Pinnacle Financial Partners Inc. Lowers Stake in Truist Financial Co. (NYSE:TFC)


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Pinnacle Financial Partners Inc. reduced its position in shares of Truist Financial Co. (NYSE:TFC) by 7.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 218,455 shares of the insurance provider’s stock after selling 16,806 shares during the quarter. Pinnacle Financial Partners Inc.’s holdings in Truist Financial were worth $10,470,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of TFC. Thomasville National Bank lifted its stake in Truist Financial by 1.0% in the 4th quarter. Thomasville National Bank now owns 423,282 shares of the insurance provider’s stock valued at $20,288,000 after buying an additional 3,997 shares in the last quarter. MUFG Securities EMEA plc purchased a new position in Truist Financial in the 3rd quarter valued at approximately $7,800,000. Ossiam boosted its position in Truist Financial by 18.8% in the 3rd quarter. Ossiam now owns 64,465 shares of the insurance provider’s stock valued at $2,453,000 after buying an additional 10,190 shares during the period. DekaBank Deutsche Girozentrale boosted its position in Truist Financial by 10.6% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 216,577 shares of the insurance provider’s stock valued at $7,925,000 after buying an additional 20,728 shares during the period. Finally, Twin Capital Management Inc. purchased a new position in Truist Financial in the 3rd quarter valued at approximately $972,000. 73.36% of the stock is currently owned by institutional investors and hedge funds.

TFC has been the subject of several recent research reports. TheStreet raised shares of Truist Financial from a “c+” rating to a “b-” rating in a research report on Thursday, October 8th. Argus lifted their price objective on shares of Truist Financial from $45.00 to $48.00 in a research report on Friday, October 16th. Bank of America decreased their price objective on shares of Truist Financial from $51.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, October 16th. Jefferies Financial Group cut shares of Truist Financial from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $48.00 to $55.00 in a research report on Thursday, January 7th. Finally, Keefe, Bruyette & Woods cut shares of Truist Financial from an “outperform” rating to a “market perform” rating and lifted their price objective for the stock from $49.00 to $50.00 in a research report on Thursday, November 19th. Thirteen investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Truist Financial has a consensus rating of “Hold” and an average target price of $48.25.

Shares of TFC traded down $0.17 during midday trading on Wednesday, hitting $52.08. The stock had a trading volume of 4,778,661 shares, compared to its average volume of 6,682,908. Truist Financial Co. has a fifty-two week low of $24.01 and a fifty-two week high of $56.53. The business has a 50-day simple moving average of $47.86 and a two-hundred day simple moving average of $41.86. The firm has a market cap of $70.21 billion, a P/E ratio of 17.54, a price-to-earnings-growth ratio of 1.43 and a beta of 1.40. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.66.

Truist Financial (NYSE:TFC) last announced its earnings results on Thursday, October 15th. The insurance provider reported $0.97 EPS for the quarter, topping the consensus estimate of $0.88 by $0.09. Truist Financial had a net margin of 16.95% and a return on equity of 7.76%. The company had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.48 billion. During the same period last year, the company posted $0.95 earnings per share. The business’s revenue for the quarter was up 85.1% on a year-over-year basis. On average, analysts expect that Truist Financial Co. will post 3.52 earnings per share for the current fiscal year.

In related news, EVP Kimberly Moore-Wright sold 1,398 shares of the business’s stock in a transaction on Friday, November 6th. The shares were sold at an average price of $44.09, for a total transaction of $61,637.82. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director K. David Jr. Boyer sold 3,221 shares of the business’s stock in a transaction on Wednesday, December 9th. The stock was sold at an average price of $47.72, for a total transaction of $153,706.12. The disclosure for this sale can be found here. Insiders have sold 7,387 shares of company stock worth $342,162 in the last ninety days. 0.35% of the stock is currently owned by insiders.

About Truist Financial

Truist Financial Corporation, a holding company, provides banking and trust services for small and mid-size businesses, public agencies, local governments, corporations, and individuals 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.

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Institutional Ownership by Quarter for Truist Financial (NYSE:TFC)

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