Barclays Raises Truist Financial (NYSE:TFC) Price Target to $51.00

Truist Financial (NYSE:TFC) had its target price boosted by Barclays from $47.00 to $51.00 in a report published on Monday morning,Benzinga reports. They currently have an equal weight rating on the insurance provider’s stock.

A number of other brokerages also recently commented on TFC. Piper Sandler upped their target price on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Royal Bank of Canada upped their price target on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Compass Point upped their price target on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Stephens reissued an “overweight” rating and set a $54.00 target price on shares of Truist Financial in a report on Thursday, January 2nd. Finally, Wells Fargo & Company increased their target price on Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Eleven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $49.89.

Truist Financial Trading Down 0.1 %

Shares of NYSE:TFC opened at $43.93 on Monday. The business’s 50-day moving average is $45.34 and its 200 day moving average is $43.25. Truist Financial has a 1 year low of $34.23 and a 1 year high of $49.06. The firm has a market capitalization of $58.32 billion, a P/E ratio of -30.72, a P/E/G ratio of 1.88 and a beta of 1.08. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $5.05 billion. On average, research analysts predict that Truist Financial will post 3.7 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were given a dividend of $0.52 per share. The ex-dividend date was Friday, November 8th. This represents a $2.08 annualized dividend and a dividend yield of 4.73%. Truist Financial’s dividend payout ratio is currently -145.45%.

Insider Activity at Truist Financial

In other news, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total transaction of $229,429.20. Following the sale, the director now owns 11,246 shares in the company, valued at approximately $519,565.20. The trade was a 30.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William H. Rogers, Jr. bought 34,180 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were purchased at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the transaction, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This represents a 5.20 % increase in their position. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Truist Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Fulton Bank N.A. grew its holdings in shares of Truist Financial by 3.0% during the fourth quarter. Fulton Bank N.A. now owns 61,183 shares of the insurance provider’s stock worth $2,654,000 after buying an additional 1,771 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Truist Financial during the fourth quarter worth about $1,184,000. Bangor Savings Bank grew its holdings in shares of Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after buying an additional 272 shares during the last quarter. Neville Rodie & Shaw Inc. grew its holdings in shares of Truist Financial by 17.9% during the fourth quarter. Neville Rodie & Shaw Inc. now owns 37,468 shares of the insurance provider’s stock worth $1,626,000 after buying an additional 5,695 shares during the last quarter. Finally, CWA Asset Management Group LLC boosted its holdings in Truist Financial by 9.5% in the 4th quarter. CWA Asset Management Group LLC now owns 49,000 shares of the insurance provider’s stock valued at $2,126,000 after purchasing an additional 4,267 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

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.