Truist Financial (NYSE:TFC) Stock Breaks Above 50 Day Moving Average - What's Next?

Key Points

• Truist Financial shares rose 0.9% and briefly traded above their 50-day moving average of $48.70, reaching $49.23. The stock’s 200-day moving average is $49.55.
• Analysts maintain a consensus “Hold” rating with an average price target of $53.87; seven rate the stock Buy, nine Hold, and two Sell. Recent target-price changes were mixed.
• Truist slightly missed quarterly expectations, reporting $1.16 EPS versus $1.17 expected and $5.30 billion in revenue versus $5.35 billion forecast, although revenue increased 1.3% year over year. CEO Michael Lyons also purchased 21,000 shares, while institutional investors own 71.28% of the stock.

Shares of Truist Financial Corporation (NYSE:TFC - Get Free Report) passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $48.70 and traded as high as $49.23. Truist Financial shares last traded at $48.8740, with a volume of 8,597,686 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TFC. Keefe, Bruyette & Woods dropped their target price on shares of Truist Financial from $55.00 to $54.00 and set a "market perform" rating for the company in a research report on Monday, October 19th. Royal Bank Of Canada decreased their price target on shares of Truist Financial from $53.00 to $51.00 and set an "outperform" rating on the stock in a report on Monday, October 19th. Robert W. Baird raised their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the company a "neutral" rating in a research report on Monday, July 20th. Citigroup dropped their price objective on shares of Truist Financial from $54.00 to $50.00 and set a "neutral" rating for the company in a report on Wednesday, October 21st. Finally, Bank of America reiterated a "neutral" rating and issued a $56.00 target price (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Seven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $53.87.

Truist Financial Stock Up 0.9%

The stock has a 50-day moving average of $48.70 and a two-hundred day moving average of $49.55. The company has a market cap of $59.71 billion, a P/E ratio of 12.60, a P/E/G ratio of 1.08 and a beta of 0.92. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.88 and a current ratio of 0.88.

Truist Financial (NYSE:TFC - Get Free Report) last issued its earnings results on Friday, October 16th. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($0.01). The firm had revenue of $5.30 billion during the quarter, compared to analysts' expectations of $5.35 billion. Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. The firm's quarterly revenue was up 1.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.04 EPS. On average, research analysts anticipate that Truist Financial Corporation will post 4.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other Truist Financial news, CEO Michael Lyons acquired 21,000 shares of the business's stock in a transaction dated Thursday, September 17th. The stock was bought at an average price of $48.36 per share, with a total value of $1,015,560.00. Following the purchase, the chief executive officer owned 21,000 shares of the company's stock, valued at approximately $1,015,560. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction on Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the transaction, the insider directly owned 56,009 shares in the company, valued at approximately $2,904,066.65. This represents a 19.17% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.15% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. PCB Capital LLC increased its stake in shares of Truist Financial by 3.0% in the 1st quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider's stock valued at $310,000 after acquiring an additional 198 shares in the last quarter. First Dallas Securities Inc. grew its holdings in Truist Financial by 1.5% in the first quarter. First Dallas Securities Inc. now owns 14,659 shares of the insurance provider's stock worth $674,000 after purchasing an additional 211 shares during the period. Meiji Yasuda Asset Management Co Ltd. increased its stake in Truist Financial by 4.0% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,456 shares of the insurance provider's stock valued at $272,000 after purchasing an additional 211 shares in the last quarter. Csenge Advisory Group increased its stake in Truist Financial by 0.3% in the second quarter. Csenge Advisory Group now owns 69,426 shares of the insurance provider's stock valued at $3,459,000 after purchasing an additional 227 shares in the last quarter. Finally, Apella Capital LLC increased its stake in Truist Financial by 0.5% in the second quarter. Apella Capital LLC now owns 43,030 shares of the insurance provider's stock valued at $2,210,000 after purchasing an additional 232 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

About Truist Financial

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.

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