Truist Financial (NYSE:TFC) Hits New 52-Week High – What’s Next?

Truist Financial Co. (NYSE:TFC)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $45.50 and last traded at $45.40, with a volume of 6173134 shares traded. The stock had previously closed at $42.32.

Analyst Upgrades and Downgrades

TFC has been the topic of a number of analyst reports. Argus lifted their target price on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. increased their price target on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group dropped their price target on shares of Truist Financial from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Bank of America increased their price target on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Finally, Barclays increased their price target on shares of Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Twelve research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $46.02.

Truist Financial Price Performance

The stock’s fifty day moving average price is $42.82 and its two-hundred day moving average price is $40.85. The firm has a market capitalization of $62.40 billion, a price-to-earnings ratio of -32.87, a price-to-earnings-growth ratio of 1.73 and a beta of 1.05. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.43%. Truist Financial’s payout ratio is -145.45%.

Institutional Investors Weigh In On Truist Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Natixis Advisors LLC raised its holdings in shares of Truist Financial by 7.3% in the 3rd quarter. Natixis Advisors LLC now owns 451,576 shares of the insurance provider’s stock valued at $19,314,000 after purchasing an additional 30,626 shares in the last quarter. Valley Wealth Managers Inc. purchased a new stake in Truist Financial in the third quarter valued at $26,000. Empowered Funds LLC lifted its position in Truist Financial by 155.8% in the third quarter. Empowered Funds LLC now owns 198,158 shares of the insurance provider’s stock valued at $8,475,000 after acquiring an additional 120,706 shares during the last quarter. Empirical Finance LLC lifted its position in Truist Financial by 1.9% in the third quarter. Empirical Finance LLC now owns 45,691 shares of the insurance provider’s stock valued at $1,954,000 after acquiring an additional 851 shares during the last quarter. Finally, Sheaff Brock Investment Advisors LLC lifted its position in Truist Financial by 2.3% in the third quarter. Sheaff Brock Investment Advisors LLC now owns 203,237 shares of the insurance provider’s stock valued at $8,692,000 after acquiring an additional 4,518 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

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.