The Goldman Sachs Group Lowers Truist Financial (NYSE:TFC) Price Target to $48.00

Truist Financial (NYSE:TFC) had its target price trimmed by The Goldman Sachs Group from $50.00 to $48.00 in a report issued on Wednesday morning. The firm currently has a buy rating on the insurance provider’s stock.

TFC has been the topic of several other reports. Stephens reissued an “overweight” rating and set a $50.00 target price on shares of Truist Financial in a research note on Tuesday, September 10th. Baird R W lowered shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. StockNews.com lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada raised their price objective on shares of Truist Financial from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Tuesday, July 23rd. Finally, Argus raised their price objective on shares of Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Twelve analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $46.02.

Truist Financial Trading Up 1.7 %

Shares of NYSE TFC opened at $43.67 on Wednesday. The firm has a 50 day moving average price of $42.67 and a two-hundred day moving average price of $40.30. 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 has a 52-week low of $26.95 and a 52-week high of $45.31. The stock has a market cap of $58.43 billion, a P/E ratio of -33.08, a price-to-earnings-growth ratio of 1.82 and a beta of 1.05.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. The company had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The company’s quarterly revenue was down 15.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.95 EPS. As a group, equities analysts forecast that Truist Financial will post 3.55 EPS for the current year.

Truist Financial Dividend Announcement

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

Insider Buying and Selling

In related news, CEO William H. Rogers, Jr. acquired 57,300 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was acquired 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 owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO William H. Rogers, Jr. acquired 57,300 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was acquired 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 owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction dated Thursday, July 25th. The stock was 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. 0.17% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Truist Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Crewe Advisors LLC bought a new position in Truist Financial during the first quarter worth about $27,000. Opal Wealth Advisors LLC bought a new position in Truist Financial during the first quarter worth about $29,000. MFA Wealth Advisors LLC bought a new position in Truist Financial during the second quarter worth about $30,000. Y.D. More Investments Ltd bought a new position in Truist Financial during the second quarter worth about $31,000. Finally, Rise Advisors LLC bought a new position in Truist Financial during the first quarter worth about $32,000. 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.