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TRUIST FINANCIAL (NYSE:TFC) SETS NEW 12-MONTH HIGH AFTER ANALYST UPGRADE

Posted by ABMN Staff on May 18th, 2024

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Truist Financial Co. (NYSE:TFC – Get Free Report) hit a new 52-week high on
Friday after Stephens raised their price target on the stock from $43.00 to
$47.00. Stephens currently has an overweight rating on the stock. Truist
Financial traded as high as $40.51 and last traded at $40.29, with a volume of
736095 shares. The stock had previously closed at $40.15.

Get Truist Financial alerts:



A number of other equities research analysts also recently commented on the
company. Jefferies Financial Group lifted their target price on Truist Financial
from $40.00 to $41.00 and gave the stock a “hold” rating in a report on Monday,
April 8th. JPMorgan Chase & Co. lifted their target price on Truist Financial
from $39.50 to $40.50 and gave the stock a “neutral” rating in a report on
Wednesday, May 1st. Royal Bank of Canada lifted their target price on Truist
Financial from $40.00 to $42.00 and gave the stock an “outperform” rating in a
report on Friday, January 19th. Barclays began coverage on Truist Financial in a
report on Thursday. They set an “equal weight” rating and a $43.00 target price
for the company. Finally, Piper Sandler lifted their target price on Truist
Financial from $38.00 to $41.00 and gave the stock a “neutral” rating in a
report on Tuesday. One equities research analyst has rated the stock with a sell
rating, seven have given a hold rating and ten have given a buy rating to the
company. According to MarketBeat, the stock has an average rating of “Moderate
Buy” and a consensus price target of $43.17.

Read Our Latest Report on TFC


INSIDER ACTIVITY




In other news, Director K. David Jr. Boyer sold 3,764 shares of the business’s
stock in a transaction that occurred on Thursday, March 7th. The stock was 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 directly owns 16,132 shares in the
company, valued at $604,627.36. The transaction was disclosed in a document
filed with the Securities & Exchange Commission, which can be accessed through
this link. Company insiders own 0.17% of the company’s stock.




INSTITUTIONAL TRADING OF TRUIST FINANCIAL

Several large investors have recently made changes to their positions in TFC.
Crewe Advisors LLC acquired a new position in Truist Financial during the first
quarter worth $27,000. Opal Wealth Advisors LLC acquired a new position in
Truist Financial during the first quarter worth $29,000. Rise Advisors LLC
acquired a new position in Truist Financial during the first quarter worth
$32,000. Missouri Trust & Investment Co boosted its stake in Truist Financial by
227.2% during the fourth quarter. Missouri Trust & Investment Co now owns 854
shares of the insurance provider’s stock worth $32,000 after buying an
additional 593 shares during the last quarter. Finally, Northwest Financial
Advisors acquired a new position in Truist Financial during the fourth quarter
worth $34,000. 71.28% of the stock is currently owned by hedge funds and other
institutional investors.


TRUIST FINANCIAL PRICE PERFORMANCE

The stock has a 50 day simple moving average of $37.88 and a two-hundred day
simple moving average of $35.94. The company has a market cap of $53.48 billion,
a price-to-earnings ratio of -30.28, a price-to-earnings-growth ratio of 1.99
and a beta of 1.07. The company has a debt-to-equity ratio of 0.75, a current
ratio of 0.82 and a quick ratio of 0.82.



Truist Financial (NYSE:TFC – Get Free Report) last released its quarterly
earnings data on Monday, April 22nd. The insurance provider reported $0.90
earnings per share for the quarter, topping analysts’ consensus estimates of
$0.78 by $0.12. The company had revenue of $4.87 billion for the quarter,
compared to analyst estimates of $5.70 billion. Truist Financial had a positive
return on equity of 9.15% and a negative net margin of 4.28%. The firm’s revenue
for the quarter was down 8.8% compared to the same quarter last year. During the
same quarter in the previous year, the company posted $1.09 earnings per share.
On average, equities research analysts predict that Truist Financial Co. will
post 3.36 earnings per share for the current fiscal year.


TRUIST FINANCIAL DIVIDEND ANNOUNCEMENT

The firm also recently declared 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 dividend on an annualized
basis and a dividend yield of 5.20%. The ex-dividend date is Thursday, May 9th.
Truist Financial’s dividend payout ratio is presently -157.58%.


ABOUT TRUIST FINANCIAL

(Get Free Report)

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.




FEATURED STORIES

 * Five stocks we like better than Truist Financial
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