Truist Financial (NYSE:TFC) Price Target Raised to $51.50

Truist Financial (NYSE:TFC) had its price objective increased by JPMorgan Chase & Co. from $50.50 to $51.50 in a research note released on Friday,Benzinga reports. They currently have an underweight rating on the insurance provider’s stock.

Several other brokerages have also recently issued reports on TFC. Bank of America cut shares of Truist Financial from a “buy” rating to a “neutral” rating and upped their target price for the company from $54.00 to $56.00 in a report on Wednesday, July 8th. Weiss Ratings restated a “buy (b)” rating on shares of Truist Financial in a research report on Tuesday, October 27th. UBS Group lowered their price target on Truist Financial from $55.00 to $50.00 and set a “neutral” rating on the stock in a research note on Monday, October 5th. Stephens dropped their target price on Truist Financial from $55.00 to $54.00 and set an “overweight” rating for the company in a research report on Tuesday, October 20th. Finally, Royal Bank Of Canada dropped their price objective on Truist Financial from $53.00 to $51.00 and set an “outperform” rating on the stock in a research note on Monday, October 19th. Seven research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $53.82.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $48.74 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.88 and a current ratio of 0.88. The company has a fifty day moving average of $48.39 and a 200-day moving average of $49.50. The stock has a market capitalization of $58.41 billion, a price-to-earnings ratio of 12.56, a price-to-earnings-growth ratio of 1.07 and a beta of 0.90. Truist Financial has a 52-week low of $43.13 and a 52-week high of $56.19.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, October 16th. The insurance provider reported $1.16 EPS for the quarter, missing the consensus estimate of $1.17 by ($0.01). The firm had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.35 billion. Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. The business’s revenue was up 1.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.04 EPS. Equities research analysts expect that Truist Financial will post 4.71 EPS for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Friday, November 13th. Truist Financial’s dividend payout ratio (DPR) is presently 53.61%.

Insiders Place Their Bets

In related news, CEO Michael Lyons purchased 25,000 shares of Truist Financial stock in a transaction dated Wednesday, October 28th. The shares were acquired at an average cost of $48.36 per share, with a total value of $1,209,000.00. Following the purchase, the chief executive officer owned 46,000 shares of the company’s stock, valued at approximately $2,224,560. The trade was a 119.05% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Truist Financial

Large investors have recently bought and sold shares of the stock. PCB Capital LLC grew its stake in shares of Truist Financial by 3.0% in the first quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock valued at $310,000 after buying an additional 198 shares in the last quarter. First Dallas Securities Inc. grew its position in Truist Financial by 1.5% in the first quarter. First Dallas Securities Inc. now owns 14,659 shares of the insurance provider’s stock worth $674,000 after buying an additional 211 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its position in Truist Financial by 4.0% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 5,456 shares of the insurance provider’s stock worth $272,000 after purchasing an additional 211 shares in the last quarter. Csenge Advisory Group boosted its position in Truist Financial by 0.3% during the second quarter. Csenge Advisory Group now owns 69,426 shares of the insurance provider’s stock valued at $3,459,000 after purchasing an additional 227 shares during the last quarter. Finally, Apella Capital LLC lifted its stake in shares of Truist Financial by 0.5% in the second quarter. Apella Capital LLC now owns 43,030 shares of the insurance provider’s stock worth $2,210,000 after buying an additional 232 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

About Truist Financial

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.