Truist Financial during the 1st quarter worth approximately $43,000. Keybank National Association OH lifted its stake in shares of Truist Financial by 2.6% during the 1st quarter. Keybank National Association OH now owns 96,474 shares of the insurance provider’s stock worth $3,970,000 after acquiring an additional 2,480 shares during the last quarter. Finally, Aaron Wealth Advisors LLC lifted its stake in shares of Truist Financial by 12.7% during the 1st quarter. Aaron Wealth Advisors LLC now owns 8,691 shares of the insurance provider’s stock worth $358,000 after acquiring an additional 979 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TFC. TD Cowen raised Truist Financial from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research note on Tuesday, October 21st. Piper Sandler set a $48.00 price target on Truist Financial in a research note on Monday, October 20th. Evercore ISI lifted their target price on Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Morgan Stanley lifted their target price on Truist Financial from $54.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, October 20th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $47.00 target price on shares of Truist Financial in a research report on Thursday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and a consensus price target of $50.59.

Truist Financial Trading Up 0.8%

Shares of NYSE TFC opened at $44.68 on Friday. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The business has a fifty day simple moving average of $45.04 and a two-hundred day simple moving average of $42.78. The firm has a market cap of $57.61 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 1.20 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 0.70.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The business had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.20 billion. During the same period last year, the business posted $0.97 EPS. The business’s revenue was up 1.9% compared to the same quarter last year. Truist Financial has set its FY 2025 guidance at EPS. Q4 2025 guidance at EPS. Analysts expect that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Friday, November 14th will be issued a $0.52 dividend. The ex-dividend date is Friday, November 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.7%. Truist Financial’s dividend payout ratio (DPR) is currently 55.91%.

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.