The Goldman Sachs Group Issues Positive Forecast for Truist Financial (NYSE:TFC) Stock Price

Truist Financial (NYSE:TFC) had its price target raised by The Goldman Sachs Group from $50.00 to $60.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the insurance provider’s stock.

A number of other equities research analysts also recently weighed in on the company. StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Royal Bank of Canada boosted their price objective on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Keefe, Bruyette & Woods raised their target price on shares of Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Wells Fargo & Company lifted their price target on shares of Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, UBS Group increased their price objective on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Truist Financial presently has an average rating of “Hold” and a consensus target price of $47.17.

Truist Financial Stock Down 0.8 %

Shares of NYSE:TFC opened at $47.71 on Tuesday. 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 firm has a market cap of $63.33 billion, a P/E ratio of -33.36, a P/E/G ratio of 1.97 and a beta of 1.05. Truist Financial has a 12 month low of $31.23 and a 12 month high of $49.06. The company’s 50-day moving average price is $43.91 and its two-hundred day moving average price is $41.66.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, beating the consensus estimate of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The business had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. As a group, research analysts forecast that Truist Financial will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date is Friday, November 8th. Truist Financial’s dividend payout ratio is currently -145.45%.

Institutional Trading of Truist Financial

A number of large investors have recently bought and sold shares of the business. Peapack Gladstone Financial Corp increased its position in shares of Truist Financial by 0.6% during the third quarter. Peapack Gladstone Financial Corp now owns 311,802 shares of the insurance provider’s stock worth $13,336,000 after acquiring an additional 1,742 shares in the last quarter. Synovus Financial Corp increased its holdings in Truist Financial by 27.1% during the 3rd quarter. Synovus Financial Corp now owns 556,243 shares of the insurance provider’s stock worth $23,791,000 after purchasing an additional 118,692 shares in the last quarter. Tidal Investments LLC raised its stake in shares of Truist Financial by 6.9% in the 3rd quarter. Tidal Investments LLC now owns 62,803 shares of the insurance provider’s stock valued at $2,686,000 after purchasing an additional 4,029 shares during the period. Wilmington Savings Fund Society FSB lifted its holdings in shares of Truist Financial by 28.3% in the third quarter. Wilmington Savings Fund Society FSB now owns 323,849 shares of the insurance provider’s stock valued at $13,851,000 after purchasing an additional 71,393 shares in the last quarter. Finally, Arvest Bank Trust Division acquired a new position in shares of Truist Financial during the third quarter worth about $1,960,000. 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.