Truist Financial (NYSE:TFC) PT Raised to $46.00

Truist Financial (NYSE:TFC) had its target price lifted by Royal Bank of Canada from $45.00 to $46.00 in a report released on Friday morning, Marketbeat Ratings reports. They currently have an outperform rating on the insurance provider’s stock.

Several other research analysts have also recently weighed in on TFC. UBS Group boosted their price objective on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. The Goldman Sachs Group lowered their target price on shares of Truist Financial from $50.00 to $48.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Morgan Stanley increased their price target on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Finally, Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $45.00 to $47.00 in a research note on Wednesday, July 24th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $46.02.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $43.67 on Friday. The business has a fifty day moving average of $42.67 and a 200-day moving average of $40.32. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86. Truist Financial has a twelve month low of $26.95 and a twelve month high of $45.31. The firm has a market cap of $58.43 billion, a PE ratio of -33.08, a price-to-earnings-growth ratio of 1.82 and a beta of 1.05.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.07. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The firm had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter last year, the company posted $0.95 EPS. The company’s quarterly revenue was down 15.9% compared to the same quarter last year. On average, equities research analysts predict that Truist Financial will post 3.55 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.76%. The ex-dividend date was Friday, August 9th. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

Insider Activity

In other news, CEO William H. Rogers, Jr. bought 57,300 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were acquired at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now owns 569,271 shares in the company, valued at approximately $25,025,153.16. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, VP Cynthia B. Powell sold 6,688 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William H. Rogers, Jr. bought 57,300 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were acquired at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly owns 569,271 shares in the company, valued at $25,025,153.16. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Truist Financial

Several hedge funds have recently added to or reduced their stakes in TFC. Crewe Advisors LLC bought a new position in shares of Truist Financial in the first quarter valued at about $27,000. Opal Wealth Advisors LLC acquired a new position in Truist Financial in the 1st quarter valued at about $29,000. MFA Wealth Advisors LLC bought a new position in Truist Financial in the 2nd quarter valued at about $30,000. Y.D. More Investments Ltd acquired a new stake in Truist Financial during the second quarter worth approximately $31,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Truist Financial during the second quarter worth approximately $38,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

About Truist Financial

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.