Truist Financial (NYSE:TFC) Price Target Raised to $56.00

Truist Financial (NYSE:TFC) had its price objective increased by Robert W. Baird from $55.00 to $56.00 in a research report sent to investors on Monday, MarketBeat.com reports. Robert W. Baird currently has a neutral rating on the insurance provider’s stock.

Several other analysts have also weighed in on the stock. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Monday, June 29th. Royal Bank Of Canada upped their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a report on Monday, April 20th. Jefferies Financial Group restated a “mixed” rating and issued a $45.00 target price on shares of Truist Financial in a research note on Friday, April 17th. Finally, UBS Group downgraded Truist Financial from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $58.00 to $55.00 in a research note on Tuesday, July 7th. Seven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Truist Financial currently has an average rating of “Hold” and a consensus target price of $54.61.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $51.73 on Monday. The business has a 50-day moving average price of $49.63 and a two-hundred day moving average price of $49.54. Truist Financial has a 1-year low of $40.78 and a 1-year high of $56.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The company has a market cap of $64.45 billion, a P/E ratio of 11.86, a PEG ratio of 0.94 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The firm’s revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.91 EPS. As a group, analysts anticipate that Truist Financial will post 4.57 EPS for the current year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Friday, May 8th. Truist Financial’s dividend payout ratio (DPR) is currently 47.71%.

Institutional Investors Weigh In On Truist Financial

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Pinnacle Financial Partners Inc. grew its stake in Truist Financial by 30.0% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock valued at $7,994,000 after purchasing an additional 40,393 shares during the period. Ritholtz Wealth Management raised its stake in shares of Truist Financial by 91.9% during the 4th quarter. Ritholtz Wealth Management now owns 45,749 shares of the insurance provider’s stock worth $2,251,000 after purchasing an additional 21,903 shares during the period. LBP AM SA purchased a new position in shares of Truist Financial in the 4th quarter worth about $10,836,000. Fifth Third Bancorp boosted its holdings in shares of Truist Financial by 531.8% in the 1st quarter. Fifth Third Bancorp now owns 436,355 shares of the insurance provider’s stock worth $20,059,000 after buying an additional 367,291 shares during the last quarter. Finally, Carnegie Investment Counsel grew its position in Truist Financial by 57.8% during the fourth quarter. Carnegie Investment Counsel now owns 105,792 shares of the insurance provider’s stock valued at $5,206,000 after buying an additional 38,750 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

About Truist Financial

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.