Pinnacle Wealth Management Advisory Group LLC Acquires New Stake in Truist Financial Co. (NYSE:TFC)

Pinnacle Wealth Management Advisory Group LLC acquired a new stake in shares of Truist Financial Co. (NYSE:TFC) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 8,328 shares of the insurance provider’s stock, valued at approximately $307,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Morton Brown Family Wealth LLC raised its position in shares of Truist Financial by 236.0% during the 4th quarter. Morton Brown Family Wealth LLC now owns 924 shares of the insurance provider’s stock valued at $34,000 after buying an additional 649 shares in the last quarter. OFI Invest Asset Management bought a new stake in shares of Truist Financial in the 3rd quarter worth approximately $26,000. Criterion Capital Advisors LLC bought a new position in shares of Truist Financial during the fourth quarter valued at about $38,000. Operose Advisors LLC purchased a new stake in Truist Financial in the third quarter worth $31,000. Finally, Tyler Stone Wealth Management bought a new position in Truist Financial in the 3rd quarter worth $33,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

Shares of NYSE TFC traded up $0.19 during midday trading on Thursday, reaching $39.06. The company had a trading volume of 3,027,630 shares, compared to its average volume of 9,351,366. The stock has a market cap of $52.13 billion, a P/E ratio of -29.58, a P/E/G ratio of 2.03 and a beta of 1.07. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. The business’s 50-day simple moving average is $37.34 and its 200 day simple moving average is $35.39. Truist Financial Co. has a 1 year low of $26.49 and a 1 year high of $40.35.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.12. The company had revenue of $4.87 billion for the quarter, compared to the consensus estimate of $5.70 billion. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. Truist Financial’s quarterly revenue was down 8.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.09 EPS. On average, analysts forecast that Truist Financial Co. will post 3.3 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.33%. The ex-dividend date of this dividend is Thursday, May 9th. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Insider Activity

In other news, Director K. David Jr. Boyer sold 3,764 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the sale, the director now owns 16,132 shares of the company’s stock, valued at $604,627.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.17% of the company’s stock.

Analyst Upgrades and Downgrades

TFC has been the subject of several research reports. Jefferies Financial Group increased their target price on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Keefe, Bruyette & Woods boosted their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday. Compass Point raised shares of Truist Financial from a “neutral” rating to a “buy” rating and raised their target price for the company from $34.00 to $42.00 in a research note on Tuesday, April 23rd. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Thursday, May 2nd. Finally, UBS Group increased their target price on Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $42.70.

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.