JPMorgan Chase & Co. Issues Positive Forecast for Truist Financial (NYSE:TFC) Stock Price

Truist Financial (NYSE:TFC) had its target price raised by JPMorgan Chase & Co. from $51.50 to $57.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a neutral rating on the insurance provider’s stock.

Other research analysts also recently issued research reports about the stock. TD Cowen upped their price target on shares of Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Raymond James Financial increased their target price on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, January 7th. Barclays lowered Truist Financial from an “equal weight” rating to an “underweight” rating and lifted their price target for the stock from $47.00 to $56.00 in a research note on Monday, January 5th. Evercore ISI reissued an “outperform” rating on shares of Truist Financial in a research note on Thursday. Finally, Piper Sandler raised their price objective on Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a report on Thursday, January 22nd. Eight investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $55.60.

Truist Financial Trading Down 1.8%

Shares of Truist Financial stock opened at $54.82 on Monday. The firm has a 50-day simple moving average of $50.38 and a two-hundred day simple moving average of $46.79. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.87. Truist Financial has a fifty-two week low of $33.56 and a fifty-two week high of $56.19. The company has a market cap of $70.13 billion, a P/E ratio of 14.39, a price-to-earnings-growth ratio of 0.94 and a beta of 0.89.

Truist Financial (NYSE:TFC) last posted its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The business had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. Truist Financial’s revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the business earned $0.91 earnings per share. As a group, equities analysts predict 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 will be paid on Monday, March 2nd. Shareholders of record on Friday, February 13th will be paid a $0.52 dividend. The ex-dividend date of this dividend is Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.8%. Truist Financial’s dividend payout ratio (DPR) is 54.59%.

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

Insider Activity

In related news, CAO Cynthia B. Powell sold 3,500 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the sale, the chief accounting officer owned 667 shares of the company’s stock, valued at approximately $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction dated 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 in the company, valued at $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 21,660 shares of company stock valued at $1,075,087. 0.14% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. IFP Advisors Inc grew its holdings in shares of Truist Financial by 2.4% during the 4th quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock worth $404,000 after purchasing an additional 194 shares during the period. AlphaCore Capital LLC raised its holdings in Truist Financial by 8.3% in the 4th quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock valued at $128,000 after buying an additional 199 shares during the period. CYBER HORNET ETFs LLC boosted its stake in Truist Financial by 5.5% during the fourth quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock worth $188,000 after buying an additional 199 shares during the period. Alliance Wealth Advisors LLC increased its position in shares of Truist Financial by 1.8% during the fourth quarter. Alliance Wealth Advisors LLC now owns 11,298 shares of the insurance provider’s stock valued at $556,000 after acquiring an additional 205 shares during the last quarter. Finally, Private Trust Co. NA raised its stake in shares of Truist Financial by 1.2% in the 4th quarter. Private Trust Co. NA now owns 18,778 shares of the insurance provider’s stock valued at $924,000 after acquiring an additional 215 shares during the period. 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.