Analysts Set Truist Financial Corporation (NYSE:TFC) Price Target at $55.79

Shares of Truist Financial Corporation (NYSE:TFC) have received an average rating of “Moderate Buy” from the sixteen analysts that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and ten have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $55.7941.

TFC has been the subject of a number of analyst reports. Royal Bank Of Canada raised their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. JPMorgan Chase & Co. reduced their price objective on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Stephens initiated coverage on shares of Truist Financial in a research note on Monday, June 15th. They set an “overweight” rating and a $59.00 price objective for the company. Jefferies Financial Group restated a “mixed” rating and set a $45.00 price objective on shares of Truist Financial in a research note on Friday, April 17th. Finally, Morgan Stanley reduced their price objective on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating for the company in a research note on Monday, April 20th.

Truist Financial Stock Down 0.0%

Shares of Truist Financial stock opened at $48.33 on Wednesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The company has a 50-day moving average of $49.16 and a 200 day moving average of $49.26. The firm has a market cap of $60.21 billion, a price-to-earnings ratio of 11.99, a PEG ratio of 0.83 and a beta of 0.89. Truist Financial has a 1 year low of $39.94 and a 1 year high of $56.19.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.09. The company had revenue of $5.20 billion during the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. Truist Financial’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same period last year, the business earned $0.87 EPS. As a group, sell-side analysts anticipate that Truist Financial will post 4.5 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Friday, May 8th. Truist Financial’s dividend payout ratio (DPR) is currently 51.61%.

Institutional Trading of Truist Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Parallel Advisors LLC increased its stake in Truist Financial by 2.8% during the 1st quarter. Parallel Advisors LLC now owns 34,157 shares of the insurance provider’s stock valued at $1,570,000 after purchasing an additional 925 shares in the last quarter. Keel Point LLC increased its stake in Truist Financial by 8.2% during the 1st quarter. Keel Point LLC now owns 15,676 shares of the insurance provider’s stock valued at $721,000 after purchasing an additional 1,191 shares in the last quarter. Carlson Capital L.P. purchased a new stake in shares of Truist Financial during the 1st quarter valued at about $2,050,000. Glenmede Trust Co. NA boosted its holdings in shares of Truist Financial by 20.3% during the 1st quarter. Glenmede Trust Co. NA now owns 57,199 shares of the insurance provider’s stock valued at $2,629,000 after acquiring an additional 9,635 shares during the last quarter. Finally, Summit Financial Wealth Advisors LLC boosted its holdings in shares of Truist Financial by 6.3% during the 1st quarter. Summit Financial Wealth Advisors LLC now owns 6,572 shares of the insurance provider’s stock valued at $302,000 after acquiring an additional 389 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.