PDS Planning Inc Invests $285,000 in Truist Financial Corporation $TFC

PDS Planning Inc bought a new position in shares of Truist Financial Corporation (NYSE:TFC) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,620 shares of the insurance provider’s stock, valued at approximately $285,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. First Hawaiian Bank increased its position in shares of Truist Financial by 8.6% during the first quarter. First Hawaiian Bank now owns 11,991 shares of the insurance provider’s stock worth $493,000 after purchasing an additional 948 shares in the last quarter. Code Waechter LLC acquired a new stake in shares of Truist Financial during the first quarter worth about $365,000. Cantor Fitzgerald Investment Advisors L.P. increased its position in shares of Truist Financial by 4.6% during the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider’s stock worth $17,927,000 after purchasing an additional 19,286 shares in the last quarter. Pinnacle Financial Partners Inc increased its position in shares of Truist Financial by 55.1% during the first quarter. Pinnacle Financial Partners Inc now owns 134,363 shares of the insurance provider’s stock worth $5,530,000 after purchasing an additional 47,717 shares in the last quarter. Finally, Credit Agricole S A increased its position in shares of Truist Financial by 76.4% during the first quarter. Credit Agricole S A now owns 500,384 shares of the insurance provider’s stock worth $20,591,000 after purchasing an additional 216,672 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Insiders Place Their Bets

In other Truist Financial news, insider Bradley D. Bender sold 12,540 shares of Truist Financial stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total value of $566,682.60. Following the sale, the insider owned 500 shares of the company’s stock, valued at approximately $22,595. The trade was a 96.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

TFC has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods cut Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 target price on the stock. in a research report on Wednesday, July 9th. Weiss Ratings restated a “hold (c+)” rating on shares of Truist Financial in a research report on Wednesday, October 8th. Morgan Stanley boosted their price target on Truist Financial from $48.00 to $54.00 and gave the company an “equal weight” rating in a research report on Monday, September 29th. Citigroup upgraded Truist Financial from a “neutral” rating to a “buy” rating and boosted their price target for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Finally, Evercore ISI boosted their price target 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. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Truist Financial presently has a consensus rating of “Moderate Buy” and an average price target of $48.89.

Truist Financial Price Performance

Shares of TFC opened at $42.32 on Monday. Truist Financial Corporation has a twelve month low of $33.56 and a twelve month high of $49.06. The stock’s 50 day moving average is $45.16 and its two-hundred day moving average is $42.17. The firm has a market capitalization of $54.57 billion, a PE ratio of 11.53, a P/E/G ratio of 1.35 and a beta of 0.88. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The business had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $5.04 billion. During the same period in the prior year, the firm posted $0.91 EPS. Truist Financial’s revenue for the quarter was down 406.0% compared to the same quarter last year. Research analysts anticipate that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 8th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial’s payout ratio is currently 56.68%.

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.