Truist Financial Co. (NYSE:TFC) Sees Significant Increase in Short Interest

Truist Financial Co. (NYSE:TFC) was the target of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 17,580,000 shares, a growth of 21.0% from the August 15th total of 14,530,000 shares. Based on an average trading volume of 7,510,000 shares, the short-interest ratio is currently 2.3 days.

Truist Financial Stock Up 0.5 %

Shares of TFC traded up $0.21 during mid-day trading on Friday, hitting $41.84. 9,629,620 shares of the company’s stock were exchanged, compared to its average volume of 7,155,902. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. Truist Financial has a twelve month low of $26.57 and a twelve month high of $45.31. The firm has a fifty day moving average of $42.53 and a two-hundred day moving average of $39.31. The stock has a market cap of $56.03 billion, a price-to-earnings ratio of -31.70, a P/E/G ratio of 1.95 and a beta of 1.06.

Truist Financial (NYSE:TFC) last posted its earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.84 by $0.07. The firm had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The business’s quarterly revenue was down 15.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.95 earnings per share. On average, sell-side analysts forecast that Truist Financial will post 3.55 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.08 annualized dividend and a yield of 4.97%. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Keefe, Bruyette & Woods upped their price objective on Truist Financial from $46.00 to $48.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. Bank of America raised their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $45.00 to $47.00 in a report on Wednesday, July 24th. Argus lifted their price target on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Finally, Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price target on the stock. in a report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Truist Financial currently has a consensus rating of “Hold” and an average target price of $45.45.

Insider Transactions at Truist Financial

In other news, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the stock in a transaction dated Tuesday, July 23rd. The shares were acquired at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The disclosure for this purchase can be found here. Insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Truist Financial

A number of hedge funds have recently bought and sold shares of the company. Cannon Financial Strategists Inc. acquired a new stake in shares of Truist Financial in the second quarter worth $286,000. Sanctuary Advisors LLC bought a new stake in shares of Truist Financial in the second quarter valued at about $8,606,000. Farmers National Bank grew its position in Truist Financial by 18.9% during the second quarter. Farmers National Bank now owns 54,935 shares of the insurance provider’s stock worth $2,134,000 after buying an additional 8,726 shares in the last quarter. New Wave Wealth Advisors LLC bought a new position in Truist Financial during the second quarter valued at about $254,000. Finally, 3Chopt Investment Partners LLC bought a new position in Truist Financial during the second quarter valued at about $331,000. 71.28% of the stock is currently 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.