Robert W. Baird Issues Positive Forecast for Truist Financial (NYSE:TFC) Stock Price

Truist Financial (NYSE:TFC) had its price objective increased by Robert W. Baird from $55.00 to $56.00 in a report released on Monday, Marketbeat reports. They currently have a neutral rating on the insurance provider’s stock.

Several other research analysts also recently issued reports on TFC. JPMorgan Chase & Co. dropped their target price on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. UBS Group downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and reduced their price target for the company from $58.00 to $55.00 in a research report on Tuesday, July 7th. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a research note on Monday, June 29th. Finally, Evercore reiterated an “outperform” rating and set a $57.00 target price on shares of Truist Financial in a research note on Monday, July 6th. Seven research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $54.72.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $50.92 on Monday. Truist Financial has a 1-year low of $40.78 and a 1-year high of $56.19. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The business has a fifty day moving average price of $49.46 and a 200-day moving average price of $49.51. The company has a market capitalization of $63.44 billion, a PE ratio of 11.68, a PEG ratio of 0.92 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating the consensus estimate of $1.08 by $0.15. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. Truist Financial’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.91 EPS. As a group, equities analysts expect that Truist Financial will post 4.51 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were paid a $0.52 dividend. The ex-dividend date was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.1%. Truist Financial’s payout ratio is currently 47.71%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TFC. Merit Financial Group LLC grew its position in Truist Financial by 10.9% in the 2nd quarter. Merit Financial Group LLC now owns 98,933 shares of the insurance provider’s stock worth $4,929,000 after purchasing an additional 9,749 shares during the period. Intergy Private Wealth LLC purchased a new stake in Truist Financial during the 2nd quarter valued at $222,000. Diversified Trust Co. lifted its holdings in shares of Truist Financial by 1.0% during the 2nd quarter. Diversified Trust Co. now owns 169,518 shares of the insurance provider’s stock valued at $8,445,000 after buying an additional 1,703 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of Truist Financial by 14.1% during the 2nd quarter. Farther Finance Advisors LLC now owns 58,090 shares of the insurance provider’s stock valued at $2,896,000 after buying an additional 7,191 shares during the period. Finally, Cidel Asset Management Inc. boosted its stake in shares of Truist Financial by 2.0% in the 2nd quarter. Cidel Asset Management Inc. now owns 14,423 shares of the insurance provider’s stock worth $719,000 after buying an additional 288 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

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.