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Truist Financial Corporation (TFC), headquartered in Charlotte, North Carolina, with a market cap of $61.7 billion, is a prominent player in the financial services industry. Recognized for its comprehensive banking, investment, and insurance solutions, Truist is dedicated to delivering exceptional client experiences through its focus on innovation, community engagement, and financial wellness.
Companies with a market cap of $10 billion or more are classified as “large-cap stocks,” Truist Financial exemplifies this category. By leveraging innovative digital platforms, personalized financial solutions, and a steadfast commitment to community investment, Truist delivers reliable and forward-thinking financial services, empowering clients with tools and resources that promote financial stability, growth, and well-being.
Shares of Truist Financial have fallen 6.9% from its 52-week high of $49.06, which it hit on Nov. 25. TFC is up 9.6% over the past three months, underperforming the broader Nasdaq Composite’s ($NASX) 16.9% gain during the same time frame.
In the longer term, TFC has achieved a 23.7% gain on a YTD basis and a 32.6% increase over the past 52 weeks. By comparison, the NASX has risen 33.5% in 2024 and 38.8% over the same period.
However, TFC has consistently traded above its 50-day moving average since early November and its 200-day moving average over the past year, indicating a bullish trend.
Truist Financial Corporation's shares declined by 3.6% following its Q3 earnings release on Oct. 17. The company posted earnings of $0.97 per share, reflecting an impressive 21.3% year-over-year increase, alongside revenue growth of 4.3% to $5.14 billion. Notably, non-interest expenses decreased by 5.4%, and the efficiency ratio improved to 55.2%, highlighting the effectiveness of Truist’s strategic initiatives and operational discipline.
Truist Financial's competitor, Bank of America Corporation (BAC), has outperformed TFC over the past year. Shares of BofA gained 36.9% in 2024 and 49.4% over the past year.
Wall Street analysts hold a cautiously optimistic view of TFC's prospects. Of the 21 analysts covering the stock, the consensus rating is “Moderate Buy,” with a mean price target of $49.38, indicating a potential upside of 8.1% from its current level.
