Truist Financial (NYSE:TFC) Price Target Raised to $58.00

Truist Financial (NYSE:TFC) had its price target hoisted by Argus from $54.00 to $58.00 in a research note issued to investors on Friday, Marketbeat.com reports. The brokerage currently has a buy rating on the insurance provider’s stock.

TFC has been the topic of a number of other research reports. Piper Sandler increased their price objective on Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Thursday. Raymond James Financial raised their price target on shares of Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a report on Monday, December 29th. The Goldman Sachs Group reissued a “buy” rating and set a $58.00 price objective on shares of Truist Financial in a research note on Tuesday, January 6th. Finally, Morgan Stanley raised their target price on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 17th. Seven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Truist Financial currently has an average rating of “Hold” and a consensus price target of $54.20.

Truist Financial Price Performance

Truist Financial stock opened at $49.57 on Friday. Truist Financial has a 52 week low of $33.56 and a 52 week high of $51.51. 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 firm’s 50-day simple moving average is $48.75 and its 200 day simple moving average is $46.19. The firm has a market capitalization of $63.41 billion, a PE ratio of 13.01, a P/E/G ratio of 0.84 and a beta of 0.89.

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

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date was Friday, November 14th. Truist Financial’s dividend payout ratio (DPR) is 54.59%.

Truist Financial declared that its Board of Directors has authorized a share buyback plan on Tuesday, December 16th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the insurance provider to reacquire up to 15.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total value of $239,682.00. Following the transaction, the director directly owned 10,153 shares in the company, valued at $471,606.85. This trade represents a 33.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.14% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Aspect Partners LLC raised its stake in shares of Truist Financial by 71.5% in 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. acquired a new stake in Truist Financial in the 3rd quarter valued at $28,000. Princeton Global Asset Management LLC acquired a new position in shares of Truist Financial during the second quarter worth about $30,000. Capital A Wealth Management LLC boosted its position in shares of Truist Financial by 1,189.5% in the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after buying an additional 678 shares during the period. Finally, Darwin Wealth Management LLC grew its stake in shares of Truist Financial by 631.6% in the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock valued at $32,000 after buying an additional 600 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

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.