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

Truist Financial Co. (NYSE:TFC)’s share price reached a new 52-week high on Friday . The company traded as high as $47.64 and last traded at $47.64, with a volume of 1293282 shares changing hands. The stock had previously closed at $46.81.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TFC. Morgan Stanley boosted their target price on shares of Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. UBS Group increased their price objective on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Keefe, Bruyette & Woods lifted their target price on Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. increased their price target on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Finally, Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $46.37.

Truist Financial Price 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 stock has a market cap of $63.67 billion, a PE ratio of -33.54, a PEG ratio of 1.92 and a beta of 1.05. The business has a 50-day moving average price of $43.68 and a 200 day moving average price of $41.53.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.89 by $0.08. The business 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%. As a group, research analysts forecast that Truist Financial Co. will post 3.7 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.34%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is presently -145.45%.

Institutional Investors Weigh In On Truist Financial

Several institutional investors have recently made changes to their positions in TFC. LRI Investments LLC bought a new position in Truist Financial in the 1st quarter worth about $115,000. Price T Rowe Associates Inc. MD grew its stake in Truist Financial by 1.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,489,411 shares of the insurance provider’s stock valued at $136,018,000 after acquiring an additional 58,349 shares in the last quarter. SVB Wealth LLC increased its holdings in Truist Financial by 31.5% during the 1st quarter. SVB Wealth LLC now owns 27,379 shares of the insurance provider’s stock worth $1,067,000 after acquiring an additional 6,552 shares during the period. Waverly Advisors LLC lifted its stake in Truist Financial by 1.9% in the 1st quarter. Waverly Advisors LLC now owns 58,234 shares of the insurance provider’s stock worth $2,270,000 after purchasing an additional 1,112 shares in the last quarter. Finally, BlueMar Capital Management LLC bought a new position in Truist Financial in the 1st quarter valued at $546,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

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.