Royal Bank of Canada Raises Truist Financial (NYSE:TFC) Price Target to $46.00

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

Several other equities analysts have also recently weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Stephens reissued an “overweight” rating and set a $50.00 price target on shares of Truist Financial in a research report on Tuesday, September 10th. StockNews.com downgraded Truist Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, July 23rd. Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 target price on the stock. in a research note on Wednesday, July 17th. Finally, Compass Point increased their price target on shares of Truist Financial from $46.00 to $47.00 in a research report on Wednesday, October 16th. Twelve investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Truist Financial currently has an average rating of “Hold” and a consensus price target of $46.02.

Truist Financial Trading Up 1.7 %

NYSE:TFC opened at $43.67 on Friday. The stock has a fifty day simple moving average of $42.67 and a 200 day simple moving average of $40.32. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $58.43 billion, a price-to-earnings ratio of -33.08, a price-to-earnings-growth ratio of 1.82 and a beta of 1.05. Truist Financial has a 1-year low of $26.95 and a 1-year high of $45.31.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping 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 company had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. During the same period last year, the company posted $0.95 earnings per share. The business’s revenue for the quarter was down 15.9% on a year-over-year basis. Sell-side analysts forecast that Truist Financial will post 3.55 earnings per share for the current year.

Truist Financial Announces Dividend

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

Insider Activity at Truist Financial

In other news, CEO William H. Rogers, Jr. acquired 57,300 shares of Truist Financial stock in a transaction on Tuesday, July 23rd. The stock was bought at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the transaction, the chief executive officer now owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, VP Cynthia B. Powell sold 6,688 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were 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 SEC, which is available at this hyperlink. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were acquired at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the purchase, the chief executive officer now owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

Hedge funds have recently modified their holdings of the stock. Crewe Advisors LLC bought a new stake in Truist Financial in the first quarter valued at $27,000. Opal Wealth Advisors LLC bought a new position in shares of Truist Financial during the first quarter valued at $29,000. MFA Wealth Advisors LLC acquired a new stake in shares of Truist Financial in the 2nd quarter valued at $30,000. Y.D. More Investments Ltd bought a new stake in shares of Truist Financial in the 2nd quarter worth about $31,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Truist Financial during the 2nd quarter worth about $38,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Company Profile

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.