Truist Financial (NYSE:TFC) Reaches New 12-Month High at $39.38

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

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Citigroup boosted their price target on shares of Truist Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, April 24th. Jefferies Financial Group upped their price objective on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. JPMorgan Chase & Co. lifted their target price on Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Royal Bank of Canada lifted their price objective on Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. Finally, UBS Group boosted their price objective on Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $41.88.

Truist Financial Stock Up 1.4 %

The firm’s 50 day simple moving average is $37.16 and its 200-day simple moving average is $35.22. The company has a market cap of $52.60 billion, a price-to-earnings ratio of -29.67, a P/E/G ratio of 2.03 and a beta of 1.07. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the prior year, the firm earned $1.09 EPS. The business’s revenue was down 8.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Truist Financial Co. will post 3.3 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be issued a $0.52 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.28%. Truist Financial’s payout ratio is -157.58%.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the transaction, the director now owns 16,132 shares of the company’s stock, valued at $604,627.36. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.17% of the stock is owned by company insiders.

Institutional Investors Weigh In On Truist Financial

A number of hedge funds have recently added to or reduced their stakes in TFC. Norges Bank acquired a new stake in Truist Financial in the fourth quarter valued at $307,787,000. Parnassus Investments LLC acquired a new stake in shares of Truist Financial in the fourth quarter valued at about $95,049,000. North Reef Capital Management LP purchased a new stake in Truist Financial during the third quarter worth about $66,804,000. Azora Capital LP acquired a new position in Truist Financial during the fourth quarter worth about $72,498,000. Finally, Assenagon Asset Management S.A. increased its holdings in Truist Financial by 342.2% in the third quarter. Assenagon Asset Management S.A. now owns 2,526,939 shares of the insurance provider’s stock valued at $72,296,000 after buying an additional 1,955,448 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

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.