Truist Financial Co. (NYSE:TFC) Shares Bought by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. boosted its holdings in shares of Truist Financial Co. (NYSE:TFC) by 1.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 219,458 shares of the insurance provider’s stock after buying an additional 2,829 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Truist Financial were worth $9,386,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Capital Investment Counsel Inc increased its position in Truist Financial by 0.4% during the 2nd quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock valued at $2,413,000 after buying an additional 244 shares in the last quarter. Burkett Financial Services LLC grew its stake in Truist Financial by 26.8% during the 3rd quarter. Burkett Financial Services LLC now owns 1,198 shares of the insurance provider’s stock valued at $51,000 after purchasing an additional 253 shares during the last quarter. Verum Partners LLC grew its stake in Truist Financial by 2.5% during the 2nd quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock valued at $411,000 after purchasing an additional 261 shares during the last quarter. CX Institutional grew its stake in Truist Financial by 3.4% during the 2nd quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock valued at $313,000 after purchasing an additional 263 shares during the last quarter. Finally, Coldstream Capital Management Inc. grew its stake in Truist Financial by 1.5% during the 2nd quarter. Coldstream Capital Management Inc. now owns 18,593 shares of the insurance provider’s stock valued at $722,000 after purchasing an additional 274 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $43.31 on Thursday. The business has a 50 day simple moving average of $42.83 and a two-hundred day simple moving average of $40.59. Truist Financial Co. has a 12 month low of $27.88 and a 12 month high of $45.31. The stock has a market capitalization of $58.00 billion, a P/E ratio of -30.29, a PEG ratio of 1.77 and a beta of 1.05. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.80%. Truist Financial’s dividend payout ratio is presently -145.45%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on TFC shares. Argus boosted their price target on Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Citigroup downgraded Truist Financial from a “buy” rating to a “neutral” rating and upped their target price for the stock from $45.00 to $47.00 in a research note on Wednesday, July 24th. Bank of America upped their target price on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, Morgan Stanley upped their target price on Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $46.02.

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.