Truist Financial (NYSE:TFC) Rating Increased to Buy at Compass Point

Compass Point upgraded shares of Truist Financial (NYSE:TFC) from a neutral rating to a buy rating in a report released on Tuesday morning, Marketbeat.com reports. They currently have $42.00 price objective on the insurance provider’s stock, up from their prior price objective of $34.00.

TFC has been the topic of several other research reports. Wells Fargo & Company boosted their target price on Truist Financial from $39.00 to $45.00 and gave the stock an overweight rating in a report on Thursday, March 28th. Royal Bank of Canada upped their price target on Truist Financial from $40.00 to $42.00 and gave the company an outperform rating in a report on Friday, January 19th. Barclays upped their price target on Truist Financial from $40.00 to $42.00 and gave the company an equal weight rating in a report on Tuesday, January 2nd. Stephens raised Truist Financial from an equal weight rating to an overweight rating and upped their price target for the company from $41.00 to $43.00 in a report on Tuesday, March 19th. Finally, UBS Group upped their price target on Truist Financial from $45.00 to $49.00 and gave the company a buy rating in a report on Friday, April 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Truist Financial has an average rating of Moderate Buy and an average target price of $41.97.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $38.17 on Tuesday. Truist Financial has a 12-month low of $25.56 and a 12-month high of $39.29. The company has a market cap of $50.94 billion, a PE ratio of -28.92, a P/E/G ratio of 2.04 and a beta of 1.08. The stock has a 50 day simple moving average of $36.90 and a 200-day simple moving average of $34.82. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the previous year, the company earned $1.09 earnings per share. The firm’s quarterly revenue was down 8.8% compared to the same quarter last year. On average, equities research analysts forecast that Truist Financial will post 3.27 EPS for the current year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.45%. The ex-dividend date is Thursday, May 9th. Truist Financial’s dividend payout ratio is currently -157.58%.

Insider Activity

In other news, Director K. David Jr. Boyer sold 3,764 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the transaction, the director now directly owns 16,132 shares in the company, valued at approximately $604,627.36. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Truist Financial

Several institutional investors and hedge funds have recently modified their holdings of TFC. Norges Bank purchased a new position in shares of Truist Financial during the 4th quarter valued at $307,787,000. Parnassus Investments LLC bought a new stake in Truist Financial in the fourth quarter worth $95,049,000. North Reef Capital Management LP bought a new stake in Truist Financial in the third quarter worth $66,804,000. Azora Capital LP bought a new stake in Truist Financial in the fourth quarter worth $72,498,000. Finally, Assenagon Asset Management S.A. boosted its holdings in Truist Financial by 342.2% in the third quarter. Assenagon Asset Management S.A. now owns 2,526,939 shares of the insurance provider’s stock worth $72,296,000 after purchasing an additional 1,955,448 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

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.