Truist Financial shares decline as competitors gain ground

  • Stock Market News
Truist Financial shares decline as competitors gain ground
Credit: © Reuters.

Truist Financial (NYSE: TFC ) Corp.'s shares experienced a downturn for the second consecutive day on Wednesday, with a 0.99% slide to $27.97, amid a mixed market performance. This comes against the backdrop of the S&P 500 showing a slight increase and a minor decrease in the Dow Jones.

This recent decline has pushed Truist's share price $23.29 below its 52-week high, which was achieved earlier this year on January 24th. The current trading volume for Truist stands at 8.1 million, falling short by approximately 2.6 million from its 50-day average volume of 10.7 million. According to InvestingPro data, the average daily volume over the past three months is 10.32 million.

Despite the recent downturn, Truist maintains a strong financial position. InvestingPro data reveals a market cap of 37.26B USD and a low P/E ratio of 6.44, indicating that the company is trading at a low earnings multiple. Additionally, Truist has a significant dividend yield of 7.36% as of the end of the second fiscal quarter in 2023, and has managed to raise its dividend for eight consecutive years.

InvestingPro Tips highlight Truist as a prominent player in the Banks industry, with high earnings quality as its free cash flow exceeds net income. The company has also maintained dividend payments for 51 consecutive years, which is a testament to its financial stability. These factors make it an attractive option for investors seeking steady income.

In contrast, Truist's competitors saw an uptick in their performance. JPMorgan Chase & Co. (NYSE: JPM ), Bank of America Corp (NYSE: BAC )., and Wells Fargo (NYSE: WFC ) & Co. gained ground, with their closing prices standing at $145.78, $27.27, and $40.86 respectively.

The data used for this article was sourced from Dow Jones, FactSet, and InvestingPro. For more insights and tips on Truist and other companies, readers can visit InvestingPro's website, which offers an additional nine tips on Truist for those interested in a more detailed analysis.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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