Pinnacle Associates Ltd. Purchases 2,829 Shares of Truist Financial Co. (NYSE:TFC)

Pinnacle Associates Ltd. grew its position in Truist Financial Co. (NYSE:TFC) by 1.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 219,458 shares of the insurance provider’s stock after acquiring 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 filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Norden Group LLC bought a new stake in Truist Financial in the 1st quarter worth approximately $2,351,000. Nordea Investment Management AB boosted its holdings in shares of Truist Financial by 44.4% in the 1st quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock worth $105,353,000 after purchasing an additional 834,048 shares during the period. CreativeOne Wealth LLC purchased a new position in shares of Truist Financial in the 1st quarter worth approximately $516,000. M&G Plc purchased a new position in shares of Truist Financial in the 2nd quarter worth approximately $2,804,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Truist Financial by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after purchasing an additional 299,196 shares during the period. Institutional investors own 71.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on TFC shares. UBS Group lifted their target price on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Morgan Stanley lifted their target price on Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Keefe, Bruyette & Woods boosted their price objective on Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Compass Point boosted their price objective on Truist Financial from $46.00 to $47.00 in a report on Wednesday, October 16th. Finally, Royal Bank of Canada boosted their price objective on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $46.02.

Truist Financial Trading Up 0.5 %

TFC opened at $43.31 on Thursday. The firm has a market cap of $58.00 billion, a price-to-earnings ratio of -30.29, a PEG ratio of 1.77 and a beta of 1.05. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. Truist Financial Co. has a 12 month low of $27.88 and a 12 month high of $45.31. The stock has a fifty day moving average price of $42.83 and a 200-day moving average price of $40.59.

Truist Financial Dividend Announcement

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

Truist Financial 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.