Truist Financial (NYSE:TFC) Given New $59.00 Price Target at TD Cowen

Truist Financial (NYSE:TFC) had its price objective boosted by TD Cowen from $55.00 to $59.00 in a research note published on Wednesday,Benzinga reports. They currently have a buy rating on the insurance provider’s stock.

Several other equities analysts have also recently weighed in on the stock. UBS Group set a $55.00 price target on shares of Truist Financial in a research note on Tuesday, October 21st. Citigroup raised their target price on shares of Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, December 31st. Evercore ISI upgraded shares of Truist Financial from a “hold” rating to an “outperform” rating and lifted their price target for the company from $49.00 to $58.00 in a research note on Tuesday. Raymond James Financial increased their price objective on shares of Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Seven research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $52.80.

Truist Financial Price Performance

TFC stock opened at $50.62 on Wednesday. The stock has a 50-day moving average price of $47.45 and a two-hundred day moving average price of $45.63. Truist Financial has a 1 year low of $33.56 and a 1 year high of $51.26. The stock has a market cap of $64.75 billion, a PE ratio of 13.61, a price-to-earnings-growth ratio of 0.98 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, October 17th. The insurance provider reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.05. The company had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $5.20 billion. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.Truist Financial’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.97 earnings per share. Equities analysts forecast that Truist Financial will post 4 EPS for the current fiscal year.

Truist Financial announced that its board has initiated a share buyback plan on Tuesday, December 16th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the insurance provider to repurchase up to 15.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Friday, November 14th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Friday, November 14th. Truist Financial’s dividend payout ratio (DPR) is presently 55.91%.

Insider Buying and Selling at Truist Financial

In related news, Director K. David Jr. Boyer sold 5,160 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the transaction, the director directly owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. The trade was a 33.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

Several institutional investors and hedge funds have recently modified their holdings of TFC. Valley Wealth Managers Inc. bought a new stake in shares of Truist Financial during the 3rd quarter worth about $28,000. Aspect Partners LLC lifted its position in Truist Financial by 71.5% during the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 268 shares during the last quarter. Ancora Advisors LLC boosted its holdings in shares of Truist Financial by 259.1% during the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 500 shares during the period. Darwin Wealth Management LLC grew its position 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 purchasing an additional 600 shares during the last quarter. Finally, Princeton Global Asset Management LLC acquired a new position in shares of Truist Financial in the second quarter valued at approximately $30,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

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.