Truist Financial (NYSE:TFC) Rating Increased to Buy at Citigroup

Citigroup upgraded shares of Truist Financial (NYSE:TFC) from a neutral rating to a buy rating in a research report released on Thursday morning, MarketBeat Ratings reports. The brokerage currently has $55.00 price objective on the insurance provider’s stock, up from their prior price objective of $44.00.

Other equities analysts also recently issued research reports about the company. Keefe, Bruyette & Woods lowered their price target on Truist Financial from $53.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, April 21st. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $48.00 to $52.00 in a research report on Wednesday, March 5th. Wells Fargo & Company lowered their price target on Truist Financial from $52.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. Morgan Stanley reduced their target price on Truist Financial from $50.00 to $43.00 and set an “equal weight” rating for the company in a report on Monday, April 7th. Finally, Argus set a $43.00 target price on Truist Financial in a report on Monday, April 21st. Eight investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $48.44.

Truist Financial Stock Up 2.8%

Shares of TFC opened at $42.57 on Thursday. Truist Financial has a 52 week low of $33.56 and a 52 week high of $49.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $55.75 billion, a price-to-earnings ratio of 12.56, a PEG ratio of 1.54 and a beta of 0.84. The stock’s 50-day moving average price is $39.54 and its 200-day moving average price is $42.01.

Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, hitting analysts’ consensus estimates of $0.87. The firm had revenue of $4.95 billion for the quarter, compared to the consensus estimate of $4.99 billion. Truist Financial had a return on equity of 8.96% and a net margin of 15.59%. During the same quarter in the prior year, the business earned $0.90 earnings per share. On average, sell-side analysts predict that Truist Financial will post 4 EPS for the current year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Friday, May 9th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.89%. Truist Financial’s payout ratio is presently 61.36%.

Institutional Investors Weigh In On Truist Financial

Institutional investors have recently modified their holdings of the company. Comerica Bank grew its stake in shares of Truist Financial by 3.6% in the fourth quarter. Comerica Bank now owns 449,484 shares of the insurance provider’s stock valued at $19,499,000 after buying an additional 15,499 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Truist Financial by 81.7% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,108,466 shares of the insurance provider’s stock valued at $48,085,000 after buying an additional 498,531 shares in the last quarter. Cantor Fitzgerald Investment Advisors L.P. grew its stake in shares of Truist Financial by 4.6% in the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 435,650 shares of the insurance provider’s stock valued at $17,927,000 after buying an additional 19,286 shares in the last quarter. Stifel Financial Corp grew its stake in shares of Truist Financial by 2.8% in the fourth quarter. Stifel Financial Corp now owns 2,242,763 shares of the insurance provider’s stock valued at $97,291,000 after buying an additional 60,848 shares in the last quarter. Finally, Glass Wealth Management Co LLC grew its stake in shares of Truist Financial by 9.5% in the fourth quarter. Glass Wealth Management Co LLC now owns 67,978 shares of the insurance provider’s stock valued at $2,949,000 after buying an additional 5,900 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

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.