Truist Financial (NYSE:TFC) Shares Gap Down – Here’s Why

Truist Financial Co. (NYSE:TFC) shares gapped down prior to trading on Thursday . The stock had previously closed at $36.00, but opened at $35.11. Truist Financial shares last traded at $35.76, with a volume of 3,892,433 shares changing hands.

Analyst Ratings Changes

A number of equities research analysts have weighed in on TFC shares. Hsbc Global Res raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Morgan Stanley reduced their target price on shares of 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. HSBC upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. StockNews.com lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, April 12th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $50.22.

Truist Financial Stock Up 1.3 %

The stock has a market cap of $47.60 billion, a P/E ratio of 10.95, a price-to-earnings-growth ratio of 1.63 and a beta of 0.91. 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 50-day moving average is $41.66 and its 200-day moving average is $43.86.

Truist Financial (NYSE:TFC) last posted its quarterly 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. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. During the same period in the prior year, the firm earned $0.90 EPS. As a group, research analysts anticipate 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 was paid on Monday, March 3rd. Stockholders of record on Friday, February 14th were given a $0.52 dividend. The ex-dividend date was Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 5.70%. Truist Financial’s dividend payout ratio is currently 62.46%.

Hedge Funds Weigh In On Truist Financial

A number of institutional investors have recently added to or reduced their stakes in the company. Bangor Savings Bank lifted its stake in Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 272 shares during the last quarter. Hopwood Financial Services Inc. acquired a new stake in shares of Truist Financial in the 4th quarter worth about $26,000. Navigoe LLC purchased a new position in Truist Financial during the fourth quarter worth about $26,000. Curio Wealth LLC bought a new stake in Truist Financial in the fourth quarter worth about $45,000. Finally, City State Bank boosted its position in Truist Financial by 158.1% during the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock worth $51,000 after purchasing an additional 716 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

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.