Wells Fargo & Company Cuts Truist Financial (NYSE:TFC) Price Target to $50.00

Truist Financial (NYSE:TFC) had its target price reduced by Wells Fargo & Company from $52.00 to $50.00 in a research note published on Friday morning,Benzinga reports. They currently have an overweight rating on the insurance provider’s stock.

A number of other research firms also recently issued reports on TFC. Robert W. Baird upgraded shares of Truist Financial from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $48.00 to $52.00 in a research report on Wednesday, March 5th. Raymond James increased their price objective on Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Compass Point boosted their target price on Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Keefe, Bruyette & Woods raised their price target on Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 21st. Finally, Morgan Stanley lifted their price target on Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a report on Tuesday, January 21st. Nine equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $50.68.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $40.46 on Friday. Truist Financial has a 12 month low of $35.09 and a 12 month high of $49.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The stock has a market cap of $52.81 billion, a PE ratio of 12.15, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. The business has a fifty day simple moving average of $44.78 and a 200-day simple moving average of $44.44.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The business’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period last year, the company posted $0.81 EPS. On average, sell-side analysts anticipate that Truist Financial will post 4 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.14%. The ex-dividend date was Friday, February 14th. Truist Financial’s dividend payout ratio is currently 62.46%.

Institutional Investors Weigh In On Truist Financial

Hedge funds have recently modified their holdings of the business. Capital International Investors raised its stake in Truist Financial by 26.0% during the 4th quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider’s stock valued at $3,930,983,000 after purchasing an additional 18,712,246 shares during the last quarter. Norges Bank acquired a new position in shares of Truist Financial during the fourth quarter valued at about $402,828,000. FMR LLC raised its position in shares of Truist Financial by 109.1% during the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider’s stock valued at $453,762,000 after buying an additional 5,457,053 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Truist Financial in the fourth quarter valued at about $198,051,000. Finally, State Street Corp grew its position in Truist Financial by 4.6% during the third quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock worth $2,645,964,000 after buying an additional 2,720,223 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

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.