Truist Financial (NYSE:TFC) Price Target Raised to $57.00

Truist Financial (NYSE:TFC) had its price target boosted by JPMorgan Chase & Co. from $51.50 to $57.00 in a research report report published on Monday morning,Benzinga reports. They currently have a neutral rating on the insurance provider’s stock.

A number of other equities analysts also recently commented on the stock. TD Cowen lifted their price objective on shares of Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Keefe, Bruyette & Woods lifted their price target on shares of Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. Evercore boosted their price objective on shares of Truist Financial from $58.00 to $64.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Argus raised their target price on shares of Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. Finally, Barclays downgraded Truist Financial from an “equal weight” rating to an “underweight” rating and lifted their target price for the company from $47.00 to $56.00 in a research note on Monday, January 5th. Eight investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Truist Financial currently has an average rating of “Hold” and an average price target of $55.60.

Truist Financial Stock Performance

Shares of TFC stock opened at $54.09 on Monday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. The stock has a market capitalization of $69.20 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 0.93 and a beta of 0.89. Truist Financial has a one year low of $33.56 and a one year high of $56.19. The company’s 50-day simple moving average is $50.68 and its 200-day simple moving average is $46.91.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.09). The firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.91 EPS. Equities analysts anticipate that Truist Financial will post 4 earnings per share for the current fiscal year.

Truist Financial declared that its Board of Directors has initiated a share repurchase program on Tuesday, December 16th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the insurance provider to repurchase up to 15.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 2nd. Investors of record on Friday, February 13th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend is Friday, February 13th. Truist Financial’s dividend payout ratio is 54.59%.

Insider Activity at Truist Financial

In other news, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the transaction, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction of $183,715.00. Following the sale, the chief accounting officer owned 667 shares in the company, valued at approximately $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 21,660 shares of company stock worth $1,075,087 in the last three months. 0.17% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Truist Financial by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock valued at $5,177,722,000 after acquiring an additional 1,529,478 shares during the last quarter. Capital International Investors lifted its stake in Truist Financial by 0.7% during the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock valued at $5,332,835,000 after purchasing an additional 715,433 shares during the last quarter. Geode Capital Management LLC lifted its stake in Truist Financial by 0.3% during the second quarter. Geode Capital Management LLC now owns 28,191,122 shares of the insurance provider’s stock valued at $1,205,855,000 after purchasing an additional 74,728 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Truist Financial by 0.9% during the second quarter. Charles Schwab Investment Management Inc. now owns 17,566,519 shares of the insurance provider’s stock worth $755,185,000 after buying an additional 164,034 shares in the last quarter. Finally, Invesco Ltd. grew its position in Truist Financial by 6.5% in the second quarter. Invesco Ltd. now owns 13,995,108 shares of the insurance provider’s stock worth $601,650,000 after buying an additional 854,826 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Company Profile

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.