Citigroup Raises Truist Financial (NYSE:TFC) Price Target to $45.00

Truist Financial (NYSE:TFC) had its target price lifted by Citigroup from $42.00 to $45.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the insurance provider’s stock.

Several other equities research analysts have also recently weighed in on TFC. Jefferies Financial Group increased their target price on Truist Financial from $40.00 to $41.00 and gave the company a hold rating in a report on Monday, April 8th. Bank of America upgraded Truist Financial from a neutral rating to a buy rating and set a $43.00 target price for the company in a report on Thursday, January 4th. Raymond James increased their target price on Truist Financial from $34.00 to $41.00 and gave the company an outperform rating in a report on Friday, January 5th. TheStreet cut Truist Financial from a b- rating to a c rating in a report on Tuesday, February 20th. Finally, Stephens reiterated an overweight rating and issued a $43.00 price objective on shares of Truist Financial in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $41.97.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $38.17 on Wednesday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. The firm has a market capitalization of $50.94 billion, a PE ratio of -28.92, a price-to-earnings-growth ratio of 2.04 and a beta of 1.08. The business’s 50-day moving average price is $36.90 and its 200-day moving average price is $34.82. Truist Financial has a 12 month low of $25.56 and a 12 month high of $39.29.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.78 by $0.12. The firm had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The company’s revenue was down 8.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.09 EPS. Sell-side analysts forecast that Truist Financial will post 3.27 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be given a dividend of $0.52 per share. The ex-dividend date is Thursday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 5.45%. Truist Financial’s dividend payout ratio is presently -157.58%.

Insider Activity at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the transaction, the director now owns 16,132 shares in the company, valued at $604,627.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TFC. OFI Invest Asset Management purchased a new position in Truist Financial during the third quarter valued at $26,000. Opal Wealth Advisors LLC purchased a new position in shares of Truist Financial in the first quarter worth $29,000. Operose Advisors LLC purchased a new position in shares of Truist Financial in the third quarter worth $31,000. Missouri Trust & Investment Co raised its stake in shares of Truist Financial by 227.2% in the fourth quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 593 shares during the last quarter. Finally, Rise Advisors LLC purchased a new position in shares of Truist Financial in the first quarter worth $32,000. Hedge funds and other 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.