Truist Financial Corporation (NYSE:TFC) shares traded 1.35% higher at $28.61 on Wall Street last session.
In accordance with the data, 27 analysts cover Truist Financial Corporation (NYSE:TFC). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $45.00 and a low of $29.00, we find $36.00. Given the previous closing price of $28.23, this indicates a potential upside of 27.52 percent. TFC stock price is now -5.62% away from the 50-day moving average and -19.78% away from the 200-day moving average. The market capitalization of the company currently stands at $38.11B.
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It has been rated a hold by 16 analysts and a buy by 7. Brokers who have rated the stock have averaged $35.88 as their price target over the next twelve months.
With the price target reduced from $37 to $36, Keefe Bruyette Upgraded its rating from Mkt Perform to Outperform for Truist Financial Corporation (NYSE: TFC).
In other news, PATTON CHARLES A, Director bought 1,332 shares of the company’s stock on May 03. The stock was bought for $25,308 at an average price of $19.00. Upon completion of the transaction, the Director now directly owns 5,000 shares in the company, valued at $0.14 million. An SEC document containing details of the transaction can be found on the SEC’s website. On May 02, Director PATTON CHARLES A bought 3,668 shares of the business’s stock. A total of $69,685 was incurred on buying the stock at an average price of $19.00. This leaves the insider owning 3,668 shares of the company worth $0.1 million. Insiders disposed of 207,566 shares of company stock worth roughly $5.94 million over the past 1 year. A total of 0.32% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in TFC stock. A new stake in Truist Financial Corporation shares was purchased by GOLDENTREE ASSET MANAGEMENT LP during the first quarter worth $49,074,000. MANNING & NAPIER GROUP, LLC invested $10,257,000 in shares of TFC during the first quarter. In the first quarter, AUTO-OWNERS INSURANCE CO acquired a new stake in Truist Financial Corporation valued at approximately $8,240,000. AVALON INVESTMENT & ADVISORY acquired a new stake in TFC for approximately $8,163,000. AUSTRALIANSUPER PTY LTD purchased a new stake in TFC valued at around $7,050,000 in the second quarter. In total, there are 1,743 active investors with 72.99% ownership of the company’s stock.
Truist Financial Corporation (NYSE: TFC) opened at $28.39 on Friday. During the past 12 months, Truist Financial Corporation has had a low of $25.56 and a high of $51.26. The fifty day moving average price for TFC is $30.22 and a two-hundred day moving average price translates $35.59 for the stock.
The latest earnings results from Truist Financial Corporation (NYSE: TFC) was released for Jun, 2023. According to the Banks – Regional Company, earnings per share came in at $0.95, missing analysts’ expectations of $1.01 by -0.06. This compares to $1.09 EPS in the same period last year. The net profit margin was 18.95% and return on equity was 9.70% for TFC. The company reported revenue of $6.18 billion for the quarter, compared to $3.67 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 68.15 percent. For the current quarter, analysts expect TFC to generate $5.73B in revenue.
Moreover, the firm recently paid out its quarterly dividend on 09/01/2023. Investors who held shares on 08/11/2023 were paid a $0.52 dividend. On an annualized basis, this represents a $2.09 dividend and a 7.29% percent yield. There was an ex-dividend date of 08/10/2023 for this dividend. In terms of dividend payout ratio, TFC is presently at 45.17%.
Truist Financial Corporation(TFC) Company Profile
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. The company also provides funding; asset management; automobile lending; credit card lending; consumer finance; home equity and mortgage lending; insurance, such as property and casualty, life, employee benefits, workers compensation and professional liability, surety coverage, title, and other insurance products; investment brokerage; mobile/online banking; and payment, lease financing, small business lending, and wealth management/private banking services. In addition, it offers association, capital market, institutional trust, insurance premium finance, derivatives, commercial lending, international banking, leasing, merchant, commercial deposit and treasury, small business and student lending, floor plan, commercial mortgage lending, mortgage warehouse lending, private equity investment, real estate lending, and supply chain financing services. Further, the company provides corporate and investment banking, retail and wholesale brokerage, securities underwriting and market making, loan syndication, and investment advisory services. The company was formerly known as BB&T Corporation and changed its name to Truist Financial Corporation in December 2019. Truist Financial Corporation was founded in 1872 and is headquartered in Charlotte, North Carolina.
