Brokerages Set Truist Financial Co. (NYSE:TFC) PT at $50.79

Truist Financial Co. (NYSE:TFC) has earned an average rating of “Moderate Buy” from the twenty-two ratings firms that are covering the firm, MarketBeat.com reports. Ten equities research analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $50.79.

TFC has been the topic of several recent research reports. Wells Fargo & Company lifted their price objective on shares of Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Stephens upped 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. Morgan Stanley raised their price objective on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 21st. The Goldman Sachs Group boosted their target price on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Finally, Compass Point increased their price target on Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th.

Truist Financial Stock Performance

TFC opened at $47.41 on Friday. The business has a 50 day moving average price of $45.53 and a two-hundred day moving average price of $44.14. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market capitalization of $62.93 billion, a price-to-earnings ratio of 14.24, a price-to-earnings-growth ratio of 1.69 and a beta of 1.08. Truist Financial has a 1-year low of $34.23 and a 1-year high of $49.06.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The business had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same quarter in the prior year, the firm posted $0.81 earnings per share. The company’s revenue was up 3.4% on a year-over-year basis. Research analysts predict that Truist Financial will post 3.95 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.39%. The ex-dividend date is Friday, February 14th. Truist Financial’s payout ratio is 62.46%.

Insiders Place Their Bets

In related news, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the transaction, the director now owns 11,246 shares in the company, valued at $519,565.20. This trade represents a 30.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William H. Rogers, Jr. purchased 34,180 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were purchased at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the acquisition, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This trade represents a 5.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.17% of the company’s stock.

Institutional Trading of Truist Financial

Hedge funds have recently modified their holdings of the company. State Street Corp increased its stake in Truist Financial by 4.6% in the third quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock valued at $2,645,964,000 after acquiring an additional 2,720,223 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Truist Financial by 316.4% during the third quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock valued at $90,585,000 after purchasing an additional 1,609,351 shares in the last quarter. KBC Group NV grew its stake in shares of Truist Financial by 96.9% in the 4th quarter. KBC Group NV now owns 2,031,893 shares of the insurance provider’s stock valued at $88,144,000 after purchasing an additional 999,763 shares during the period. HighTower Advisors LLC raised its holdings in shares of Truist Financial by 26.1% in the 3rd quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider’s stock worth $166,892,000 after buying an additional 807,648 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Truist Financial by 8.5% during the 4th quarter. Bank of New York Mellon Corp now owns 8,484,992 shares of the insurance provider’s stock worth $368,079,000 after buying an additional 662,179 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.