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

Truist Financial (NYSE:TFC) had its price objective increased by Royal Bank of Canada from $42.00 to $45.00 in a research report report published on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the insurance provider’s stock.

TFC has been the topic of a number of other reports. HSBC raised their price target on Truist Financial from $40.00 to $41.00 and gave the stock a hold rating in a research note on Wednesday, May 8th. Citigroup raised their price target on Truist Financial from $42.00 to $45.00 and gave the stock a buy rating in a research note on Wednesday, April 24th. Jefferies Financial Group raised their price target on Truist Financial from $40.00 to $41.00 and gave the stock a hold rating in a research note on Monday, April 8th. UBS Group raised their price target on Truist Financial from $45.00 to $49.00 and gave the stock a buy rating in a research note on Friday, April 5th. Finally, Keefe, Bruyette & Woods raised their price target on Truist Financial from $45.00 to $46.00 and gave the stock an outperform rating in a research note on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $45.05.

Truist Financial Stock Performance

Shares of TFC opened at $44.45 on Tuesday. The business’s fifty day simple moving average is $38.81 and its two-hundred day simple moving average is $37.75. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. Truist Financial has a 12 month low of $26.57 and a 12 month high of $44.78. The company has a market cap of $59.47 billion, a price-to-earnings ratio of -33.67, a P/E/G ratio of 2.07 and a beta of 1.07.

Truist Financial (NYSE:TFC) last issued its earnings results 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 positive return on equity of 9.18% and a negative net margin of 5.63%. The business had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.83 billion. During the same period last year, the business posted $0.95 EPS. The company’s revenue was down 15.9% compared to the same quarter last year. Research analysts anticipate that Truist Financial will post 3.56 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, August 9th. This represents a $2.08 dividend on an annualized basis and a yield of 4.68%. Truist Financial’s dividend payout ratio is presently -157.58%.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. purchased 57,300 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were acquired at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly owns 569,271 shares in the company, valued at $25,025,153.16. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Truist Financial

Several large investors have recently made changes to their positions in the company. Conning Inc. increased its holdings in shares of Truist Financial by 4.3% in the second quarter. Conning Inc. now owns 7,789 shares of the insurance provider’s stock worth $303,000 after purchasing an additional 319 shares during the last quarter. Simmons Bank increased its holdings in shares of Truist Financial by 17.5% in the second quarter. Simmons Bank now owns 9,408 shares of the insurance provider’s stock worth $366,000 after purchasing an additional 1,400 shares during the last quarter. Checchi Capital Advisers LLC increased its holdings in shares of Truist Financial by 4.9% in the second quarter. Checchi Capital Advisers LLC now owns 11,363 shares of the insurance provider’s stock worth $441,000 after purchasing an additional 527 shares during the last quarter. Patriot Financial Group Insurance Agency LLC increased its holdings in shares of Truist Financial by 2.0% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 14,339 shares of the insurance provider’s stock worth $557,000 after purchasing an additional 275 shares during the last quarter. Finally, Atomi Financial Group Inc. increased its holdings in shares of Truist Financial by 36.6% in the second quarter. Atomi Financial Group Inc. now owns 12,114 shares of the insurance provider’s stock worth $471,000 after purchasing an additional 3,246 shares during the last quarter. 71.28% of the stock is owned by institutional investors.

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.