Truist Financial (NYSE:TFC) Stock Price Expected to Rise, Barclays Analyst Says

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

Other equities analysts have also recently issued research reports about the stock. Piper Sandler increased their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Keefe, Bruyette & Woods raised their price objective on Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. UBS Group increased their target price on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Wells Fargo & Company boosted their price target on shares of Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Citigroup raised their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. Twelve analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Truist Financial has a consensus rating of “Hold” and an average price target of $49.39.

Truist Financial Price Performance

TFC stock opened at $44.11 on Monday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. The company’s fifty day simple moving average is $45.31 and its 200 day simple moving average is $43.20. Truist Financial has a 12-month low of $34.23 and a 12-month high of $49.06. The firm has a market cap of $58.56 billion, a price-to-earnings ratio of -30.85, a PEG ratio of 1.88 and a beta of 1.08.

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

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 8th were given a dividend of $0.52 per share. The ex-dividend date was Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.72%. Truist Financial’s payout ratio is currently -145.45%.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 4,966 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the sale, the director now directly owns 11,246 shares of the company’s stock, valued at $519,565.20. This represents a 30.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William H. Rogers, Jr. bought 34,180 shares of Truist Financial stock in a transaction dated Monday, November 25th. The stock was acquired at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the purchase, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This represents a 5.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

A number of large investors have recently made changes to their positions in TFC. Valley Wealth Managers Inc. purchased a new position in shares of Truist Financial during the 3rd quarter valued at $26,000. MidAtlantic Capital Management Inc. purchased a new position in Truist Financial during the third quarter worth about $32,000. Y.D. More Investments Ltd bought a new position in Truist Financial in the 2nd quarter worth about $31,000. Fortitude Family Office LLC boosted its position in shares of Truist Financial by 376.7% during the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 678 shares during the last quarter. Finally, Ashton Thomas Securities LLC purchased a new position in shares of Truist Financial during the third quarter worth about $45,000. 71.28% of the stock is owned by institutional investors.

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.