Citigroup Raises Truist Financial (NYSE:TFC) Price Target to $45.00

Truist Financial (NYSE:TFC) had its target price hoisted by Citigroup from $42.00 to $45.00 in a research note released on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the insurance provider’s stock.

Several other research analysts have also recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of Truist Financial from $39.00 to $45.00 and gave the stock an overweight rating in a report on Thursday, March 28th. Jefferies Financial Group increased their target price on shares of Truist Financial from $40.00 to $41.00 and gave the company a hold rating in a report on Monday, April 8th. Royal Bank of Canada increased their target price on shares of Truist Financial from $40.00 to $42.00 and gave the company an outperform rating in a report on Friday, January 19th. Keefe, Bruyette & Woods increased their target price on shares of Truist Financial from $44.00 to $45.00 and gave the company an outperform rating in a report on Friday, April 5th. Finally, Compass Point raised shares of Truist Financial from a neutral rating to a buy rating and increased their target price for the company from $34.00 to $42.00 in a report on Tuesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $41.97.

Truist Financial Trading Up 0.5 %

NYSE TFC opened at $38.17 on Wednesday. The stock has a market capitalization of $50.94 billion, a P/E ratio of -28.92, a P/E/G ratio of 2.04 and a beta of 1.08. Truist Financial has a 52-week low of $25.56 and a 52-week high of $39.29. The firm has a 50-day moving average price of $36.90 and a 200 day moving average price of $34.82. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75.

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

Truist Financial Announces Dividend

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

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 16,132 shares in the company, valued at $604,627.36. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.17% of the stock is owned by company insiders.

Institutional Trading of Truist Financial

A number of hedge funds have recently bought and sold shares of the company. Fonville Wealth Management LLC boosted its position in Truist Financial by 25.9% during the first quarter. Fonville Wealth Management LLC now owns 7,685 shares of the insurance provider’s stock worth $300,000 after acquiring an additional 1,580 shares during the last quarter. Foster Victor Wealth Advisors LLC boosted its position in Truist Financial by 4.2% during the first quarter. Foster Victor Wealth Advisors LLC now owns 62,028 shares of the insurance provider’s stock worth $2,314,000 after acquiring an additional 2,494 shares during the last quarter. Prestige Wealth Management Group LLC boosted its holdings in shares of Truist Financial by 8.6% in the 1st quarter. Prestige Wealth Management Group LLC now owns 8,486 shares of the insurance provider’s stock valued at $331,000 after purchasing an additional 675 shares during the last quarter. YHB Investment Advisors Inc. acquired a new position in shares of Truist Financial in the 1st quarter valued at $56,000. Finally, First National Trust Co boosted its holdings in shares of Truist Financial by 116.8% in the 1st quarter. First National Trust Co now owns 209,225 shares of the insurance provider’s stock valued at $8,156,000 after purchasing an additional 112,739 shares during the last quarter. Institutional investors and hedge funds 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.