Shares of Truist Financial Co. (NYSE:TFC – Get Free Report) have received an average rating of “Moderate Buy” from the twenty-two analysts that are covering the company, MarketBeat.com reports. Eleven equities research analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $46.02.
TFC has been the topic of several research reports. UBS Group upped 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. Keefe, Bruyette & Woods upped their price target 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. JPMorgan Chase & Co. upped their price target on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and upped their price target for the company from $45.00 to $47.00 in a research note on Wednesday, July 24th. Finally, Argus upped their price target on shares of Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd.
Truist Financial Price Performance
Truist Financial (NYSE:TFC – Get Free Report) last released its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.84 by $0.07. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The firm had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.83 billion. During the same period in the previous year, the company earned $0.95 earnings per share. The company’s quarterly revenue was down 15.9% on a year-over-year basis. Equities analysts expect that Truist Financial will post 3.58 earnings per share for the current year.
Truist Financial Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.79%. Truist Financial’s dividend payout ratio (DPR) is currently -145.45%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the stock. Norden Group LLC bought a new position in shares of Truist Financial in the first quarter worth about $2,351,000. Nordea Investment Management AB raised its holdings in Truist Financial by 44.4% in the 1st quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock valued at $105,353,000 after buying an additional 834,048 shares during the last quarter. CreativeOne Wealth LLC bought a new position in Truist Financial in the 1st quarter valued at approximately $516,000. M&G Plc bought a new position in Truist Financial in the 2nd quarter valued at approximately $2,804,000. Finally, Dimensional Fund Advisors LP raised its holdings in Truist Financial by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock valued at $346,957,000 after buying an additional 299,196 shares during the last quarter. 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.
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