Truist Financial (NYSE:TFC) Price Target Raised to $49.00

Truist Financial (NYSE:TFC) had its target price lifted by UBS Group from $47.00 to $49.00 in a research note released on Friday morning, Benzinga reports. They currently have a buy rating on the insurance provider’s stock.

TFC has been the topic of a number of other research reports. Morgan Stanley lifted their target price on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Stephens reaffirmed an “overweight” rating and issued a $50.00 target price on shares of Truist Financial in a research report on Tuesday, September 10th. JPMorgan Chase & Co. lifted their price target on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research report on Wednesday, October 16th. Finally, Compass Point upped their price objective on shares of Truist Financial from $46.00 to $47.00 in a report on Wednesday, October 16th. Twelve analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Truist Financial currently has an average rating of “Hold” and a consensus price target of $46.02.

Truist Financial Price Performance

Truist Financial stock opened at $43.67 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The company has a 50-day moving average price of $42.67 and a 200 day moving average price of $40.32. Truist Financial has a 12-month low of $26.95 and a 12-month high of $45.31. The stock has a market cap of $58.43 billion, a P/E ratio of -33.08, a PEG ratio of 1.82 and a beta of 1.05.

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

Truist Financial Dividend Announcement

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

Insider Buying and Selling

In other news, CEO William H. Rogers, Jr. acquired 57,300 shares of Truist Financial stock in a transaction dated 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 acquisition, the chief executive officer now owns 569,271 shares of the company’s stock, valued at $25,025,153.16. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Truist Financial news, CEO William H. Rogers, Jr. acquired 57,300 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were acquired at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the acquisition, the chief executive officer now owns 569,271 shares in the company, valued at $25,025,153.16. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Cynthia B. Powell sold 6,688 shares of the business’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 disclosure for this sale can be found here. 0.17% of the stock is owned by insiders.

Institutional Investors Weigh In On Truist Financial

Several hedge funds and other institutional investors have recently bought and sold shares of TFC. Crewe Advisors LLC purchased a new position in shares of Truist Financial during the first quarter worth about $27,000. Opal Wealth Advisors LLC purchased a new position in Truist Financial during the 1st quarter worth approximately $29,000. MFA Wealth Advisors LLC acquired a new position in Truist Financial during the second quarter worth approximately $30,000. Y.D. More Investments Ltd purchased a new stake in Truist Financial in the second quarter valued at approximately $31,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Truist Financial in the second quarter valued at approximately $38,000. 71.28% of the stock is currently 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.