Truist Financial (NYSE:TFC) Sets New 1-Year Low - What's Next?

Truist Financial Co. (NYSE:TFC - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $37.51 and last traded at $38.37, with a volume of 7390821 shares. The stock had previously closed at $38.76.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on TFC. Raymond James lowered Truist Financial from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Morgan Stanley reduced their price objective on Truist Financial from $50.00 to $43.00 and set an "equal weight" rating for the company in a research note on Monday, April 7th. Robert W. Baird upgraded Truist Financial from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $48.00 to $52.00 in a research note on Wednesday, March 5th. Citigroup reduced their price target on Truist Financial from $51.00 to $44.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Finally, Hsbc Global Res upgraded Truist Financial from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Truist Financial presently has an average rating of "Moderate Buy" and an average target price of $47.83.

Truist Financial Price Performance

The firm has a market cap of $51.29 billion, a price-to-earnings ratio of 11.76, a P/E/G ratio of 1.63 and a beta of 0.83. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The stock's fifty day moving average price is $39.36 and its 200-day moving average price is $43.41.

Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, meeting the consensus estimate of $0.87. The business had revenue of $4.95 billion for the quarter, compared to analyst estimates of $4.99 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. During the same quarter in the prior year, the company posted $0.90 EPS. As a group, equities research analysts forecast that Truist Financial Co. will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Friday, May 9th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.31%. The ex-dividend date of this dividend is Friday, May 9th. Truist Financial's dividend payout ratio (DPR) is 61.36%.

Hedge Funds Weigh In On Truist Financial

A number of hedge funds have recently made changes to their positions in TFC. World Investment Advisors LLC increased its holdings in Truist Financial by 19.4% during the 3rd quarter. World Investment Advisors LLC now owns 14,486 shares of the insurance provider's stock worth $620,000 after purchasing an additional 2,355 shares during the period. Principal Financial Group Inc. grew its stake in Truist Financial by 3.5% during the 3rd quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider's stock worth $64,638,000 after buying an additional 50,637 shares during the last quarter. Versant Capital Management Inc increased its position in Truist Financial by 56.1% during the fourth quarter. Versant Capital Management Inc now owns 1,313 shares of the insurance provider's stock worth $57,000 after buying an additional 472 shares during the period. CWA Asset Management Group LLC boosted its holdings in shares of Truist Financial by 9.5% in the fourth quarter. CWA Asset Management Group LLC now owns 49,000 shares of the insurance provider's stock valued at $2,126,000 after acquiring an additional 4,267 shares during the period. Finally, Neville Rodie & Shaw Inc. grew its position in shares of Truist Financial by 17.9% during the fourth quarter. Neville Rodie & Shaw Inc. now owns 37,468 shares of the insurance provider's stock worth $1,626,000 after acquiring an additional 5,695 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

About Truist Financial

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.