Truist Financial (NYSE:TFC) Sets New 12-Month High – Here’s What Happened

Truist Financial Corporation (NYSE:TFC) shares reached a new 52-week high during trading on Monday . The company traded as high as $50.89 and last traded at $50.5610, with a volume of 1683580 shares changing hands. The stock had previously closed at $49.74.

Analysts Set New Price Targets

A number of research firms have issued reports on TFC. Piper Sandler set a $48.00 target price on shares of Truist Financial in a report on Monday, October 20th. Cowen reissued a “buy” rating on shares of Truist Financial in a research report on Wednesday. Citigroup upped their price objective on shares of Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, December 31st. TD Cowen lifted their target price on shares of Truist Financial from $55.00 to $59.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a report on Monday, December 29th. Seven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $52.80.

Truist Financial Stock Down 1.1%

The firm has a market capitalization of $64.75 billion, a PE ratio of 13.61, a price-to-earnings-growth ratio of 0.98 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The firm has a 50-day moving average of $47.32 and a two-hundred day moving average of $45.60.

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

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Friday, November 14th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Friday, November 14th. Truist Financial’s dividend payout ratio is 55.91%.

Truist Financial announced that its board has initiated a share repurchase plan on Tuesday, December 16th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 15.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Truist Financial

In related news, Director K. David Jr. Boyer sold 5,160 shares of the business’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 completion of the sale, the director directly owned 10,153 shares of the company’s stock, valued at $471,606.85. The trade was a 33.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.17% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Truist Financial

Large investors have recently added to or reduced their stakes in the stock. Aspect Partners LLC raised its holdings in shares of Truist Financial by 71.5% during the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock valued at $28,000 after buying an additional 268 shares during the last quarter. Valley Wealth Managers Inc. acquired a new stake in Truist Financial in the 3rd quarter valued at approximately $28,000. Princeton Global Asset Management LLC bought a new stake in Truist Financial during the 2nd quarter valued at $30,000. Capital A Wealth Management LLC boosted its position in Truist Financial by 1,189.5% during the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 678 shares during the period. Finally, Darwin Wealth Management LLC boosted its position in Truist Financial by 631.6% during the 3rd quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 600 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.