Truist Financial Corporation (NYSE:TFC) Receives $55.60 Average Target Price from Brokerages

Shares of Truist Financial Corporation (NYSE:TFC) have been given an average rating of “Hold” by the sixteen brokerages that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating on the company. The average 12-month price target among analysts that have covered the stock in the last year is $55.60.

Several research analysts have weighed in on the company. UBS Group set a $55.00 price target on Truist Financial in a research note on Tuesday, October 21st. Evercore upped their target price on shares of Truist Financial from $58.00 to $64.00 and gave the stock an “outperform” rating in a research report on Thursday, February 5th. Citigroup lifted their price target on shares of Truist Financial from $60.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, December 31st. JPMorgan Chase & Co. boosted their price target on shares of Truist Financial from $51.50 to $57.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Finally, Barclays lowered Truist Financial from an “equal weight” rating to an “underweight” rating and raised their price objective for the company from $47.00 to $56.00 in a research report on Monday, January 5th.

Insider Activity

In other news, Director K. David Jr. Boyer sold 5,160 shares of the 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 completion of the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michael Baron Maguire sold 13,000 shares of the company’s stock in a transaction on Monday, January 26th. The shares were sold at an average price of $50.13, for a total transaction of $651,690.00. Following the sale, the chief financial officer directly owned 74,323 shares in the company, valued at approximately $3,725,811.99. The trade was a 14.89% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 21,660 shares of company stock worth $1,075,087. 0.17% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in TFC. Independent Advisor Alliance increased its position in Truist Financial by 9.7% in the 3rd quarter. Independent Advisor Alliance now owns 329,093 shares of the insurance provider’s stock valued at $15,046,000 after acquiring an additional 29,191 shares during the period. Cullen Capital Management LLC increased its holdings in shares of Truist Financial by 10.3% in the third quarter. Cullen Capital Management LLC now owns 4,591,783 shares of the insurance provider’s stock valued at $209,936,000 after purchasing an additional 427,067 shares during the period. Brookstone Capital Management lifted its holdings in shares of Truist Financial by 12.3% during the third quarter. Brookstone Capital Management now owns 336,095 shares of the insurance provider’s stock worth $15,366,000 after purchasing an additional 36,916 shares during the period. Oppenheimer Asset Management Inc. grew its position in Truist Financial by 2.6% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 421,809 shares of the insurance provider’s stock valued at $19,285,000 after buying an additional 10,706 shares during the last quarter. Finally, Versor Investments LP increased its stake in Truist Financial by 64.4% in the 3rd quarter. Versor Investments LP now owns 25,008 shares of the insurance provider’s stock valued at $1,143,000 after buying an additional 9,800 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Trading Down 0.4%

Shares of Truist Financial stock opened at $51.86 on Thursday. Truist Financial has a fifty-two week low of $33.56 and a fifty-two week high of $56.19. 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 $66.34 billion, a P/E ratio of 13.61, a P/E/G ratio of 0.88 and a beta of 0.89. The company has a fifty day moving average of $50.86 and a 200 day moving average of $47.01.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.09). Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The business had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.32 billion. During the same quarter in the previous year, the firm earned $0.91 earnings per share. Truist Financial’s revenue was up 3.6% on a year-over-year basis. On average, sell-side analysts anticipate that Truist Financial will post 4 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed 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 yield of 4.0%. Truist Financial’s payout ratio is presently 54.59%.

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

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.