Pines Wealth Management LLC Sells 281 Shares of Truist Financial Corporation $TFC

Pines Wealth Management LLC cut its position in shares of Truist Financial Corporation (NYSE:TFC) by 1.7% in the second quarter, HoldingsChannel reports. The firm owned 16,019 shares of the insurance provider’s stock after selling 281 shares during the period. Pines Wealth Management LLC’s holdings in Truist Financial were worth $730,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Preservation Advisors LLC bought a new stake in shares of Truist Financial in the 1st quarter valued at about $25,000. Centennial Bank AR boosted its position in Truist Financial by 360.2% during the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 580 shares in the last quarter. Motco lifted its stake in shares of Truist Financial by 435.6% during the 1st quarter. Motco now owns 798 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 649 shares during the last quarter. Meeder Asset Management Inc. boosted its position in Truist Financial by 115.3% during the first quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock valued at $36,000 after purchasing an additional 468 shares in the last quarter. Finally, Sierra Ocean LLC boosted its position in Truist Financial by 64.4% during the first quarter. Sierra Ocean LLC now owns 899 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 352 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

Truist Financial stock opened at $44.55 on Wednesday. The stock has a market cap of $57.44 billion, a price-to-earnings ratio of 12.14, a price-to-earnings-growth ratio of 1.67 and a beta of 0.88. 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 Corporation has a 1-year low of $33.56 and a 1-year high of $49.06. The firm has a 50 day simple moving average of $44.99 and a 200-day simple moving average of $41.70.

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

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 8th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date was Friday, August 8th. Truist Financial’s dividend payout ratio (DPR) is presently 56.68%.

Analyst Upgrades and Downgrades

TFC has been the subject of several recent analyst reports. 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. Keefe, Bruyette & Woods cut Truist Financial from an “outperform” rating to a “market perform” rating and set a $48.00 price objective for the company. in a research report on Wednesday, July 9th. Morgan Stanley reaffirmed a “mixed” rating on shares of Truist Financial in a research report on Monday, July 21st. Citigroup upgraded Truist Financial from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $44.00 to $55.00 in a research note on Thursday, June 26th. Finally, Raymond James Financial upgraded shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 target price for the company in a research note on Tuesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.47.

Insider Activity

In related news, insider Bradley D. Bender sold 12,540 shares of the business’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the completion of the transaction, the insider owned 500 shares in the company, valued at approximately $22,595. The trade was a 96.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.14% of the company’s stock.

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.