Truist Financial (NYSE:TFC) Sets New 52-Week High Following Analyst Upgrade

Truist Financial Co. (NYSE:TFC)’s share price reached a new 52-week high during trading on Thursday after HSBC raised their price target on the stock from $37.00 to $39.00. HSBC currently has a hold rating on the stock. Truist Financial traded as high as $39.29 and last traded at $39.10, with a volume of 855960 shares. The stock had previously closed at $38.59.

A number of other equities research analysts also recently commented on the company. Piper Sandler upped their price objective on Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a report on Friday, January 19th. Stephens upgraded Truist Financial from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $41.00 to $43.00 in a report on Tuesday, March 19th. Bank of America raised Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 price target for the company in a research report on Thursday, January 4th. Odeon Capital Group raised Truist Financial from a “hold” rating to a “buy” rating and set a $40.45 price objective for the company in a research report on Thursday, December 14th. Finally, Barclays lifted their price target on Truist Financial from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $40.03.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $37.48, for a total value of $141,074.72. Following the sale, the director now owns 16,132 shares in the company, valued at approximately $604,627.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Truist Financial

A number of institutional investors have recently made changes to their positions in the stock. EPG Wealth Management LLC increased its holdings in shares of Truist Financial by 1.8% in the fourth quarter. EPG Wealth Management LLC now owns 12,219 shares of the insurance provider’s stock worth $526,000 after buying an additional 213 shares during the period. Williams Jones Wealth Management LLC. boosted its position in Truist Financial by 5.8% during the 1st quarter. Williams Jones Wealth Management LLC. now owns 4,850 shares of the insurance provider’s stock valued at $275,000 after acquiring an additional 268 shares in the last quarter. Valmark Advisers Inc. boosted its position in Truist Financial by 2.2% during the 4th quarter. Valmark Advisers Inc. now owns 12,965 shares of the insurance provider’s stock valued at $479,000 after acquiring an additional 277 shares in the last quarter. St. Johns Investment Management Company LLC boosted its position in shares of Truist Financial by 0.9% in the 4th quarter. St. Johns Investment Management Company LLC now owns 32,255 shares of the insurance provider’s stock worth $1,191,000 after purchasing an additional 296 shares in the last quarter. Finally, Mechanics Financial Corp boosted its position in shares of Truist Financial by 7.4% in the 4th quarter. Mechanics Financial Corp now owns 4,345 shares of the insurance provider’s stock worth $160,000 after purchasing an additional 300 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Performance

The company has a market capitalization of $51.84 billion, a PE ratio of -35.76, a price-to-earnings-growth ratio of 1.58 and a beta of 1.07. The business’s fifty day moving average is $36.36 and its two-hundred day moving average is $33.39. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.74.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Thursday, January 18th. The insurance provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.68 by $0.13. The firm had revenue of $5.70 billion during the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. During the same period in the prior year, the business posted $1.30 EPS. Equities research analysts predict that Truist Financial Co. will post 3.39 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 9th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.36%. The ex-dividend date was Thursday, February 8th. Truist Financial’s dividend payout ratio is -192.59%.

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.