Evercore ISI Issues Positive Forecast for Truist Financial (NYSE:TFC) Stock Price

Truist Financial (NYSE:TFC) had its price objective raised by Evercore ISI from $58.00 to $64.00 in a report released on Thursday morning, Marketbeat.com reports. Evercore ISI currently has an outperform rating on the insurance provider’s stock.

TFC has been the topic of a number of other research reports. UBS Group set a $55.00 price objective on shares of Truist Financial in a report on Tuesday, October 21st. TD Cowen raised their price objective on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Raymond James Financial lifted their target price on Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Keefe, Bruyette & Woods upped their target price on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research report on Wednesday, December 17th. Finally, Robert W. Baird lowered shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Seven analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $54.60.

Truist Financial Stock Performance

NYSE:TFC opened at $55.17 on Thursday. Truist Financial has a 12 month low of $33.56 and a 12 month high of $55.74. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. The firm has a market capitalization of $70.58 billion, a PE ratio of 14.48, a price-to-earnings-growth ratio of 0.93 and a beta of 0.89. The business’s fifty day moving average price is $50.02 and its 200 day moving average price is $46.63.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.09). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same period in the prior year, the company posted $0.91 earnings per share. The company’s revenue was up 3.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Truist Financial will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, February 13th. This represents a $2.08 annualized dividend and a yield of 3.8%. Truist Financial’s payout ratio is presently 54.59%.

Truist Financial declared that its board has initiated a stock buyback program on Tuesday, December 16th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the insurance provider to reacquire up to 15.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the sale, the director owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the sale, the chief financial officer owned 74,323 shares in the company, valued at $3,725,811.99. The trade was a 14.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 21,660 shares of company stock valued at $1,075,087 in the last three months. 0.17% of the stock is currently owned by company insiders.

Institutional Trading of Truist Financial

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Aspect Partners LLC lifted its position in shares of Truist Financial by 71.5% during the 2nd quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 268 shares during the period. Valley Wealth Managers Inc. purchased a new position in Truist Financial in the 3rd quarter valued at approximately $28,000. Princeton Global Asset Management LLC purchased a new position in Truist Financial in the 2nd quarter valued at approximately $30,000. Capital A Wealth Management LLC raised its holdings in Truist Financial by 1,189.5% during the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 678 shares during the last quarter. Finally, Darwin Wealth Management LLC boosted its position in Truist Financial by 631.6% during the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 600 shares in the last quarter. 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.