Truist Financial (NYSE:TFC) Given New $41.00 Price Target at Piper Sandler

Truist Financial (NYSE:TFC) had its target price lowered by Piper Sandler from $45.00 to $41.00 in a research note issued to investors on Monday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the insurance provider’s stock.

TFC has been the topic of several other reports. Keefe, Bruyette & Woods raised their target price on shares of Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 21st. Robert W. Baird raised Truist Financial from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $48.00 to $52.00 in a research report on Wednesday, March 5th. Barclays boosted their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Raymond James cut Truist Financial from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Finally, Citigroup reduced their target price on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Nine research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Truist Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.28.

Truist Financial Stock Down 1.5 %

TFC opened at $35.36 on Monday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. Truist Financial has a 12 month low of $33.56 and a 12 month high of $49.06. The business has a 50 day simple moving average of $40.99 and a 200-day simple moving average of $43.76. The stock has a market capitalization of $46.16 billion, a P/E ratio of 10.62, a P/E/G ratio of 1.63 and a beta of 0.91.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.87. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The business had revenue of $4.95 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same quarter last year, the business posted $0.90 earnings per share. On average, equities analysts anticipate that Truist Financial will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Friday, February 14th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.88%. The ex-dividend date of this dividend was Friday, February 14th. Truist Financial’s payout ratio is 61.36%.

Institutional Investors Weigh In On Truist Financial

Hedge funds have recently modified their holdings of the stock. Citizens & Northern Corp increased its stake in Truist Financial by 3.2% in the 1st quarter. Citizens & Northern Corp now owns 37,743 shares of the insurance provider’s stock worth $1,553,000 after purchasing an additional 1,168 shares in the last quarter. Abundance Wealth Counselors raised its holdings in shares of Truist Financial by 9.1% during the first quarter. Abundance Wealth Counselors now owns 45,163 shares of the insurance provider’s stock valued at $1,858,000 after acquiring an additional 3,776 shares during the period. Good Steward Wealth Advisors LLC purchased a new stake in shares of Truist Financial in the 1st quarter valued at approximately $411,000. Avior Wealth Management LLC grew its position in Truist Financial by 224.0% during the 1st quarter. Avior Wealth Management LLC now owns 20,375 shares of the insurance provider’s stock worth $838,000 after purchasing an additional 14,086 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in Truist Financial by 12.4% during the 1st quarter. Blue Trust Inc. now owns 43,020 shares of the insurance provider’s stock valued at $1,770,000 after purchasing an additional 4,737 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

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.