Truist Financial Co. (NYSE:TFC – Get Free Report) saw a large drop in short interest in the month of July. As of July 31st, there was short interest totalling 28,290,000 shares, a drop of 19.2% from the July 15th total of 35,030,000 shares. Based on an average daily volume of 11,530,000 shares, the days-to-cover ratio is presently 2.5 days. Currently, 2.1% of the company’s stock are short sold.
Truist Financial Trading Up 0.8 %
Shares of TFC stock opened at $31.73 on Friday. Truist Financial has a fifty-two week low of $25.56 and a fifty-two week high of $53.34. The stock has a market cap of $42.26 billion, a P/E ratio of 7.34, a P/E/G ratio of 1.85 and a beta of 1.05. The business has a fifty day simple moving average of $32.18 and a 200-day simple moving average of $35.44. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.78.
Truist Financial (NYSE:TFC – Get Free Report) last posted its quarterly earnings data on Thursday, July 20th. The insurance provider reported $0.92 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.08). The company had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $5.97 billion. Truist Financial had a return on equity of 11.73% and a net margin of 20.17%. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.20 EPS. On average, analysts forecast that Truist Financial will post 3.81 earnings per share for the current fiscal year.
Truist Financial Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 11th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 6.56%. The ex-dividend date is Thursday, August 10th. Truist Financial’s dividend payout ratio (DPR) is presently 48.15%.
Institutional Investors Weigh In On Truist Financial
Hedge funds and other institutional investors have recently bought and sold shares of the business. Moneta Group Investment Advisors LLC lifted its holdings in shares of Truist Financial by 12,034.8% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 20,490,356 shares of the insurance provider’s stock valued at $881,700,000 after buying an additional 20,321,500 shares during the period. Norges Bank acquired a new stake in shares of Truist Financial in the fourth quarter valued at $553,718,000. BlackRock Inc. lifted its holdings in shares of Truist Financial by 8.3% in the first quarter. BlackRock Inc. now owns 100,042,278 shares of the insurance provider’s stock valued at $3,411,442,000 after buying an additional 7,651,641 shares during the period. FMR LLC lifted its holdings in shares of Truist Financial by 55.2% in the first quarter. FMR LLC now owns 21,461,191 shares of the insurance provider’s stock valued at $731,827,000 after buying an additional 7,635,573 shares during the period. Finally, Amundi lifted its holdings in shares of Truist Financial by 43.1% in the fourth quarter. Amundi now owns 18,282,723 shares of the insurance provider’s stock valued at $847,671,000 after buying an additional 5,504,325 shares during the period. 71.49% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
TFC has been the subject of a number of analyst reports. Morgan Stanley reduced their price objective on Truist Financial from $42.00 to $41.00 and set an “equal weight” rating for the company in a research report on Friday, July 21st. Royal Bank of Canada reduced their target price on Truist Financial from $46.00 to $43.00 in a report on Tuesday, June 13th. Wells Fargo & Company reduced their target price on Truist Financial from $42.00 to $40.00 and set an “overweight” rating for the company in a report on Friday, July 21st. Citigroup reduced their target price on Truist Financial from $41.00 to $39.00 and set a “buy” rating for the company in a report on Monday, July 24th. Finally, Credit Suisse Group reduced their target price on Truist Financial from $52.00 to $40.00 and set a “neutral” rating for the company in a report on Friday, April 21st. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $40.82.
Get Our Latest Stock Analysis on TFC
About Truist Financial
Truist Financial Corporation, a holding 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.
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