Brokerages Set Truist Financial Co. (NYSE:TFC) PT at $47.83

Truist Financial Co. (NYSE:TFC) has been assigned a consensus rating of “Moderate Buy” from the twenty-one brokerages that are currently covering the company, Marketbeat.com reports. Eight investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $47.83.

A number of brokerages have recently commented on TFC. Barclays cut their price target on Truist Financial from $51.00 to $47.00 and set an “equal weight” rating for the company in a report on Monday, April 21st. Wall Street Zen upgraded Truist Financial from a “sell” rating to a “hold” rating in a report on Wednesday, May 7th. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $48.00 to $52.00 in a report on Wednesday, March 5th. Wells Fargo & Company cut their price target on Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, March 28th. Finally, Morgan Stanley cut their price target on Truist Financial from $50.00 to $43.00 and set an “equal weight” rating for the company in a report on Monday, April 7th.

Truist Financial Stock Down 2.5%

Shares of Truist Financial stock opened at $38.94 on Friday. Truist Financial has a 12-month low of $33.56 and a 12-month high of $49.06. The stock has a market capitalization of $50.99 billion, a P/E ratio of 11.69, a PEG ratio of 1.63 and a beta of 0.84. The stock has a 50 day moving average price of $38.77 and a two-hundred day moving average price of $42.42. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting analysts’ consensus estimates of $0.87. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company had revenue of $4.95 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same period in the previous year, the company earned $0.90 earnings per share. Equities analysts expect that Truist Financial will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were paid a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 annualized dividend and a yield of 5.34%. Truist Financial’s dividend payout ratio is currently 61.36%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of TFC. Capital International Investors grew its holdings in shares of Truist Financial by 26.0% during the fourth quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider’s stock worth $3,930,983,000 after purchasing an additional 18,712,246 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Truist Financial by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 27,975,691 shares of the insurance provider’s stock worth $1,210,348,000 after purchasing an additional 534,740 shares during the last quarter. Amundi grew its holdings in shares of Truist Financial by 4.6% during the first quarter. Amundi now owns 24,774,656 shares of the insurance provider’s stock worth $1,019,477,000 after purchasing an additional 1,091,311 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Truist Financial by 20.5% during the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider’s stock worth $626,154,000 after purchasing an additional 2,452,239 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Truist Financial by 32.0% during the first quarter. Invesco Ltd. now owns 13,140,282 shares of the insurance provider’s stock worth $540,723,000 after purchasing an additional 3,188,999 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.