Bank of America Boosts Truist Financial (NYSE:TFC) Price Target to $50.00

Truist Financial (NYSE:TFC) had its price objective hoisted by Bank of America from $45.00 to $50.00 in a research note released on Tuesday, Benzinga reports. Bank of America currently has a buy rating on the insurance provider’s stock.

Several other research analysts also recently commented on the stock. Citigroup lifted their target price on shares of Truist Financial from $42.00 to $45.00 and gave the stock a buy rating in a report on Wednesday, April 24th. Piper Sandler lifted their target price on shares of Truist Financial from $38.00 to $41.00 and gave the stock a neutral rating in a report on Tuesday, May 14th. Royal Bank of Canada lifted their target price on shares of Truist Financial from $42.00 to $45.00 and gave the stock an outperform rating in a report on Tuesday. Evercore ISI reiterated an in-line rating and issued a $44.00 target price on shares of Truist Financial in a report on Thursday, May 9th. Finally, Morgan Stanley reiterated an equal weight rating and issued a $43.00 target price on shares of Truist Financial in a report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $45.05.

Truist Financial Stock Up 1.2 %

Truist Financial stock opened at $44.12 on Tuesday. The company has a market capitalization of $59.04 billion, a P/E ratio of -33.42, a P/E/G ratio of 2.07 and a beta of 1.07. The firm’s fifty day simple moving average is $38.72 and its 200-day simple moving average is $37.70. 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 1-year low of $26.57 and a 1-year high of $44.78.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. The business had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.83 billion. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. Truist Financial’s revenue for the quarter was down 15.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.95 EPS. Sell-side analysts forecast that Truist Financial will post 3.56 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, August 9th. This represents a $2.08 annualized dividend and a dividend yield of 4.71%. Truist Financial’s dividend payout ratio (DPR) is currently -157.58%.

Insider Buying and Selling at Truist Financial

In other news, CEO William H. Rogers, Jr. purchased 57,300 shares of Truist Financial stock in a transaction on Tuesday, July 23rd. The shares were purchased at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the transaction, 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 document filed with the SEC, which is available through this hyperlink. Company insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital Investment Counsel Inc boosted its position in Truist Financial by 0.4% in the second quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock valued at $2,413,000 after buying an additional 244 shares in the last quarter. Verum Partners LLC boosted its position in Truist Financial by 2.5% in the second quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock valued at $411,000 after buying an additional 261 shares in the last quarter. CX Institutional boosted its position in Truist Financial by 3.4% in the second quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock valued at $313,000 after buying an additional 263 shares in the last quarter. Valmark Advisers Inc. boosted its position in Truist Financial by 2.2% in the fourth quarter. Valmark Advisers Inc. now owns 12,965 shares of the insurance provider’s stock valued at $479,000 after buying an additional 277 shares in the last quarter. Finally, Texas Yale Capital Corp. raised its stake in shares of Truist Financial by 2.4% in the first quarter. Texas Yale Capital Corp. now owns 12,118 shares of the insurance provider’s stock worth $472,000 after acquiring an additional 280 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

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.