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 0.25% to 111.44 million shares with purchase of 0.28 million shares. This fresh investment now brings its stake to 8.37% valued currently at $3.16 billion. In addition, Dodge & Cox raised its holdings by 22.66 million to 53.05 million shares. And Geode Capital Management LLC has lifted its position by 2.30% or 0.56 million shares – to 25.02 million shares.
With over 6.75 million Truist Financial Corporation (TFC) shares trading Monday and a closing price of $32.04 on the day, the dollar volume was approximately $216.28 million. The shares have shown a positive half year performance of 4.77% and its price on 11/20/23 gained nearly 0.22%. Currently, there are 1.33B common shares owned by the public and among those 1.33B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 26 analysts who have offered their price forecasts for TFC have a consensus price objective of $33.81. The analysts have set the share’s price value over the next 12 months at a high of $45.00 and a low of $24.00. The average price target is 5.24% above its recent price level and a downside to the estimated low will see the stock lose -33.5% over that period. But an upside of 28.8% will see the stock hit the forecast high price target while median target price for the stock is $33.00.
Insiders at the company have transacted a total of 71 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 55 of these insider trades were purchases, accounting for 520,518 shares. Insider sales of the common stock occurred on 16 occasions, with total insider shares sold totaling 211,969 shares.
The top 3 mutual fund holders in Truist Financial Corporation are Vanguard Total Stock Market ETF, Dodge & Cox Stock Fund, and Vanguard 500 Index Fund. Vanguard Total Stock Market ETF owns 41.69 million shares of the company’s stock, all valued at over $1.18 billion. The company bought an additional 0.2 million shares recently to bring their total holdings to about 3.13% of the shares outstanding. Dodge & Cox Stock Fund bought 16.83 million shares to see its total holdings expand to 34.23 million shares valued at over $970.8 million and representing 2.57% of the shares outstanding. Vanguard 500 Index Fund bought 0.16 million shares to bring its total holdings to over 32.18 million shares at a value of $912.5 million. Vanguard 500 Index Fund now owns shares totaling to 2.42% of the shares outstanding.
Shares of Truist Financial Corporation (NYSE: TFC) opened at $31.74, down -$0.23 from a prior closing price of $31.97. However, the script later moved the day high at 32.18, up 0.22%. The company’s stock has a 5-day price change of 9.17% and 14.22% over the past three months. TFC shares are trading -25.54% year to date (YTD), with the 12-month market performance down to -28.99% 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 9.95 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 8.48%, 10.89%, and -2.04% respectively.
Institutional ownership of Truist Financial Corporation (NYSE: TFC) shares accounts for 70.75% of the company’s 1.33B shares outstanding. Mutual fund holders own 33.13%, while other institutional holders and individual stakeholders account for 38.19% and 0.34% respectively.
It has a market capitalization of $42.73B and a beta (3y monthly) value of 1.11. The stock’s trailing 12-month PE ratio is 8.05, while the earnings-per-share (ttm) stands at $3.98. The company has a PEG of 0.50 and the debt-to-equity ratio at 1.07. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.62% over the week and 2.63% over the month.
Analysts forecast that Truist Financial Corporation (TFC) will achieve an EPS of $0.89 for the current quarter, $0.83 for the next quarter and $3.45 for 2024. The lowest estimate earnings-per-share for the quarter is $0.83 while analysts give the company a high EPS estimate of $1.03. Comparatively, EPS for the current quarter was $1.3 a year ago. Earnings per share for the fiscal year are expected to decrease by -20.01%, and -3.01% over the next financial year. EPS should grow at an annualized rate of 16.00% over the next five years, compared to 10.10% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 26 brokerage firm advisors rate Truist Financial Corporation (TFC) as a “Moderate Buy” at a consensus score of 2.46. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 16 of the 26 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. Keefe Bruyette stated their Outperform rating for the stock in a research note on September 21, 2023, with the firm’s price target at $37-$36.
