Truist Financial (NYSE:TFC) Price Target Raised to $64.00

Truist Financial (NYSE:TFC) had its price target boosted by Evercore from $58.00 to $64.00 in a research note released on Thursday, MarketBeat reports. Evercore currently has an outperform rating on the insurance provider’s stock.

Other research analysts have also recently issued research reports about the company. The Goldman Sachs Group reissued a “buy” rating and issued a $58.00 price objective on shares of Truist Financial in a research report on Tuesday, January 6th. Robert W. Baird cut Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Citigroup increased their price target 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. Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Truist Financial in a research report on Monday, December 29th. Eight investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Truist Financial currently has a consensus rating of “Hold” and a consensus price target of $54.60.

Truist Financial Trading Up 1.3%

Shares of TFC stock opened at $55.86 on Thursday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. The company has a market capitalization of $71.46 billion, a price-to-earnings ratio of 14.66, a PEG ratio of 0.94 and a beta of 0.89. Truist Financial has a 52-week low of $33.56 and a 52-week high of $56.20. The company has a 50-day simple moving average of $50.21 and a two-hundred day simple moving average of $46.72.

Truist Financial (NYSE:TFC) last posted its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.09). The firm had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.Truist Financial’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.91 EPS. Research analysts anticipate that Truist Financial will post 4 EPS for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is currently 54.59%.

Truist Financial declared that its board has authorized a stock repurchase program on Tuesday, December 16th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the insurance provider to buy up to 15.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the sale, the director directly owned 10,153 shares in the company, valued at approximately $471,606.85. This represents a 33.70% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total transaction of $183,715.00. Following the completion of the transaction, the chief accounting officer directly owned 667 shares of the company’s stock, valued at approximately $35,010.83. This trade represents a 83.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 21,660 shares of company stock valued at $1,075,087 over the last quarter. Company insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Truist Financial by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock valued at $5,177,722,000 after buying an additional 1,529,478 shares in the last quarter. Capital International Investors lifted its holdings in shares of Truist Financial by 0.3% in the third quarter. Capital International Investors now owns 107,642,731 shares of the insurance provider’s stock worth $4,921,717,000 after buying an additional 346,423 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Truist Financial by 0.3% in the second quarter. Geode Capital Management LLC now owns 28,191,122 shares of the insurance provider’s stock valued at $1,205,855,000 after acquiring an additional 74,728 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Truist Financial by 0.9% during the second quarter. Charles Schwab Investment Management Inc. now owns 17,566,519 shares of the insurance provider’s stock valued at $755,185,000 after acquiring an additional 164,034 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Truist Financial by 6.5% during the second quarter. Invesco Ltd. now owns 13,995,108 shares of the insurance provider’s stock valued at $601,650,000 after acquiring an additional 854,826 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

About Truist Financial

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.