Park Place Capital Corp Has $603,000 Stake in Truist Financial Co. (NYSE:TFC)

Park Place Capital Corp decreased its position in Truist Financial Co. (NYSE:TFC) by 8.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 15,468 shares of the insurance provider’s stock after selling 1,370 shares during the quarter. Park Place Capital Corp’s holdings in Truist Financial were worth $603,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Truist Financial by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 117,271,628 shares of the insurance provider’s stock valued at $3,355,141,000 after buying an additional 365,871 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Truist Financial by 8.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 19,238,388 shares of the insurance provider’s stock worth $690,793,000 after purchasing an additional 1,458,248 shares during the period. Royal Bank of Canada boosted its position in Truist Financial by 5.0% during the third quarter. Royal Bank of Canada now owns 15,384,890 shares of the insurance provider’s stock worth $440,162,000 after purchasing an additional 732,801 shares during the period. Morgan Stanley boosted its position in Truist Financial by 0.3% during the third quarter. Morgan Stanley now owns 15,364,138 shares of the insurance provider’s stock worth $439,568,000 after purchasing an additional 39,510 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Truist Financial by 11.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 8,731,538 shares of the insurance provider’s stock worth $322,395,000 after purchasing an additional 883,416 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

Truist Financial stock opened at $39.25 on Tuesday. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a fifty day moving average price of $37.89 and a two-hundred day moving average price of $37.16. Truist Financial Co. has a 52-week low of $26.57 and a 52-week high of $40.51. The firm has a market capitalization of $52.52 billion, a P/E ratio of -29.73, a P/E/G ratio of 2.04 and a beta of 1.07.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm had revenue of $4.87 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same period in the prior year, the company posted $1.09 earnings per share. The business’s revenue for the quarter was down 8.8% compared to the same quarter last year. As a group, analysts anticipate that Truist Financial Co. will post 3.36 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Friday, May 10th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.30%. The ex-dividend date of this dividend was Thursday, May 9th. Truist Financial’s payout ratio is presently -157.58%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. StockNews.com cut Truist Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, June 26th. Stephens increased their price objective on Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, May 16th. Morgan Stanley reissued an “equal weight” rating and issued a $43.00 price objective on shares of Truist Financial in a research report on Monday, April 22nd. Wells Fargo & Company increased their price objective on Truist Financial from $39.00 to $45.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, JPMorgan Chase & Co. increased their price objective on Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.17.

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.