Truist Financial (NYSE:TFC) Reaches New 1-Year Low - Here's What Happened

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

Analyst Upgrades and Downgrades

TFC has been the topic of a number of recent analyst reports. Stephens reduced their target price on Truist Financial from $48.00 to $46.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Robert W. Baird upgraded shares of Truist Financial from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $48.00 to $52.00 in a report on Wednesday, March 5th. Wells Fargo & Company lowered their target price on shares of Truist Financial from $52.00 to $50.00 and set an "overweight" rating for the company in a research note on Friday, March 28th. Keefe, Bruyette & Woods reduced their price target on shares of Truist Financial from $53.00 to $47.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Finally, StockNews.com cut shares of Truist Financial from a "hold" rating to a "sell" rating in a research report on Monday, April 28th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Truist Financial has an average rating of "Moderate Buy" and a consensus price target of $47.83.

Truist Financial Price Performance

The company has a market capitalization of $51.50 billion, a P/E ratio of 11.85, a price-to-earnings-growth ratio of 1.63 and a beta of 0.91. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The company's 50-day moving average price is $39.48 and its two-hundred day moving average price is $43.45.

Truist Financial (NYSE:TFC - Get Free Report) last announced its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, hitting analysts' consensus estimates of $0.87. The company 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 last year, the company earned $0.90 earnings per share. As a group, sell-side analysts expect that Truist Financial Co. will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Friday, May 9th will be given a $0.52 dividend. The ex-dividend date is Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.27%. Truist Financial's payout ratio is presently 61.36%.

Hedge Funds Weigh In On Truist Financial

A number of hedge funds have recently bought and sold shares of TFC. Capital International Investors increased its holdings in shares of Truist Financial by 26.0% during the fourth quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock worth $3,930,983,000 after purchasing an additional 18,712,246 shares during the period. Norges Bank acquired a new position in Truist Financial in the 4th quarter valued at $402,828,000. Victory Capital Management Inc. lifted its position in shares of Truist Financial by 922.9% during the 1st quarter. Victory Capital Management Inc. now owns 6,664,320 shares of the insurance provider's stock valued at $274,237,000 after acquiring an additional 6,012,817 shares during the period. FMR LLC grew its holdings in shares of Truist Financial by 109.1% during the 4th quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock worth $453,762,000 after purchasing an additional 5,457,053 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Truist Financial in the fourth quarter worth $198,051,000. 71.28% of the stock is owned by institutional investors.

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.