Truist Financial Co. (NYSE:TFC – Get Free Report) shares hit a new 52-week high on Wednesday after Morgan Stanley raised their price target on the stock from $46.00 to $51.00. Morgan Stanley currently has an equal weight rating on the stock. Truist Financial traded as high as $45.08 and last traded at $44.85, with a volume of 113830 shares trading hands. The stock had previously closed at $44.94.
A number of other analysts have also weighed in on the stock. Keefe, Bruyette & Woods increased their price objective on shares of Truist Financial from $46.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Stephens boosted their price objective on Truist Financial from $43.00 to $47.00 and gave the company an “overweight” rating in a report on Thursday, May 16th. Royal Bank of Canada upped their price objective on Truist Financial from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Baird R W downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Finally, UBS Group upped their price target on shares of Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, April 5th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $45.30.
View Our Latest Stock Analysis on TFC
Insider Buying and Selling
In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was purchased at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Truist Financial
Several institutional investors have recently added to or reduced their stakes in the business. Capital Investment Counsel Inc boosted its stake in Truist Financial by 0.4% in the 2nd quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock worth $2,413,000 after purchasing an additional 244 shares in the last quarter. Verum Partners LLC boosted its position in Truist Financial by 2.5% in the second quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock valued at $411,000 after buying an additional 261 shares during the last quarter. CX Institutional raised its position in Truist Financial by 3.4% during the 2nd quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock worth $313,000 after buying an additional 263 shares during the last quarter. Patriot Financial Group Insurance Agency LLC lifted its stake in Truist Financial by 2.0% during the 2nd quarter. Patriot Financial Group Insurance Agency LLC now owns 14,339 shares of the insurance provider’s stock valued at $557,000 after acquiring an additional 275 shares during the period. Finally, Valmark Advisers Inc. boosted its holdings in shares of Truist Financial by 2.2% in the 4th quarter. Valmark Advisers Inc. now owns 12,965 shares of the insurance provider’s stock valued at $479,000 after acquiring an additional 277 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.
Truist Financial Price Performance
The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. The stock’s 50 day moving average price is $39.14 and its two-hundred day moving average price is $37.90. The stock has a market cap of $59.80 billion, a price-to-earnings ratio of -33.86, a price-to-earnings-growth ratio of 2.08 and a beta of 1.07.
Truist Financial (NYSE:TFC – Get Free Report) last announced its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.07. The company had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.83 billion. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The firm’s revenue for the quarter was down 15.9% compared to the same quarter last year. During the same period last year, the firm earned $0.95 EPS. Equities research analysts forecast that Truist Financial Co. will post 3.57 EPS for the current fiscal year.
Truist Financial Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.65%. The ex-dividend date is Friday, August 9th. Truist Financial’s dividend payout ratio is currently -157.58%.
About Truist Financial
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.
Further Reading
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Source: defenseworld.net
