JPMorgan Chase & Co. Cuts Truist Financial (NYSE:TFC) Price Target to $42.00

Truist Financial (NYSE:TFC) had its price objective cut by JPMorgan Chase & Co. from $48.00 to $42.00 in a report issued on Thursday morning,Benzinga reports. They currently have a neutral rating on the insurance provider’s stock.

Other analysts have also recently issued reports about the stock. Compass Point lifted their price objective on shares of Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Robert W. Baird upgraded shares of Truist Financial from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $48.00 to $52.00 in a research report on Wednesday, March 5th. Keefe, Bruyette & Woods increased their price target on Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 21st. Baird R W raised Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Finally, Stephens boosted their price target on Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $50.42.

Truist Financial Trading Down 6.0 %

Shares of Truist Financial stock opened at $34.80 on Thursday. Truist Financial has a 12-month low of $33.71 and a 12-month high of $49.06. The firm’s 50 day simple moving average is $43.97 and its two-hundred day simple moving average is $44.32. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $45.43 billion, a price-to-earnings ratio of 10.45, a PEG ratio of 1.63 and a beta of 0.91.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the business posted $0.81 EPS. Analysts predict that Truist Financial will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $2.08 annualized dividend and a yield of 5.98%. Truist Financial’s dividend payout ratio is presently 62.46%.

Hedge Funds Weigh In On Truist Financial

A number of institutional investors have recently added to or reduced their stakes in the stock. PBMares Wealth Management LLC increased its holdings in shares of Truist Financial by 0.8% during the 4th quarter. PBMares Wealth Management LLC now owns 29,270 shares of the insurance provider’s stock worth $1,270,000 after buying an additional 224 shares during the last quarter. Koshinski Asset Management Inc. raised its position in Truist Financial by 2.1% in the fourth quarter. Koshinski Asset Management Inc. now owns 10,825 shares of the insurance provider’s stock valued at $470,000 after purchasing an additional 225 shares during the period. Aaron Wealth Advisors LLC lifted its stake in shares of Truist Financial by 3.0% in the 4th quarter. Aaron Wealth Advisors LLC now owns 7,712 shares of the insurance provider’s stock valued at $335,000 after purchasing an additional 227 shares during the last quarter. FWG Holdings LLC lifted its stake in shares of Truist Financial by 4.3% in the 4th quarter. FWG Holdings LLC now owns 5,694 shares of the insurance provider’s stock valued at $267,000 after purchasing an additional 234 shares during the last quarter. Finally, Ignite Planners LLC increased its position in shares of Truist Financial by 1.4% during the 4th quarter. Ignite Planners LLC now owns 17,499 shares of the insurance provider’s stock worth $772,000 after purchasing an additional 246 shares during the last quarter. 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.