Truist Financial (NYSE:TFC) Price Target Raised to $48.00 at Keefe, Bruyette & Woods

Truist Financial (NYSE:TFC) had its price target upped by Keefe, Bruyette & Woods from $46.00 to $48.00 in a research note published on Tuesday, Benzinga reports. They currently have an outperform rating on the insurance provider’s stock.

Several other analysts also recently commented on the stock. Evercore ISI reaffirmed an in-line rating and set a $44.00 target price on shares of Truist Financial in a report on Thursday, May 9th. HSBC lifted their target price on shares of Truist Financial from $40.00 to $41.00 and gave the stock a hold rating in a report on Wednesday, May 8th. Piper Sandler boosted their price objective on shares of Truist Financial from $38.00 to $41.00 and gave the company a neutral rating in a report on Tuesday, May 14th. Robert W. Baird downgraded shares of Truist Financial from an outperform rating to a neutral rating and set a $45.00 price objective for the company. in a report on Wednesday, July 17th. Finally, Bank of America boosted their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the company a buy rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Truist Financial currently has a consensus rating of Hold and an average target price of $45.05.

Truist Financial Stock Performance

Shares of TFC stock opened at $44.45 on Tuesday. The company has a market capitalization of $59.47 billion, a price-to-earnings ratio of -33.67, a PEG ratio of 2.07 and a beta of 1.07. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.86. The company has a 50-day simple moving average of $38.81 and a 200 day simple moving average of $37.75. Truist Financial has a 52 week low of $26.57 and a 52 week high of $44.78.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.84 by $0.07. The business had revenue of $5.02 billion during 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 was down 15.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.95 EPS. On average, sell-side analysts predict that Truist Financial will post 3.56 earnings per share for the current year.

Truist Financial Announces Dividend

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

Insider Transactions at Truist Financial

In related news, CEO William H. Rogers, Jr. acquired 57,300 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The stock was acquired at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the transaction, the chief executive officer now directly owns 569,271 shares in the company, valued at $25,025,153.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.17% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Truist Financial

Institutional investors have recently added to or reduced their stakes in the stock. Bleakley Financial Group LLC increased its position in Truist Financial by 6.1% during the 4th quarter. Bleakley Financial Group LLC now owns 29,890 shares of the insurance provider’s stock worth $1,104,000 after purchasing an additional 1,731 shares in the last quarter. Natixis Advisors L.P. increased its position in Truist Financial by 30.9% during the 4th quarter. Natixis Advisors L.P. now owns 373,375 shares of the insurance provider’s stock worth $13,783,000 after purchasing an additional 88,035 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Truist Financial by 53.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 338,972 shares of the insurance provider’s stock valued at $12,515,000 after acquiring an additional 117,524 shares during the period. Parnassus Investments LLC acquired a new position in Truist Financial in the 4th quarter valued at approximately $95,049,000. Finally, Rafferty Asset Management LLC increased its position in Truist Financial by 47.7% in the 4th quarter. Rafferty Asset Management LLC now owns 1,185,259 shares of the insurance provider’s stock valued at $43,760,000 after acquiring an additional 382,976 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

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.