Pallas Capital Advisors LLC Cuts Stake in Truist Financial Corporation $TFC

Pallas Capital Advisors LLC cut its stake in shares of Truist Financial Corporation (NYSE:TFC) by 21.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,481 shares of the insurance provider’s stock after selling 2,375 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Truist Financial were worth $365,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Wealth Preservation Advisors LLC acquired a new stake in shares of Truist Financial during the 1st quarter worth about $25,000. Centennial Bank AR raised its stake in shares of Truist Financial by 360.2% during the first quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 580 shares during the period. Motco grew its position in shares of Truist Financial by 435.6% during the first quarter. Motco now owns 798 shares of the insurance provider’s stock worth $33,000 after buying an additional 649 shares in the last quarter. Meeder Asset Management Inc. grew its position in shares of Truist Financial by 115.3% during the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock worth $36,000 after buying an additional 468 shares in the last quarter. Finally, Sierra Ocean LLC boosted its holdings in Truist Financial by 64.4% in the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 352 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Stock Performance

TFC opened at $45.97 on Monday. The business has a fifty day simple moving average of $45.02 and a 200 day simple moving average of $41.73. The company has a market capitalization of $59.28 billion, a PE ratio of 12.53, a price-to-earnings-growth ratio of 1.71 and a beta of 0.88. Truist Financial Corporation has a 1 year low of $33.56 and a 1 year high of $49.06. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86.

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 the consensus estimate of $0.93 by ($0.02). Truist Financial had a net margin of 16.82% and a return on equity of 8.69%. The company had revenue of $5.04 billion during the quarter, compared to analyst estimates of $5.04 billion. During the same period in the prior year, the firm earned $0.91 earnings per share. Truist Financial’s revenue was down 406.0% on a year-over-year basis. Research analysts expect that Truist Financial Corporation will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were given a dividend of $0.52 per share. The ex-dividend date was Friday, August 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.5%. Truist Financial’s dividend payout ratio is presently 56.68%.

Analyst Upgrades and Downgrades

TFC has been the subject of several analyst reports. Citigroup raised shares of 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 report on Thursday, June 26th. Morgan Stanley reiterated a “mixed” rating on shares of Truist Financial in a report on Monday, July 21st. Raymond James Financial raised Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 price target for the company in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods lowered Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price target for the company. in a report on Wednesday, July 9th. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $47.00 target price on shares of Truist Financial in a research note on Thursday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.47.

Insider Activity at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the company’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the sale, the insider owned 500 shares in the company, valued at $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is currently owned by insiders.

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.