Brokerages Set Truist Financial Corporation (NYSE:TFC) Price Target at $56.47

Shares of Truist Financial Corporation (NYSE:TFC) have been given an average recommendation of “Moderate Buy” by the fifteen analysts that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have given a hold recommendation and nine have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $56.4667.

A number of equities analysts have weighed in on TFC shares. Keefe, Bruyette & Woods increased their price target on shares of Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 17th. TD Cowen boosted their price objective on shares of Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, January 22nd. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and set a $52.00 price objective for the company in a report on Monday, March 9th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $58.00 target price on shares of Truist Financial in a research report on Tuesday, January 6th. Finally, Barclays cut 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 report on Monday, January 5th.

Insider Activity at Truist Financial

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

Institutional Trading of Truist Financial

Several institutional investors have recently added to or reduced their stakes in TFC. 3Chopt Investment Partners LLC lifted its holdings in Truist Financial by 1.3% in the fourth quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock worth $724,000 after acquiring an additional 193 shares during the last quarter. IFP Advisors Inc grew its holdings in shares of Truist Financial by 2.4% during the fourth quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock valued at $404,000 after purchasing an additional 194 shares during the last quarter. AlphaCore Capital LLC grew its holdings in shares of Truist Financial by 8.3% during the fourth quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock valued at $128,000 after purchasing an additional 199 shares during the last quarter. CYBER HORNET ETFs LLC raised its position in shares of Truist Financial by 5.5% during the 4th quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock worth $188,000 after purchasing an additional 199 shares during the period. Finally, Mindset Wealth Management LLC lifted its holdings in shares of Truist Financial by 0.6% in the 4th quarter. Mindset Wealth Management LLC now owns 34,667 shares of the insurance provider’s stock worth $1,706,000 after purchasing an additional 201 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Stock Down 1.3%

Shares of NYSE:TFC opened at $43.82 on Monday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $54.73 billion, a P/E ratio of 11.50, a P/E/G ratio of 0.75 and a beta of 0.87. Truist Financial has a 52-week low of $33.56 and a 52-week high of $56.19. The stock’s fifty day simple moving average is $50.60 and its 200-day simple moving average is $47.69.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The firm had revenue of $4.93 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.91 earnings per share. As a group, equities research analysts forecast that Truist Financial will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend was Friday, February 13th. Truist Financial’s dividend payout ratio is 54.59%.

Truist Financial declared that its Board of Directors has approved a share buyback program on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the insurance provider to buy up to 15.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.