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

Truist Financial Co. (NYSE:TFC)’s share price reached 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. The stock had previously closed at $38.85.

Analyst Ratings Changes

Several brokerages recently weighed in on TFC. JPMorgan Chase & Co. increased their target price on Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Morgan Stanley restated an “equal weight” rating and issued a $43.00 price target on shares of Truist Financial in a research report on Monday, April 22nd. TheStreet downgraded shares of Truist Financial from a “b-” rating to a “c” rating in a report on Tuesday, February 20th. StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, Royal Bank of Canada boosted their price target on Truist Financial from $40.00 to $42.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $41.88.

Truist Financial Price Performance

The company’s 50 day moving average price is $37.16 and its 200 day moving average price is $35.22. 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 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.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. The firm had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The company’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.09 earnings per share. On average, equities research analysts predict that Truist Financial Co. will post 3.3 earnings per share for the current fiscal 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 dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.28%. The ex-dividend date is Thursday, May 9th. Truist Financial’s payout ratio is presently -157.58%.

Insider Buying and Selling at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the completion of 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 document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

Hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Truist Financial during the 4th quarter valued at about $307,787,000. Parnassus Investments LLC bought a new stake in shares of Truist Financial during the fourth quarter worth approximately $95,049,000. North Reef Capital Management LP acquired a new position in Truist Financial in the third quarter valued at approximately $66,804,000. Azora Capital LP bought a new position in Truist Financial in the fourth quarter valued at approximately $72,498,000. Finally, Assenagon Asset Management S.A. boosted its stake 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 acquiring an additional 1,955,448 shares during the last quarter. Institutional investors 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.