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

Truist Financial (NYSE:TFC) had its price target increased by The Goldman Sachs Group from $50.00 to $60.00 in a report released on Tuesday,Benzinga reports. They currently have a buy rating on the insurance provider’s stock.

Several other brokerages have also issued reports on TFC. Wells Fargo & Company lifted their target price on shares of Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Royal Bank of Canada upped their target price on shares of Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Stephens reiterated an “overweight” rating and issued a $50.00 price objective on shares of Truist Financial in a report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. raised their price objective on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $47.17.

Truist Financial Stock Up 0.1 %

TFC opened at $47.75 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. Truist Financial has a one year low of $31.23 and a one year high of $49.06. The firm has a market capitalization of $63.39 billion, a P/E ratio of -33.39, a price-to-earnings-growth ratio of 1.97 and a beta of 1.05. The company has a fifty day moving average price of $44.13 and a 200-day moving average price of $41.75.

Truist Financial (NYSE:TFC) last announced its earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. The business had revenue of $5.09 billion for 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%. Equities research analysts expect that Truist Financial will post 3.7 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.36%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is -145.45%.

Insider Buying and Selling at Truist Financial

In related news, CEO William H. Rogers, Jr. acquired 34,180 shares of Truist Financial stock in a transaction on Monday, November 25th. The shares were acquired at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the transaction, the chief executive officer now owns 691,451 shares in the company, valued at $33,576,860.56. This trade represents a 5.20 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Truist Financial

Institutional investors and hedge funds have recently modified their holdings of the stock. Valley Wealth Managers Inc. bought a new position in Truist Financial in the third quarter worth about $26,000. MFA Wealth Advisors LLC purchased a new position in shares of Truist Financial in the 2nd quarter valued at approximately $30,000. Y.D. More Investments Ltd bought a new stake in shares of Truist Financial during the second quarter valued at approximately $31,000. MidAtlantic Capital Management Inc. purchased a new stake in Truist Financial in the third quarter worth $32,000. Finally, Fortitude Family Office LLC raised its holdings in Truist Financial by 376.7% in the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 678 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

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.