Truist Financial (NYSE:TFC) Sets New 1-Year High at $39.38

Truist Financial Co. (NYSE:TFC) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $39.38 and last traded at $39.22, with a volume of 593168 shares trading hands. The stock had previously closed at $38.85.

Analysts Set New Price Targets

TFC has been the topic of a number of research analyst reports. TheStreet downgraded Truist Financial from a “b-” rating to a “c” rating in a report on Tuesday, February 20th. Keefe, Bruyette & Woods lifted their price objective on shares of Truist Financial from $44.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, April 5th. Jefferies Financial Group boosted their target price on shares of Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research note on Monday, April 8th. Stephens restated an “overweight” rating and issued a $43.00 price target on shares of Truist Financial in a research report on Tuesday, April 23rd. Finally, Citigroup boosted their price objective on shares of Truist Financial from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, April 24th. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $41.88.

Truist Financial Price Performance

The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market capitalization of $52.20 billion, a P/E ratio of -29.63, a price-to-earnings-growth ratio of 2.03 and a beta of 1.07. The business has a fifty day moving average of $37.34 and a 200-day moving average of $35.39.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $4.87 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same quarter in the previous year, the firm posted $1.09 EPS. The firm’s quarterly revenue was down 8.8% on a year-over-year basis. On average, sell-side analysts forecast that Truist Financial Co. will post 3.3 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be given a dividend of $0.52 per share. The ex-dividend date is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.32%. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

Insider Activity

In related news, Director K. David Jr. Boyer sold 3,764 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the sale, the director now owns 16,132 shares of the company’s stock, valued at $604,627.36. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.17% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TFC. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Truist Financial by 0.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 513,851 shares of the insurance provider’s stock valued at $14,701,000 after purchasing an additional 2,634 shares during the last quarter. Mackenzie Financial Corp lifted its position in shares of Truist Financial by 10.3% during the 3rd quarter. Mackenzie Financial Corp now owns 152,687 shares of the insurance provider’s stock valued at $4,152,000 after acquiring an additional 14,230 shares during the last quarter. IFM Investors Pty Ltd boosted its stake in shares of Truist Financial by 3.7% during the 3rd quarter. IFM Investors Pty Ltd now owns 280,475 shares of the insurance provider’s stock worth $8,024,000 after acquiring an additional 9,926 shares in the last quarter. Washington Capital Management Inc. acquired a new position in shares of Truist Financial in the 3rd quarter worth $343,000. Finally, NBT Bank N A NY raised its position in shares of Truist Financial by 2.9% during the third quarter. NBT Bank N A NY now owns 12,781 shares of the insurance provider’s stock worth $366,000 after purchasing an additional 366 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

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.