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Truist Financial Corporation (NYSE:TFC) Stock Is up 20.31% From Its Low, This Stock Is Just Warming Up

The trading price of Truist Financial Corporation (NYSE:TFC) closed higher on Tuesday, May 23, closing at $30.75, 0.56% higher than its previous close.

Traders who pay close attention to intraday price movement should know that it fluctuated between $30.637 and $31.89. The company’s P/E ratio in the trailing 12-month period was 6.85, while its 5Y monthly beta was 1.05. In examining the 52-week price action we see that the stock hit a 52-week high of $52.22 and a 52-week low of $25.56. Over the past month, the stock has lost -3.36% in value.

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Truist Financial Corporation, whose market valuation is $41.15 billion at the time of this writing, is expected to release its quarterly earnings report Jul 20, 2023. The dividend yield on the company stock is 6.76%, while its Forward Dividend ratio is 2.08. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by $1.1 per share this quarter, however they have predicted annual earnings per share of $4.38 for 2023 and $4.33 for 2024. It means analysts are expecting annual earnings per share growth of -11.70% this year and -1.10% next year.

Analysts have forecast the company to bring in revenue of $6.15 billion for the current quarter, with the likely lows of $6.08 billion and highs of $6.2 billion. The average estimate suggests sales will likely up by 8.80% this quarter compared to what was recorded in the comparable quarter last year. From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue in 2023 is $24.41 billion. The company’s revenue is forecast to grow by 6.00% over what it did in 2023.

A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of Truist Financial Corporation No upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest TFC has a 50% Sell on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 100% Sell, while an average of long term indicators suggests that the stock is currently 100% Sell.

A quick review shows that TFC’s price is currently 5.65% off the SMA20 and -2.07% off the SMA50. The RSI metric on the 14-day chart is currently showing 52.34, and weekly volatility stands at 4.27%. When measured over the past 30 days, the indicator reaches 4.74%. Truist Financial Corporation (NYSE:TFC)’s beta value is currently sitting at 1.06, while the Average True Range indicator is currently displaying 1.43.

To see how Truist Financial Corporation stock has been performing in comparison to its peers in the industry, here are the numbers: TFC stock’s performance was 0.56% in the latest trading, and -32.68% in the past year, while JPMorgan Chase & Co. (JPM) has traded -1.04% on the day and positioned 16.41% higher than it was a year ago. Another comparable company Bank of America Corporation (BAC) saw its stock close 0.85% higher in the most recent trading session but was down -15.59% in a year. Furthermore, Wells Fargo & Company (WFC) showed an increase of 0.56% on the day while its price kept declining at -1.10% over the past year. Truist Financial Corporation has a P/E ratio of 6.85, compared to JPMorgan Chase & Co.’s 10.08 and Bank of America Corporation’s 8.62. Also in last trading session, the S&P 500 Index has plunged -1.12%, while the Dow Jones Industrial also saw a negative session, down -0.69% on the day.

An evaluation of the daily trading volume of Truist Financial Corporation (NYSE:TFC) indicates that the 3-month average is 16.99 million. However, this figure has increased over the past 10 days to an average of 13.64 million.

Currently, records show that 1.33 billion of the company’s shares remain outstanding. The insiders hold 0.10% of outstanding shares, whereas institutions hold 75.30%. The stats also highlight that short interest as of Apr 27, 2023, stood at 29.57 million shares, resulting in a short ratio of 2.2 at that time. From this, we can conclude that short interest is 2.22% of the company’s total outstanding shares. It is noteworthy that short shares in April were up slightly from the previous month’s figure, which was 21.96 million. However, since the stock’s price has seen -28.54% year-to-date, investors’ interest is likely to be reignited due to its potential to move even lower.

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