Truist Financial Corporation (TFC), based in Charlotte, North Carolina, holds a market cap of $61.7 billion, establishing itself as a major player in financial services. The company is known for its wide array of banking, investment, and insurance solutions. Through a focus on innovation, community involvement, and financial health, Truist aims to provide outstanding client experiences.
Defined as “large-cap stocks,” companies like Truist Financial with a market cap over $10 billion leverage digital tools and provide personalized services to ensure clients are well-equipped for financial stability and growth.
Recently, Truist’s shares have dropped 6.9% from their 52-week high of $49.06 reached on November 25. Although TFC is up 9.6% over the last three months, this figure trails the Nasdaq Composite’s ($NASX) gain of 16.9% during the same period.
Looking at the bigger picture, TFC has seen a 23.7% year-to-date gain and a 32.6% increase over the last 52 weeks. In comparison, the NASX has recorded a 33.5% rise thus far in 2024 and an overall increase of 38.8% in that timeframe.
Despite the recent pullback, TFC has maintained trading above its 50-day moving average since early November and has traded above its 200-day moving average for the past year, signaling a positive trend.
In the Q3 earnings report released on October 17, Truist Financial’s shares declined by 3.6%. The company reported earnings of $0.97 per share, reflecting a significant 21.3% increase year-over-year, alongside a revenue rise of 4.3% to $5.14 billion. Non-interest expenses dropped by 5.4%, and the efficiency ratio improved to 55.2%. These figures underscore the effectiveness of Truist’s strategies and operational efficiency.
When compared to its peer, Bank of America Corporation (BAC), Truist Financial has faced tougher market conditions. In 2024, Bank of America’s shares gained 36.9% and 49.4% over the past year.
Wall Street analysts view TFC’s future with cautious optimism. Among the 21 analysts covering this stock, the average rating is “Moderate Buy,” with a mean price target of $49.38, suggesting an upside of 8.1% from its current trading level.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. For more details, please view the Barchart Disclosure Policy here. More news from Barchart
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
