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

Truist Financial Co. (NYSE:TFC) was the target of a large decline in short interest during the month of December. As of December 31st, there was short interest totalling 16,100,000 shares, a decline of 20.7% from the December 15th total of 20,290,000 shares. Based on an average daily trading volume, of 7,900,000 shares, the short-interest ratio is presently 2.0 days. Approximately 1.2% of the shares of the company are sold short.

Truist Financial Price Performance

Shares of NYSE:TFC traded up $1.41 during trading on Wednesday, reaching $45.32. The stock had a trading volume of 1,426,407 shares, compared to its average volume of 6,360,584. Truist Financial has a 1-year low of $34.23 and a 1-year high of $49.06. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. The business has a fifty day moving average price of $45.41 and a 200-day moving average price of $43.46. The stock has a market cap of $60.16 billion, a PE ratio of -31.69, a PEG ratio of 1.88 and a beta of 1.08.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The business had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.05 billion. On average, equities analysts forecast that Truist Financial will post 3.7 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Friday, November 8th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.59%. The ex-dividend date of this dividend was Friday, November 8th. Truist Financial’s dividend payout ratio is presently -145.45%.

Analyst Ratings Changes

Several equities research analysts have weighed in on TFC shares. Piper Sandler boosted their price objective on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. upped their target price on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. HSBC upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. Citigroup boosted their target price on shares of Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. Finally, The Goldman Sachs Group upped their price objective on shares of Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Truist Financial has a consensus rating of “Moderate Buy” and a consensus target price of $49.89.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. bought 34,180 shares of Truist Financial stock in a transaction on Monday, November 25th. The stock was acquired at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the acquisition, the chief executive officer now owns 691,451 shares in the company, valued at approximately $33,576,860.56. This represents a 5.20 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director K. David Jr. Boyer sold 4,966 shares of the business’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the sale, the director now directly owns 11,246 shares of the company’s stock, valued at $519,565.20. This represents a 30.63 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.17% of the company’s stock.

Institutional Trading of Truist Financial

Several hedge funds have recently modified their holdings of the business. Tradewinds LLC. lifted its stake in shares of Truist Financial by 0.5% in the third quarter. Tradewinds LLC. now owns 44,513 shares of the insurance provider’s stock valued at $1,904,000 after purchasing an additional 222 shares during the period. Ignite Planners LLC boosted its position in Truist Financial by 1.4% during the fourth quarter. Ignite Planners LLC now owns 17,499 shares of the insurance provider’s stock worth $772,000 after purchasing an additional 246 shares in the last quarter. Burkett Financial Services LLC increased its position in shares of Truist Financial by 26.8% in the third quarter. Burkett Financial Services LLC now owns 1,198 shares of the insurance provider’s stock valued at $51,000 after buying an additional 253 shares in the last quarter. Prime Capital Investment Advisors LLC raised its stake in shares of Truist Financial by 2.7% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 10,399 shares of the insurance provider’s stock worth $445,000 after buying an additional 270 shares during the last quarter. Finally, Bangor Savings Bank grew its stake in Truist Financial by 92.5% in the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 272 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Company Profile

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.