Truist Financial (NYSE:TFC) Now Covered by Analysts at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Truist Financial (NYSE:TFC) in a research note published on Thursday morning, Marketbeat.com reports. The firm issued an underperform rating and a $35.00 target price on the insurance provider’s stock.

Several other equities analysts also recently commented on the stock. Robert W. Baird upgraded shares of Truist Financial from a “neutral” rating to an “outperform” rating and set a $52.00 price objective on the stock in a report on Monday, March 9th. Piper Sandler raised their target price on shares of Truist Financial from $50.00 to $53.00 and gave the stock a “neutral” rating in a research note on Thursday, January 22nd. The Goldman Sachs Group reaffirmed a “buy” rating and set a $58.00 target price on shares of Truist Financial in a report on Tuesday, January 6th. JPMorgan Chase & Co. upped their price target on shares of Truist Financial from $51.50 to $57.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Finally, 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 report on Wednesday, December 31st. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Truist Financial currently has an average rating of “Hold” and an average price target of $55.13.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $44.88 on Thursday. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $55.69 billion, a P/E ratio of 11.78, a P/E/G ratio of 0.77 and a beta of 0.87. Truist Financial has a 12 month low of $33.56 and a 12 month high of $56.19. The stock has a 50 day moving average of $49.55 and a 200-day moving average of $47.56.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates 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 $4.93 billion during the quarter, compared to the consensus estimate of $5.32 billion. During the same quarter last year, the company posted $0.91 EPS. The firm’s revenue was up 3.6% on a year-over-year basis. As a group, equities research analysts predict that Truist Financial will post 4 EPS for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.6%. Truist Financial’s dividend payout ratio (DPR) is currently 54.59%.

Truist Financial announced that its Board of Directors 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 reacquire up to 15.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of Truist Financial stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the completion of the sale, the chief financial officer owned 74,323 shares in the company, valued at $3,725,811.99. The trade was a 14.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Cynthia B. Powell sold 3,500 shares of the business’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction of $183,715.00. Following the completion of the sale, the chief accounting officer directly owned 667 shares of the company’s stock, valued at $35,010.83. This represents a 83.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in TFC. Brighton Jones LLC increased its stake in Truist Financial by 148.5% during the 4th quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after acquiring an additional 14,093 shares during the period. Woodline Partners LP lifted its position in shares of Truist Financial by 39.5% during the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock valued at $4,575,000 after acquiring an additional 31,454 shares during the period. Sivia Capital Partners LLC bought a new stake in shares of Truist Financial during the 2nd quarter valued at $575,000. CreativeOne Wealth LLC grew its holdings in shares of Truist Financial by 8.7% during the 2nd quarter. CreativeOne Wealth LLC now owns 11,486 shares of the insurance provider’s stock worth $494,000 after purchasing an additional 922 shares in the last quarter. Finally, Elo Mutual Pension Insurance Co grew its holdings in shares of Truist Financial by 4.1% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 61,981 shares of the insurance provider’s stock worth $2,665,000 after purchasing an additional 2,439 shares in the last quarter. 71.28% of the stock is owned by 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.