Truist Financial (NYSE:TFC) Hits New 52-Week High – What’s Next?

Truist Financial Corporation (NYSE:TFC) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $48.55 and last traded at $48.2970, with a volume of 1555099 shares changing hands. The stock had previously closed at $47.70.

Wall Street Analysts Forecast Growth

TFC has been the subject of several recent analyst reports. Evercore ISI boosted their price objective on Truist Financial from $48.00 to $50.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Keefe, Bruyette & Woods boosted their price target on shares of Truist Financial from $48.00 to $49.00 and gave the stock a “market perform” rating in a research note on Monday, October 20th. Raymond James Financial reissued an “outperform” rating on shares of Truist Financial in a report on Tuesday, October 7th. TD Cowen raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a report on Tuesday, October 21st. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Truist Financial in a research note on Monday, December 1st. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.00.

Truist Financial Stock Performance

The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. The company has a fifty day moving average price of $44.83 and a 200 day moving average price of $44.08. The stock has a market cap of $61.91 billion, a PE ratio of 13.00, a P/E/G ratio of 1.03 and a beta of 0.90.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.05. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The business had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.20 billion. During the same period last year, the company earned $0.97 EPS. Truist Financial’s revenue for the quarter was up 1.9% compared to the same quarter last year. Analysts expect that Truist Financial Corporation will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were given a $0.52 dividend. The ex-dividend date was Friday, November 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.3%. Truist Financial’s payout ratio is presently 55.91%.

Insider Buying and Selling at Truist Financial

In related news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total value of $239,682.00. Following the sale, the director directly owned 10,153 shares of the company’s stock, valued at $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.14% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Brighton Jones LLC boosted its holdings in shares of Truist Financial by 148.5% during the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock valued at $1,023,000 after buying an additional 14,093 shares in the last quarter. Chicago Partners Investment Group LLC grew its holdings in Truist Financial by 55.1% in the first quarter. Chicago Partners Investment Group LLC now owns 8,174 shares of the insurance provider’s stock worth $316,000 after purchasing an additional 2,904 shares during the period. Townsquare Capital LLC increased its stake in shares of Truist Financial by 6.5% during the first quarter. Townsquare Capital LLC now owns 107,608 shares of the insurance provider’s stock valued at $4,428,000 after purchasing an additional 6,591 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Truist Financial by 32.0% during the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider’s stock valued at $540,723,000 after purchasing an additional 3,188,999 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of Truist Financial during the first quarter valued at approximately $117,929,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

About Truist Financial

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.