Truist Financial (NYSE:TFC) Sets New 52-Week High – Still a Buy?

Truist Financial Co. (NYSE:TFC) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $47.20 and last traded at $47.20, with a volume of 11053 shares changing hands. The stock had previously closed at $46.66.

Wall Street Analyst Weigh In

A number of research firms have issued reports on TFC. Baird R W cut Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Bank of America upped their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Compass Point increased their target price on shares of Truist Financial from $46.00 to $47.00 in a research report on Wednesday, October 16th. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Twelve research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Truist Financial currently has an average rating of “Hold” and an average price target of $46.02.

Truist Financial Stock Performance

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 company’s 50 day moving average is $42.97 and its 200-day moving average is $41.09. The company has a market capitalization of $62.78 billion, a P/E ratio of -32.63, a price-to-earnings-growth ratio of 1.91 and a beta of 1.05.

Truist Financial (NYSE:TFC) last posted 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 company had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. Equities analysts anticipate that Truist Financial Co. will post 3.7 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.40%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio is -145.45%.

Institutional Trading of Truist Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Valley Wealth Managers Inc. bought a new position in Truist Financial in the 3rd quarter worth about $26,000. Crewe Advisors LLC bought a new position in Truist Financial in the 1st quarter worth about $27,000. MFA Wealth Advisors LLC bought a new position in Truist Financial in the 2nd quarter worth about $30,000. Y.D. More Investments Ltd bought a new position in shares of Truist Financial during the second quarter valued at approximately $31,000. Finally, MidAtlantic Capital Management Inc. bought a new position in shares of Truist Financial during the third quarter valued at approximately $32,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

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.