Stephens Reaffirms Overweight Rating for Truist Financial (NYSE:TFC)

Stephens reiterated their overweight rating on shares of Truist Financial (NYSE:TFC) in a research report sent to investors on Tuesday morning, Benzinga reports. The firm currently has a $50.00 price target on the insurance provider’s stock.

Other analysts have also recently issued reports about the company. Barclays increased their target price on Truist Financial from $43.00 to $47.00 and gave the stock an equal weight rating in a research note on Tuesday, July 23rd. Robert W. Baird cut Truist Financial from an outperform rating to a neutral rating and set a $45.00 target price for the company. in a research note on Wednesday, July 17th. Bank of America increased their target price on Truist Financial from $45.00 to $50.00 and gave the stock a buy rating in a research note on Tuesday, July 23rd. Wolfe Research raised Truist Financial from an underperform rating to a peer perform rating in a research note on Friday, August 9th. Finally, Citigroup cut Truist Financial from a buy rating to a neutral rating and increased their target price for the stock from $45.00 to $47.00 in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average target price of $45.45.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $41.63 on Tuesday. The company has a market capitalization of $55.75 billion, a price-to-earnings ratio of -31.54, a P/E/G ratio of 1.97 and a beta of 1.06. The firm’s 50 day simple moving average is $42.46 and its 200 day simple moving average is $39.23. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial has a fifty-two week low of $26.57 and a fifty-two week high of $45.31.

Truist Financial (NYSE:TFC) last announced 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 period last year, the company posted $0.95 EPS. As a group, sell-side analysts forecast that Truist Financial will post 3.55 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Friday, August 9th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.08 annualized dividend and a yield of 5.00%. Truist Financial’s payout ratio is currently -157.58%.

Insider Buying and Selling at Truist Financial

In other news, CEO William H. Rogers, Jr. bought 57,300 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was bought at an average price 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 owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was bought 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 disclosure for this purchase can be found here. Insiders own 0.17% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Crewe Advisors LLC acquired a new position in shares of Truist Financial in the 1st quarter valued at approximately $27,000. Opal Wealth Advisors LLC acquired a new stake in shares of Truist Financial in the 1st quarter valued at $29,000. MFA Wealth Advisors LLC acquired a new position in shares of Truist Financial during the 2nd quarter worth $30,000. Y.D. More Investments Ltd acquired a new position in shares of Truist Financial during the 2nd quarter worth $31,000. Finally, Rise Advisors LLC acquired a new position in shares of Truist Financial during the 1st quarter worth $32,000. Institutional investors and hedge funds 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.