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

Truist Financial Co. (NYSE:TFC) hit 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 changing hands. The stock had previously closed at $42.32.

Analyst Ratings Changes

Several analysts recently issued reports on TFC shares. UBS Group increased their price target on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and upped their price objective for the company from $45.00 to $47.00 in a research report on Wednesday, July 24th. Finally, Baird R W cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Twelve research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $46.02.

Truist Financial Stock Down 1.0 %

The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. The stock’s fifty day simple moving average is $42.88 and its 200-day simple moving average is $40.94. The stock has a market cap of $60.03 billion, a P/E ratio of -31.62, a PEG ratio of 1.94 and a beta of 1.05.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.60%. Truist Financial’s payout ratio is currently -145.45%.

Institutional Investors Weigh In On Truist Financial

Large investors have recently made changes to their positions in the company. Capital Investment Counsel Inc increased its stake in shares of Truist Financial by 0.4% during the second quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock valued at $2,413,000 after acquiring an additional 244 shares during the period. Burkett Financial Services LLC grew its position in Truist Financial by 26.8% in the third quarter. Burkett Financial Services LLC now owns 1,198 shares of the insurance provider’s stock worth $51,000 after buying an additional 253 shares during the last quarter. Verum Partners LLC grew its position in Truist Financial by 2.5% in the second quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock worth $411,000 after buying an additional 261 shares during the last quarter. CX Institutional grew its position in Truist Financial by 3.4% in the second quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock worth $313,000 after buying an additional 263 shares during the last quarter. Finally, Prime Capital Investment Advisors LLC grew its position in Truist Financial by 2.7% in the third quarter. Prime Capital Investment Advisors LLC now owns 10,399 shares of the insurance provider’s stock worth $445,000 after buying an additional 270 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

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.