Pinnacle Financial Partners Inc Has $5.53 Million Holdings in Truist Financial Corporation (NYSE:TFC)

Pinnacle Financial Partners Inc raised its stake in Truist Financial Corporation (NYSE:TFC - Free Report) by 55.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 134,363 shares of the insurance provider's stock after buying an additional 47,717 shares during the quarter. Pinnacle Financial Partners Inc's holdings in Truist Financial were worth $5,530,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LaFleur & Godfrey LLC increased its position in Truist Financial by 4.5% in the 4th quarter. LaFleur & Godfrey LLC now owns 108,168 shares of the insurance provider's stock worth $4,692,000 after purchasing an additional 4,670 shares during the last quarter. Brighton Jones LLC raised its holdings 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 valued at $1,023,000 after purchasing an additional 14,093 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of Truist Financial by 5.5% in the 4th quarter. Fisher Asset Management LLC now owns 8,431 shares of the insurance provider's stock valued at $366,000 after purchasing an additional 436 shares during the last quarter. Norden Group LLC acquired a new stake in shares of Truist Financial in the 4th quarter valued at $212,000. Finally, SRS Capital Advisors Inc. boosted its holdings in Truist Financial by 106.7% in the fourth quarter. SRS Capital Advisors Inc. now owns 7,363 shares of the insurance provider's stock worth $319,000 after purchasing an additional 3,801 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Truist Financial Price Performance

Shares of NYSE:TFC traded up $0.20 during midday trading on Friday, reaching $45.23. 5,612,374 shares of the company's stock were exchanged, compared to its average volume of 8,262,880. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.83 and a current ratio of 0.83. The company's 50 day simple moving average is $40.29 and its two-hundred day simple moving average is $41.95. Truist Financial Corporation has a 12 month low of $33.56 and a 12 month high of $49.06. The firm has a market capitalization of $59.23 billion, a PE ratio of 13.34, a price-to-earnings-growth ratio of 1.67 and a beta of 0.85.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting analysts' consensus estimates of $0.87. Truist Financial had a net margin of 15.59% and a return on equity of 8.96%. The firm had revenue of $4.95 billion during the quarter, compared to analysts' expectations of $4.99 billion. During the same quarter last year, the company earned $0.90 earnings per share. Equities research 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 was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.60%. The ex-dividend date was Friday, May 9th. Truist Financial's dividend payout ratio (DPR) is 61.36%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on TFC. Wall Street Zen upgraded Truist Financial from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. Piper Sandler reduced their price objective on shares of Truist Financial from $45.00 to $41.00 and set a "neutral" rating for the company in a research note on Monday, April 21st. Wells Fargo & Company decreased their price objective on shares of Truist Financial from $52.00 to $50.00 and set an "overweight" rating for the company in a report on Friday, March 28th. Stephens lowered their target price on shares of Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Finally, JPMorgan Chase & Co. cut their target price on shares of Truist Financial from $48.00 to $42.00 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Eight research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, Truist Financial currently has a consensus rating of "Moderate Buy" and an average price target of $48.44.

About Truist Financial

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.