Brokerages Set Truist Financial Corporation (NYSE:TFC) Price Target at $55.60

Shares of Truist Financial Corporation (NYSE:TFC) have been given an average recommendation of “Hold” by the sixteen brokerages that are currently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, seven have given a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $55.60.

TFC has been the subject of several recent analyst reports. Evercore upped their price objective on shares of Truist Financial from $58.00 to $64.00 and gave the stock an “outperform” rating in a research report on Thursday, February 5th. Evercore ISI reaffirmed an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. UBS Group set a $55.00 price objective on shares of Truist Financial in a research report on Tuesday, October 21st. Argus upped their target price on Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, January 23rd. Finally, TD Cowen raised their target price on Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, January 22nd.

Insider Activity

In related news, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the transaction, the director directly owned 10,153 shares in the company, valued at $471,606.85. This represents a 33.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction of $183,715.00. Following the completion of the sale, the chief accounting officer owned 667 shares in the company, valued at $35,010.83. This represents a 83.99% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 21,660 shares of company stock worth $1,075,087. Corporate insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Truist Financial

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Independent Advisor Alliance lifted its stake in shares of Truist Financial by 9.7% during the 3rd quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock valued at $15,046,000 after buying an additional 29,191 shares in the last quarter. Cullen Capital Management LLC raised its holdings in Truist Financial by 10.3% during the 3rd quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider’s stock valued at $209,936,000 after acquiring an additional 427,067 shares during the period. Brookstone Capital Management lifted its position in shares of Truist Financial by 12.3% during the third quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider’s stock worth $15,366,000 after acquiring an additional 36,916 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of Truist Financial by 2.6% during the third quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider’s stock worth $19,285,000 after acquiring an additional 10,706 shares in the last quarter. Finally, Versor Investments LP boosted its holdings in shares of Truist Financial by 64.4% in the third quarter. Versor Investments LP now owns 25,008 shares of the insurance provider’s stock worth $1,143,000 after acquiring an additional 9,800 shares during the period. Institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Down 0.4%

Shares of TFC stock opened at $51.86 on Thursday. The stock has a market cap of $66.34 billion, a P/E ratio of 13.61, a price-to-earnings-growth ratio of 0.88 and a beta of 0.89. Truist Financial has a 1 year low of $33.56 and a 1 year high of $56.19. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The stock has a 50 day simple moving average of $50.94 and a 200 day simple moving average of $47.08.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.09). The company had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. Truist Financial’s revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share. On average, research analysts predict 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 $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Friday, February 13th. Truist Financial’s payout ratio is currently 54.59%.

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

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.