The Vanguard Group, Inc. recently announced the acquisition of new stake in Truist Financial Corporation (NYSE:TFC). The institutional investor has increased its shareholding in the Financial company by 0.79% to 111.15 million shares with purchase of 0.88 million shares. This fresh investment now brings its stake to 8.35% valued currently at $3.4 billion. In addition, SSgA Funds Management, Inc. raised its holdings by 1.06 million to 59.82 million shares. And Dodge & Cox has lifted its position by 48.90% or 9.98 million shares – to 30.39 million shares.
With over 21.36 million Truist Financial Corporation (TFC) shares trading Friday and a closing price of $29.00 on the day, the dollar volume was approximately $619.5 million. The shares have shown a negative half year performance of -11.96% and its price on 09/15/23 lost nearly -1.43%. Currently, there are 1.33B common shares owned by the public and among those 1.33B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 28 analysts who have offered their price forecasts for TFC have a consensus price objective of $35.97. The analysts have set the share’s price value over the next 12 months at a high of $45.00 and a low of $29.00. But an upside of 35.56% will see the stock hit the forecast high price target while median target price for the stock is $36.00.
Insiders at the company have transacted a total of 79 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 59 of these insider trades were purchases, accounting for 825,060 shares. Insider sales of the common stock occurred on 20 occasions, with total insider shares sold totaling 348,126 shares.
The top 3 mutual fund holders in Truist Financial Corporation are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Dodge & Cox Stock Fund. Vanguard Total Stock Market ETF owns 41.51 million shares of the company’s stock, all valued at over $1.27 billion. The company sold 3374.0 shares recently to bring their total holdings to about 3.12% of the shares outstanding. Vanguard 500 Index Fund bought 0.19 million shares to see its total holdings expand to 32.08 million shares valued at over $980.14 million and representing 2.41% of the shares outstanding. Dodge & Cox Stock Fund bought 3.17 million shares to bring its total holdings to over 17.4 million shares at a value of $531.55 million. Dodge & Cox Stock Fund now owns shares totaling to 1.31% of the shares outstanding.
Shares of Truist Financial Corporation (NYSE: TFC) opened at $28.65, down -$0.77 from a prior closing price of $29.42. However, the script later moved the day high at 29.12, down -1.43%. The company’s stock has a 5-day price change of -2.62% and -9.99% over the past three months. TFC shares are trading -32.61% year to date (YTD), with the 12-month market performance down to -38.75% lower. It has a 12-month low price of $25.56 and touched a high of $51.26 over the same period. TFC has an average intraday trading volume of 10.41 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -1.58%, -7.18%, and -20.42% respectively.
Institutional ownership of Truist Financial Corporation (NYSE: TFC) shares accounts for 75.30% of the company’s 1.33B shares outstanding. Mutual fund holders own 34.95%, while other institutional holders and individual stakeholders account for 38.52% and 0.34% respectively.
It has a market capitalization of $39.19B and a beta (3y monthly) value of 1.05. The stock’s trailing 12-month PE ratio is 6.70, while the earnings-per-share (ttm) stands at $4.33. The company has a debt-to-equity ratio at 0.79. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.30% over the week and 2.53% over the month.
Analysts forecast that Truist Financial Corporation (TFC) will achieve an EPS of $0.82 for the current quarter, $0.86 for the next quarter and $3.57 for 2024. The lowest estimate earnings-per-share for the quarter is $0.7 while analysts give the company a high EPS estimate of $0.9. Comparatively, EPS for the current quarter was $1.24 a year ago. Earnings per share for the fiscal year are expected to decrease by -1.00%, and -4.58% over the next financial year. EPS should shrink at an annualized rate of -0.29% over the next five years, compared to 10.50% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 28 brokerage firm advisors rate Truist Financial Corporation (TFC) as a “Moderate Buy” at a consensus score of 2.60. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 18 of the 28 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the TFC, a number of firms have released research notes about the stock. Piper Sandler stated their Neutral rating for the stock in a research note on September 15, 2023, with the firm’s price target at $36-$32.