Truist Financial (NYSE:TFC) Price Target Raised to $47.00

Truist Financial (NYSE:TFC) had its price target boosted by Barclays from $43.00 to $47.00 in a report published on Tuesday, Benzinga reports. They currently have an equal weight rating on the insurance provider’s stock.

A number of other research analysts have also recently issued reports on the company. HSBC lifted their price objective on Truist Financial from $40.00 to $41.00 and gave the company a hold rating in a research note on Wednesday, May 8th. Baird R W cut Truist Financial from a strong-buy rating to a hold rating in a research note on Wednesday, July 17th. Jefferies Financial Group lifted their price objective on Truist Financial from $40.00 to $41.00 and gave the company a hold rating in a research note on Monday, April 8th. Stephens lifted their price objective on Truist Financial from $43.00 to $47.00 and gave the company an overweight rating in a research note on Thursday, May 16th. Finally, Citigroup lifted their price objective on Truist Financial from $42.00 to $45.00 and gave the company a buy rating in a research note on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $45.05.

Truist Financial Trading Up 1.2 %

NYSE TFC opened at $44.12 on Tuesday. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. Truist Financial has a twelve month low of $26.57 and a twelve month high of $44.78. The firm has a market capitalization of $59.04 billion, a PE ratio of -33.42, a P/E/G ratio of 2.07 and a beta of 1.07. The stock’s 50 day moving average is $38.72 and its 200 day moving average is $37.70.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The company had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. During the same period in the previous year, the company posted $0.95 earnings per share. The firm’s revenue was down 15.9% on a year-over-year basis. Research analysts forecast that Truist Financial will post 3.56 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Friday, August 9th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.71%. The ex-dividend date of this dividend is Friday, August 9th. Truist Financial’s payout ratio is currently -157.58%.

Insider Buying and Selling

In other news, CEO William H. Rogers, Jr. acquired 57,300 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was bought at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

Institutional Trading of Truist Financial

Several hedge funds have recently bought and sold shares of the stock. St. Johns Investment Management Company LLC grew its holdings in Truist Financial by 1.8% during the second quarter. St. Johns Investment Management Company LLC now owns 36,999 shares of the insurance provider’s stock valued at $1,437,000 after purchasing an additional 661 shares during the period. Alpha Omega Wealth Management LLC boosted its stake in shares of Truist Financial by 0.6% in the second quarter. Alpha Omega Wealth Management LLC now owns 179,684 shares of the insurance provider’s stock worth $6,981,000 after acquiring an additional 1,146 shares during the period. Bailard Inc. boosted its stake in shares of Truist Financial by 1.1% in the second quarter. Bailard Inc. now owns 48,074 shares of the insurance provider’s stock worth $1,868,000 after acquiring an additional 502 shares during the period. Catalyst Financial Partners LLC bought a new position in shares of Truist Financial in the second quarter worth about $252,000. Finally, Hills Bank & Trust Co boosted its stake in shares of Truist Financial by 4.5% in the second quarter. Hills Bank & Trust Co now owns 44,880 shares of the insurance provider’s stock worth $1,744,000 after acquiring an additional 1,952 shares during the period. 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.