Pallas Capital Advisors LLC Takes Position in Truist Financial Co. (NYSE:TFC)

Pallas Capital Advisors LLC bought a new position in shares of Truist Financial Co. (NYSE:TFC) in the 3rd quarter, Holdings Channel.com reports. The firm bought 9,139 shares of the insurance provider’s stock, valued at approximately $397,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Capital International Investors grew its holdings in Truist Financial by 93.7% during the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after buying an additional 5,632,493 shares in the last quarter. Legal & General Group Plc increased its holdings in Truist Financial by 1.0% in the 2nd quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock valued at $401,663,000 after acquiring an additional 103,565 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in 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 in the last quarter. Truist Financial Corp boosted its holdings in shares of Truist Financial by 6.7% during the 2nd quarter. Truist Financial Corp now owns 4,931,783 shares of the insurance provider’s stock valued at $191,600,000 after purchasing an additional 311,523 shares during the last quarter. Finally, Jennison Associates LLC grew its position in shares of Truist Financial by 48.9% during the first quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock valued at $149,698,000 after purchasing an additional 1,261,598 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Down 0.6 %

Shares of NYSE TFC opened at $43.04 on Friday. Truist Financial Co. has a 52-week low of $27.88 and a 52-week high of $45.31. The firm has a market capitalization of $57.64 billion, a price-to-earnings ratio of -30.10, a PEG ratio of 1.77 and a beta of 1.05. The stock has a 50 day moving average price of $42.86 and a 200 day moving average price of $40.61. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85.

Truist Financial Announces Dividend

The company 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 dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.83%. The ex-dividend date is Friday, November 8th. Truist Financial’s payout ratio is -145.45%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on TFC. Baird R W lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. The Goldman Sachs Group cut their target price on shares of Truist Financial from $50.00 to $48.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Morgan Stanley upped their price target on shares of Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Bank of America lifted their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $46.02.

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.