Truist Financial Co. Announces Quarterly Dividend of $0.52 (NYSE:TFC)

Truist Financial Co. (NYSE:TFC – Get Rating) announced a quarterly dividend on Tuesday, January 24th, RTT News reports. Stockholders of record on Friday, February 10th will be given a dividend of 0.52 per share by the insurance provider on Wednesday, March 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.29%.

Truist Financial has a dividend payout ratio of 59.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Truist Financial to earn $5.30 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 34.0%.

Truist Financial Stock Performance

Truist Financial stock traded down $0.36 during midday trading on Tuesday, hitting $48.48. The company’s stock had a trading volume of 2,266,181 shares, compared to its average volume of 7,815,938. Truist Financial has a 1-year low of $40.01 and a 1-year high of $66.10. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.81 and a quick ratio of 0.80. The company has a 50-day moving average price of $44.59 and a two-hundred day moving average price of $45.95. The company has a market cap of $64.32 billion, a price-to-earnings ratio of 10.93, a PEG ratio of 1.23 and a beta of 1.08.

Institutional Trading of Truist Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of TFC. Williams Jones Wealth Management LLC. grew its stake in shares of Truist Financial by 5.8% in the 1st quarter. Williams Jones Wealth Management LLC. now owns 4,850 shares of the insurance provider’s stock worth $275,000 after acquiring an additional 268 shares in the last quarter. SVB Wealth LLC lifted its holdings in Truist Financial by 7.9% during the second quarter. SVB Wealth LLC now owns 4,568 shares of the insurance provider’s stock valued at $217,000 after purchasing an additional 335 shares during the last quarter. Fairfield Bush & CO. purchased a new stake in shares of Truist Financial in the first quarter worth about $25,000. Covestor Ltd lifted its holdings in shares of Truist Financial by 56.2% in the first quarter. Covestor Ltd now owns 1,476 shares of the insurance provider’s stock worth $84,000 after buying an additional 531 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its holdings in shares of Truist Financial by 16.1% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 4,113 shares of the insurance provider’s stock worth $233,000 after buying an additional 569 shares in the last quarter. Institutional investors own 72.49% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TFC. The Goldman Sachs Group dropped their price objective on shares of Truist Financial from $57.00 to $51.00 and set a “buy” rating for the company in a research note on Friday, September 30th. Compass Point decreased their target price on shares of Truist Financial to $45.00 in a report on Thursday, October 20th. Morgan Stanley decreased their price target on shares of Truist Financial from $59.00 to $56.00 and set an “equal weight” rating on the stock in a report on Friday. Evercore ISI lowered shares of Truist Financial from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $54.00 to $47.00 in a report on Wednesday, October 19th. Finally, TheStreet lowered shares of Truist Financial from a “b-” rating to a “c+” rating in a report on Friday, December 16th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $52.59.

Truist Financial Company Profile

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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.