Truist Financial Co. (NYSE:TFC – Get Free Report) announced a quarterly dividend on Tuesday, October 22nd, RTT News reports. Stockholders of record on Friday, November 8th will be given a dividend of 0.52 per share by the insurance provider on Monday, December 2nd. This represents a $2.08 annualized dividend and a dividend yield of 4.79%.
Truist Financial has increased its dividend by an average of 4.9% per year over the last three years and has increased its dividend every year for the last 13 years. Truist Financial has a payout ratio of 52.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Truist Financial to earn $3.92 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 53.1%.
Truist Financial Trading Up 2.3 %
NYSE:TFC traded up $0.96 during midday trading on Tuesday, hitting $43.39. 13,316,058 shares of the company traded hands, compared to its average volume of 8,321,262. The firm has a market capitalization of $58.06 billion, a P/E ratio of -32.77, a P/E/G ratio of 1.83 and a beta of 1.05. The firm’s fifty day moving average is $42.70 and its 200-day moving average is $40.35. Truist Financial has a 12-month low of $26.95 and a 12-month high of $45.31. The company has a current ratio of 0.85, a quick ratio of 0.86 and a debt-to-equity ratio of 0.62.
Analysts Set New Price Targets
Several brokerages have issued reports on TFC. Barclays raised their price objective on shares of 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 price objective for the company. in a report 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. Compass Point boosted their target price on shares of Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. Finally, Stephens restated an “overweight” rating and issued a $50.00 price target on shares of Truist Financial in a report on Tuesday, September 10th. Twelve analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $46.02.
Check Out Our Latest Stock Analysis on TFC
Insider Activity at Truist Financial
In other news, VP Cynthia B. Powell sold 6,688 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.17% of the stock is owned by insiders.
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.
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