Truist Financial (NYSE:TFC) Price Target Raised to $52.00

Truist Financial (NYSE:TFC) had its price target raised by Wells Fargo & Company from $48.00 to $52.00 in a report released on Friday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the insurance provider’s stock.

TFC has been the topic of a number of other research reports. Royal Bank of Canada raised their target price on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. JPMorgan Chase & Co. upped their target price on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Compass Point lifted their price target on Truist Financial from $46.00 to $47.00 in a report on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods upped their price objective on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Twelve investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $46.37.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $46.55 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market cap of $61.80 billion, a PE ratio of -32.55, a price-to-earnings-growth ratio of 1.91 and a beta of 1.05. The firm’s 50 day simple moving average is $43.18 and its 200-day simple moving average is $41.27. Truist Financial has a one year low of $31.13 and a one year high of $47.57.

Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The business had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.05 billion. As a group, equities analysts predict that Truist Financial will post 3.7 EPS for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 annualized dividend and a yield of 4.47%. Truist Financial’s payout ratio is presently -145.45%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of TFC. Tradewinds LLC. raised its position in Truist Financial by 0.5% during the 3rd quarter. Tradewinds LLC. now owns 44,513 shares of the insurance provider’s stock worth $1,904,000 after buying an additional 222 shares during the last quarter. Capital Investment Counsel Inc lifted its position in Truist Financial by 0.4% during the second quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock valued at $2,413,000 after purchasing an additional 244 shares during the period. Burkett Financial Services LLC boosted its holdings in Truist Financial by 26.8% in the third quarter. Burkett Financial Services LLC now owns 1,198 shares of the insurance provider’s stock valued at $51,000 after purchasing an additional 253 shares during the last quarter. Verum Partners LLC grew its position in Truist Financial by 2.5% during the 2nd quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock worth $411,000 after purchasing an additional 261 shares during the period. Finally, CX Institutional raised its stake in shares of Truist Financial by 3.4% during the 2nd quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock valued at $313,000 after buying an additional 263 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Company Profile

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.