Truist Financial Co. (NYSE:TFC – Get Free Report) was the recipient of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 11,590,000 shares, a drop of 21.4% from the October 15th total of 14,740,000 shares. Currently, 0.9% of the company’s shares are sold short. Based on an average daily trading volume, of 10,190,000 shares, the short-interest ratio is presently 1.1 days.
Truist Financial Stock Up 0.8 %
NYSE:TFC opened at $29.39 on Friday. The firm has a market capitalization of $39.20 billion, a price-to-earnings ratio of 7.40, a price-to-earnings-growth ratio of 1.75 and a beta of 1.09. Truist Financial has a twelve month low of $25.56 and a twelve month high of $53.34. The stock’s 50 day moving average price is $28.78 and its two-hundred day moving average price is $30.20. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75.
Truist Financial (NYSE:TFC – Get Free Report) last posted its quarterly earnings results on Thursday, October 19th. The insurance provider reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.82 by ($0.02). The company had revenue of $5.73 billion for the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a return on equity of 10.74% and a net margin of 17.59%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period last year, the firm earned $1.24 EPS. Equities research analysts expect that Truist Financial will post 3.76 earnings per share for the current fiscal year.
Truist Financial Announces Dividend
The business also recently declared a special dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 10th will be given a dividend of $0.52 per share. This represents a dividend yield of 7.4%. The ex-dividend date of this dividend is Thursday, November 9th. Truist Financial’s dividend payout ratio (DPR) is 52.39%.
Insiders Place Their Bets
In related news, CEO William H. Rogers, Jr. bought 10,000 shares of Truist Financial stock in a transaction on Friday, October 20th. The shares were purchased at an average price of $28.05 per share, for a total transaction of $280,500.00. Following the completion of the acquisition, the chief executive officer now owns 412,924 shares in the company, valued at $11,582,518.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.31% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. increased its holdings in shares of Truist Financial by 8.3% during the 1st quarter. BlackRock Inc. now owns 100,042,278 shares of the insurance provider’s stock worth $3,411,442,000 after acquiring an additional 7,651,641 shares during the last quarter. State Street Corp increased its holdings in shares of Truist Financial by 1.8% during the 2nd quarter. State Street Corp now owns 59,824,259 shares of the insurance provider’s stock worth $1,815,666,000 after acquiring an additional 1,056,703 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Truist Financial by 2.2% during the 2nd quarter. Geode Capital Management LLC now owns 24,458,354 shares of the insurance provider’s stock worth $740,544,000 after acquiring an additional 526,889 shares during the last quarter. FMR LLC increased its holdings in shares of Truist Financial by 55.2% during the 1st quarter. FMR LLC now owns 21,461,191 shares of the insurance provider’s stock worth $731,827,000 after acquiring an additional 7,635,573 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC increased its holdings in shares of Truist Financial by 12,034.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 20,490,356 shares of the insurance provider’s stock worth $881,700,000 after acquiring an additional 20,321,500 shares during the last quarter. Institutional investors and hedge funds own 71.11% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on TFC shares. Keefe, Bruyette & Woods upgraded Truist Financial from a “market perform” rating to an “outperform” rating and reduced their target price for the stock from $37.00 to $36.00 in a report on Wednesday, September 20th. Raymond James cut their price objective on Truist Financial from $36.00 to $34.00 and set an “outperform” rating on the stock in a report on Thursday, October 5th. StockNews.com initiated coverage on Truist Financial in a report on Thursday, October 5th. They set a “hold” rating on the stock. Jefferies Financial Group cut their price objective on Truist Financial from $31.00 to $28.00 in a report on Tuesday, October 10th. Finally, Piper Sandler cut their price objective on Truist Financial from $32.00 to $31.00 and set a “neutral” rating on the stock in a report on Friday, October 20th. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $37.76.
Get Our Latest Stock Report on TFC
Truist Financial Company Profile
(Get Free Report)
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.
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