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

Truist Financial Corporation (NYSE:TFC)’s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $55.75 and last traded at $55.09, with a volume of 12554318 shares traded. The stock had previously closed at $54.03.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on TFC shares. Piper Sandler upped their price target on shares of Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research report on Thursday, January 22nd. Barclays cut Truist Financial from an “equal weight” rating to an “underweight” rating and boosted their price objective for the stock from $47.00 to $56.00 in a research note on Monday, January 5th. Evercore ISI upgraded Truist Financial from a “hold” rating to an “outperform” rating and increased their target price for the company from $49.00 to $58.00 in a research note on Tuesday, January 6th. Raymond James Financial raised their target price on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, January 7th. Finally, TD Cowen upped their price target on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Seven research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Truist Financial presently has a consensus rating of “Hold” and an average target price of $54.20.

Truist Financial Stock Up 2.0%

The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. The firm has a fifty day simple moving average of $49.85 and a 200-day simple moving average of $46.57. The company has a market capitalization of $70.47 billion, a PE ratio of 14.46, a P/E/G ratio of 0.91 and a beta of 0.89.

Truist Financial (NYSE:TFC) last released its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.09). The business had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.91 earnings per share. Equities research analysts anticipate that Truist Financial Corporation will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is currently 54.59%.

Truist Financial announced that its board has authorized a stock buyback program on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the insurance provider to reacquire up to 15.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, Director K. David Jr. Boyer sold 5,160 shares of the stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the transaction, the director owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $50.13, for a total value of $651,690.00. Following the completion of the transaction, the chief financial officer owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 21,660 shares of company stock worth $1,075,087. 0.17% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Truist Financial

Several institutional investors and hedge funds have recently made changes to their positions in the company. Brighton Jones LLC lifted its position in shares of Truist Financial by 148.5% in the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after buying an additional 14,093 shares during the last quarter. Woodline Partners LP raised its stake in Truist Financial by 39.5% during the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after acquiring an additional 31,454 shares during the period. Sivia Capital Partners LLC acquired a new stake in Truist Financial during the second quarter worth about $575,000. Ameritas Advisory Services LLC bought a new position in Truist Financial in the second quarter worth about $182,000. Finally, Simplicity Wealth LLC acquired a new position in Truist Financial in the second quarter valued at approximately $627,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Company Profile

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.