Truist Financial (NYSE:TFC) Upgraded to “Buy” by Compass Point

Compass Point upgraded shares of Truist Financial (NYSE:TFC) from a neutral rating to a buy rating in a research note issued to investors on Tuesday morning, MarketBeat Ratings reports. They currently have $42.00 price objective on the insurance provider’s stock, up from their prior price objective of $34.00.

Other equities analysts also recently issued reports about the company. Raymond James lifted their price target on Truist Financial from $34.00 to $41.00 and gave the stock an outperform rating in a research note on Friday, January 5th. Bank of America upgraded Truist Financial from a neutral rating to a buy rating and set a $43.00 price target for the company in a research note on Thursday, January 4th. Stephens upgraded Truist Financial from an equal weight rating to an overweight rating and lifted their price target for the stock from $41.00 to $43.00 in a research note on Tuesday, March 19th. Piper Sandler lifted their price target on Truist Financial from $37.00 to $38.00 and gave the stock a neutral rating in a research note on Friday, January 19th. Finally, Barclays lifted their target price on Truist Financial from $40.00 to $42.00 and gave the company an equal weight rating in a research note on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial presently has a consensus rating of Moderate Buy and a consensus price target of $41.59.

Truist Financial Stock Up 2.1 %

Shares of NYSE TFC opened at $38.85 on Tuesday. Truist Financial has a 1 year low of $25.56 and a 1 year high of $39.29. The firm has a market cap of $51.85 billion, a price-to-earnings ratio of -35.97, a PEG ratio of 2.27 and a beta of 1.08. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.82 and a current ratio of 0.82. The stock’s 50-day simple moving average is $36.76 and its 200-day simple moving average is $34.70.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. The business had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period in the previous year, the company earned $1.09 earnings per share. The company’s revenue for the quarter was down 8.8% compared to the same quarter last year. As a group, equities analysts anticipate that Truist Financial will post 3.33 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Friday, May 10th will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 5.35%. Truist Financial’s dividend payout ratio is presently -192.59%.

Insider Transactions at Truist Financial

In other news, Director K. David Jr. Boyer sold 3,764 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the transaction, the director now directly owns 16,132 shares in the company, valued at $604,627.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Truist Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TFC. Norges Bank bought a new stake in Truist Financial during the fourth quarter worth approximately $307,787,000. Parnassus Investments LLC bought a new stake in Truist Financial during the fourth quarter worth approximately $95,049,000. North Reef Capital Management LP bought a new stake in Truist Financial during the third quarter worth approximately $66,804,000. Azora Capital LP bought a new stake in Truist Financial during the fourth quarter worth approximately $72,498,000. Finally, Assenagon Asset Management S.A. raised its holdings in Truist Financial by 342.2% during the third quarter. Assenagon Asset Management S.A. now owns 2,526,939 shares of the insurance provider’s stock worth $72,296,000 after purchasing an additional 1,955,448 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

Truist Financial Company Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.