Truist Financial (NYSE:TFC) Sets New 52-Week High – Here’s What Happened

Truist Financial Co. (NYSE:TFC)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $47.20 and last traded at $47.20, with a volume of 11053 shares trading hands. The stock had previously closed at $46.66.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TFC. Royal Bank of Canada increased their price objective on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Citigroup lowered Truist Financial from a “buy” rating to a “neutral” rating and raised their price target for the stock from $45.00 to $47.00 in a research note on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods raised their price target on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Twelve equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $46.02.

Truist Financial Trading Down 0.6 %

The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. The stock has a 50 day simple moving average of $43.03 and a 200-day simple moving average of $41.13. The firm has a market cap of $61.40 billion, a P/E ratio of -32.29, a P/E/G ratio of 1.92 and a beta of 1.05.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. The business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. On average, equities research analysts expect that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.50%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is presently -145.45%.

Hedge Funds Weigh In On Truist Financial

Several hedge funds have recently bought and sold shares of TFC. Capital International Investors lifted its holdings in shares of Truist Financial by 93.7% in the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after buying an additional 5,632,493 shares during the period. Legal & General Group Plc lifted its stake in shares of Truist Financial by 1.0% during the 2nd quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock worth $401,663,000 after purchasing an additional 103,565 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Truist Financial by 3.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,431,037 shares of the insurance provider’s stock worth $403,365,000 after purchasing an additional 288,306 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Truist Financial by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after purchasing an additional 299,196 shares during the last quarter. Finally, FMR LLC lifted its stake in shares of Truist Financial by 10.6% during the 3rd quarter. FMR LLC now owns 5,003,106 shares of the insurance provider’s stock worth $213,983,000 after purchasing an additional 478,886 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.