Truist Financial (NYSE:TFC) Reaches New 52-Week High on Insider Buying Activity

Truist Financial Co. (NYSE:TFC) shares hit a new 52-week high during trading on Thursday after an insider bought additional shares in the company. The company traded as high as $44.59 and last traded at $44.14, with a volume of 1403045 shares changing hands. The stock had previously closed at $43.61.

Specifically, CEO William H. Rogers, Jr. acquired 57,300 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was purchased at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now owns 569,271 shares in the company, valued at $25,025,153.16. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.17% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Compass Point upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and upped their price target for the company from $34.00 to $42.00 in a report on Tuesday, April 23rd. Morgan Stanley increased their target price on shares of Truist Financial from $44.00 to $46.00 and gave the stock an “equal weight” rating in a report on Tuesday. Robert W. Baird cut shares of Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 target price for the company. in a report on Wednesday, July 17th. Argus increased their target price on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Baird R W cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Truist Financial has an average rating of “Hold” and an average target price of $45.05.

Truist Financial Stock Performance

The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. The company’s 50-day simple moving average is $38.81 and its 200-day simple moving average is $37.75. The stock has a market capitalization of $59.47 billion, a price-to-earnings ratio of -33.67, a PEG ratio of 2.06 and a beta of 1.07.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.07. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The firm had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. During the same period in the prior year, the company posted $0.95 EPS. The company’s revenue was down 15.9% on a year-over-year basis. On average, analysts expect that Truist Financial Co. will post 3.57 EPS for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.68%. The ex-dividend date of this dividend is Friday, August 9th. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Institutional Investors Weigh In On Truist Financial

Several large investors have recently modified their holdings of TFC. McGlone Suttner Wealth Management Inc. acquired a new stake in shares of Truist Financial during the fourth quarter worth $82,000. Blue Trust Inc. grew its holdings in Truist Financial by 1.1% in the fourth quarter. Blue Trust Inc. now owns 49,274 shares of the insurance provider’s stock worth $1,819,000 after purchasing an additional 559 shares during the period. Global Retirement Partners LLC grew its holdings in Truist Financial by 9.5% in the fourth quarter. Global Retirement Partners LLC now owns 36,777 shares of the insurance provider’s stock worth $1,331,000 after purchasing an additional 3,187 shares during the period. Caprock Group LLC grew its holdings in Truist Financial by 12.1% in the fourth quarter. Caprock Group LLC now owns 36,795 shares of the insurance provider’s stock worth $1,358,000 after purchasing an additional 3,963 shares during the period. Finally, Precedent Wealth Partners LLC acquired a new stake in Truist Financial in the fourth quarter worth $218,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Truist Financial Company Profile

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.