Truist Financial (NYSE:TFC) Price Target Raised to $60.00

Truist Financial (NYSE:TFC) had its price target upped by The Goldman Sachs Group from $50.00 to $60.00 in a research note issued to investors on Tuesday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the insurance provider’s stock.

A number of other analysts also recently weighed in on TFC. Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Morgan Stanley boosted their price target on Truist Financial from $46.00 to $51.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Wells Fargo & Company raised their price objective on Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Stephens reissued an “overweight” rating and set a $50.00 target price on shares of Truist Financial in a research note on Tuesday, September 10th. Finally, Royal Bank of Canada lifted their price target on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $47.17.

Truist Financial Stock Up 0.1 %

Truist Financial stock opened at $47.75 on Tuesday. Truist Financial has a twelve month low of $31.23 and a twelve month high of $49.06. The stock has a market cap of $63.39 billion, a P/E ratio of -33.39, a P/E/G ratio of 1.97 and a beta of 1.05. The company’s 50-day moving average price is $44.13 and its two-hundred day moving average price is $41.75. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62.

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

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial’s payout ratio is -145.45%.

Insiders Place Their Bets

In related news, CEO William H. Rogers, Jr. bought 34,180 shares of the company’s stock in a transaction on Monday, November 25th. The shares were purchased at an average cost of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the purchase, the chief executive officer now directly owns 691,451 shares in the company, valued at $33,576,860.56. The trade was a 5.20 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

Institutional investors have recently bought and sold shares of the company. Peapack Gladstone Financial Corp increased its holdings in Truist Financial by 0.6% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 311,802 shares of the insurance provider’s stock worth $13,336,000 after acquiring an additional 1,742 shares during the last quarter. Synovus Financial Corp lifted its stake in shares of Truist Financial by 27.1% during the 3rd quarter. Synovus Financial Corp now owns 556,243 shares of the insurance provider’s stock valued at $23,791,000 after buying an additional 118,692 shares in the last quarter. Tidal Investments LLC boosted its holdings in Truist Financial by 6.9% in the 3rd quarter. Tidal Investments LLC now owns 62,803 shares of the insurance provider’s stock worth $2,686,000 after buying an additional 4,029 shares during the period. Wilmington Savings Fund Society FSB grew its stake in Truist Financial by 28.3% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 323,849 shares of the insurance provider’s stock valued at $13,851,000 after buying an additional 71,393 shares in the last quarter. Finally, Arvest Bank Trust Division bought a new stake in Truist Financial during the 3rd quarter valued at $1,960,000. Hedge funds and other institutional investors 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.