Truist Financial (NYSE:TFC) Price Target Increased to $45.00 by Analysts at Citigroup

Truist Financial (NYSE:TFC) had its target price increased by Citigroup from $42.00 to $45.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the insurance provider’s stock.

Several other analysts also recently weighed in on TFC. Keefe, Bruyette & Woods lifted their price objective on Truist Financial from $44.00 to $45.00 and gave the company an outperform rating in a report on Friday, April 5th. HSBC lifted their price objective on Truist Financial from $37.00 to $39.00 and gave the company a hold rating in a report on Thursday, March 28th. Morgan Stanley reiterated an equal weight rating and issued a $43.00 target price on shares of Truist Financial in a report on Monday. Bank of America upgraded shares of Truist Financial from a neutral rating to a buy rating and set a $43.00 target price for the company in a report on Thursday, January 4th. Finally, StockNews.com downgraded shares of Truist Financial from a hold rating to a sell rating in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $41.97.

Truist Financial Stock Performance

TFC stock opened at $38.79 on Wednesday. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82. The business has a 50-day moving average price of $36.83 and a 200 day moving average price of $34.73. The company has a market capitalization of $51.77 billion, a P/E ratio of -29.39, a PEG ratio of 2.45 and a beta of 1.08. Truist Financial has a 1-year low of $25.56 and a 1-year high of $39.29.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.12. The firm had revenue of $4.87 billion during the quarter, compared to the consensus estimate of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The firm’s quarterly revenue was down 8.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.09 earnings per share. As a group, equities research analysts forecast that Truist Financial will post 3.26 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be given a $0.52 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.36%. Truist Financial’s dividend payout ratio is currently -157.58%.

Insider Activity at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,764 shares of the company’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 value of $141,074.72. Following the sale, the director now 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 available through this link. 0.17% of the stock is owned by insiders.

Institutional Investors Weigh In On Truist Financial

A number of large investors have recently bought and sold shares of the company. Norges Bank purchased a new stake in Truist Financial in the 4th quarter worth approximately $307,787,000. Parnassus Investments LLC purchased a new stake in Truist Financial in the 4th quarter worth approximately $95,049,000. North Reef Capital Management LP purchased a new stake in Truist Financial in the 3rd quarter worth approximately $66,804,000. Azora Capital LP purchased a new stake in Truist Financial in the 4th quarter worth approximately $72,498,000. Finally, Assenagon Asset Management S.A. boosted its position in Truist Financial by 342.2% in the 3rd 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. Hedge funds and other institutional investors own 71.28% of the company’s stock.

About Truist Financial

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.