Truist Financial (NYSE:TFC) Reaches New 12-Month High – Still a Buy?

Truist Financial Co. (NYSE:TFC) 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.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on TFC shares. UBS Group boosted their target price on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Bank of America boosted their target price on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 target price on the stock. in a research report on Wednesday, July 17th. JPMorgan Chase & Co. boosted their target price on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Finally, Compass Point boosted their price target on Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $46.02.

Truist Financial Trading Down 1.0 %

The company has a market cap of $60.03 billion, a PE ratio of -31.62, a price-to-earnings-growth ratio of 1.94 and a beta of 1.05. The business has a 50 day simple moving average of $42.88 and a two-hundred day simple moving average of $40.94. 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 dividend of $0.52 per share. 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 4.60%. Truist Financial’s payout ratio is -145.45%.

Institutional Trading of Truist Financial

Institutional investors and hedge funds have recently made changes to their positions in the company. Valley Wealth Managers Inc. acquired a new stake in shares of Truist Financial during the 3rd quarter worth $26,000. Crewe Advisors LLC acquired a new stake in Truist Financial in the 1st quarter valued at $27,000. MFA Wealth Advisors LLC acquired a new stake in Truist Financial in the 2nd quarter valued at $30,000. Y.D. More Investments Ltd acquired a new stake in Truist Financial in the 2nd quarter valued at $31,000. Finally, MidAtlantic Capital Management Inc. acquired a new stake in Truist Financial in the 3rd quarter valued at $32,000. 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.