Truist Financial (NYSE:TFC) Price Target Increased to $47.00 by Analysts at JPMorgan Chase & Co.

Truist Financial (NYSE:TFC) had its target price raised by JPMorgan Chase & Co. from $43.50 to $47.00 in a report published on Wednesday morning. JPMorgan Chase & Co. currently has a neutral rating on the insurance provider’s stock.

Several other brokerages have also issued reports on TFC. Royal Bank of Canada upped their target price on shares of Truist Financial from $42.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd. Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and upped their price target for the company from $45.00 to $47.00 in a research report on Wednesday, July 24th. The Goldman Sachs Group upped their price target on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Stephens restated an “overweight” rating and set a $50.00 price target on shares of Truist Financial in a research report on Tuesday, September 10th. Finally, Morgan Stanley upped their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Truist Financial has a consensus rating of “Hold” and an average target price of $46.02.

Truist Financial Stock Performance

NYSE TFC opened at $43.67 on Wednesday. Truist Financial has a 52-week low of $26.95 and a 52-week high of $45.31. The company has a fifty day moving average of $42.67 and a 200-day moving average of $40.30. The company has a market capitalization of $58.43 billion, a P/E ratio of -33.08, a P/E/G ratio of 1.82 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86.

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

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.76%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s dividend payout ratio is -157.58%.

Insider Buying and Selling at Truist Financial

In other news, CEO William H. Rogers, Jr. purchased 57,300 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were purchased at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly owns 569,271 shares in the company, valued at $25,025,153.16. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO William H. Rogers, Jr. purchased 57,300 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were purchased at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly owns 569,271 shares in the company, valued at $25,025,153.16. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Truist Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Crewe Advisors LLC purchased a new stake in Truist Financial in the first quarter worth approximately $27,000. Opal Wealth Advisors LLC purchased a new stake in Truist Financial in the first quarter worth approximately $29,000. MFA Wealth Advisors LLC purchased a new stake in Truist Financial in the second quarter worth approximately $30,000. Y.D. More Investments Ltd purchased a new stake in Truist Financial in the second quarter worth approximately $31,000. Finally, Rise Advisors LLC purchased a new stake in Truist Financial in the first quarter worth approximately $32,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

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.