Truist Financial (NYSE:TFC) Price Target Raised to $60.00 at The Goldman Sachs Group

Truist Financial (NYSE:TFC) had its price target hoisted by The Goldman Sachs Group from $50.00 to $60.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a buy rating on the insurance provider’s stock.

Other research analysts have also issued reports about the stock. Citigroup upped their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. Stephens reissued an “overweight” rating and issued a $50.00 price target on shares of Truist Financial in a report on Tuesday, September 10th. StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. JPMorgan Chase & Co. raised their target price on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. Finally, Compass Point boosted their target price on Truist Financial from $46.00 to $47.00 in a report on Wednesday, October 16th. Twelve equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Truist Financial has a consensus rating of “Hold” and an average price target of $47.17.

Truist Financial Stock Performance

Shares of TFC stock opened at $47.68 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a 50-day moving average of $44.23 and a 200-day moving average of $41.81. Truist Financial has a one year low of $31.96 and a one year high of $49.06. The company has a market cap of $63.30 billion, a P/E ratio of -33.34, a P/E/G ratio of 1.96 and a beta of 1.05.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The business had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.05 billion. Equities research analysts forecast that Truist Financial will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.36%. Truist Financial’s payout ratio is -145.45%.

Insider Buying and Selling

In other news, CEO William H. Rogers, Jr. acquired 34,180 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was acquired at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the purchase, the chief executive officer now owns 691,451 shares of the company’s stock, valued at $33,576,860.56. This represents a 5.20 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 0.17% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Tradewinds LLC. grew its holdings in Truist Financial by 0.5% during the 3rd quarter. Tradewinds LLC. now owns 44,513 shares of the insurance provider’s stock worth $1,904,000 after acquiring an additional 222 shares in the last quarter. Capital Investment Counsel Inc grew its stake in Truist Financial by 0.4% in the 2nd quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock valued at $2,413,000 after acquiring an additional 244 shares during the last quarter. Burkett Financial Services LLC increased its stake in shares of Truist Financial by 26.8% during the 3rd quarter. Burkett Financial Services LLC now owns 1,198 shares of the insurance provider’s stock worth $51,000 after purchasing an additional 253 shares in the last quarter. Verum Partners LLC increased its position in Truist Financial by 2.5% during the second quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock worth $411,000 after buying an additional 261 shares in the last quarter. Finally, CX Institutional lifted its position in shares of Truist Financial by 3.4% in the second quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock valued at $313,000 after acquiring an additional 263 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Company Profile

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.