Truist Financial (NYSE:TFC) Price Target Raised to $51.00 at Citigroup

Truist Financial (NYSE:TFC) had its target price raised by Citigroup from $47.00 to $51.00 in a research note released on Monday,Benzinga reports. They currently have a neutral rating on the insurance provider’s stock.

TFC has been the subject of a number of other research reports. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Compass Point upped their target price on Truist Financial from $46.00 to $47.00 in a report on Wednesday, October 16th. The Goldman Sachs Group lowered their target price on Truist Financial from $50.00 to $48.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Stephens restated an “overweight” rating and set a $50.00 target price on shares of Truist Financial in a report on Tuesday, September 10th. Finally, Morgan Stanley upped their target price on Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $46.57.

Truist Financial Stock Up 0.3 %

Shares of NYSE TFC opened at $48.12 on Monday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market capitalization of $63.88 billion, a price-to-earnings ratio of -33.65, a PEG ratio of 1.97 and a beta of 1.05. The stock has a 50 day moving average price of $43.80 and a 200 day moving average price of $41.61. Truist Financial has a 52-week low of $31.23 and a 52-week high of $49.06.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. Sell-side analysts expect that Truist Financial will post 3.7 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.32%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s payout ratio is -145.45%.

Hedge Funds Weigh In On Truist Financial

Several hedge funds have recently made changes to their positions in TFC. State Street Corp increased its position in shares of Truist Financial by 4.6% in the 3rd quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock valued at $2,645,964,000 after acquiring an additional 2,720,223 shares during the period. Assenagon Asset Management S.A. grew its position in Truist Financial by 316.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock worth $90,585,000 after purchasing an additional 1,609,351 shares during the period. HighTower Advisors LLC grew its position in Truist Financial by 26.1% during the 3rd quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider’s stock worth $166,892,000 after purchasing an additional 807,648 shares during the period. Swedbank AB acquired a new stake in shares of Truist Financial during the 1st quarter valued at about $29,957,000. Finally, LPL Financial LLC grew its position in shares of Truist Financial by 21.0% during the 3rd quarter. LPL Financial LLC now owns 3,630,761 shares of the insurance provider’s stock valued at $155,288,000 after acquiring an additional 630,628 shares during the period. 71.28% of the stock is owned by institutional investors and hedge funds.

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.