Argus Boosts Truist Financial (NYSE:TFC) Price Target to $51.00

Truist Financial (NYSE:TFC) had its price target raised by Argus from $44.00 to $51.00 in a report published on Tuesday, MarketBeat Ratings reports. The brokerage currently has a buy rating on the insurance provider’s stock.

Other analysts also recently issued research reports about the company. HSBC boosted their price objective on Truist Financial from $40.00 to $41.00 and gave the stock a hold rating in a report on Wednesday, May 8th. Compass Point upgraded Truist Financial from a neutral rating to a buy rating and upped their target price for the company from $34.00 to $42.00 in a report on Tuesday, April 23rd. Citigroup upped their target price on Truist Financial from $42.00 to $45.00 and gave the company a buy rating in a report on Wednesday, April 24th. Keefe, Bruyette & Woods upped their target price on Truist Financial from $46.00 to $48.00 and gave the company an outperform rating in a report on Tuesday. Finally, Morgan Stanley reiterated an equal weight rating and issued a $43.00 target price on shares of Truist Financial in a report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $45.05.

Truist Financial Price Performance

NYSE TFC opened at $44.45 on Tuesday. The stock’s 50-day moving average price is $38.81 and its two-hundred day moving average price is $37.75. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. The company has a market cap of $59.47 billion, a PE ratio of -33.67, a PEG ratio of 2.07 and a beta of 1.07. Truist Financial has a 1 year low of $26.57 and a 1 year high of $44.78.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $0.07. The firm had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.83 billion. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The business’s revenue for the quarter was down 15.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.95 EPS. On average, analysts predict that Truist Financial will post 3.56 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th will be given a $0.52 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $2.08 annualized dividend and a dividend yield of 4.68%. Truist Financial’s dividend payout ratio is -157.58%.

Insider Activity

In other news, CEO William H. Rogers, Jr. bought 57,300 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was acquired at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the purchase, the chief executive officer now owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.17% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of TFC. Mutual Advisors LLC raised its stake in Truist Financial by 16.2% during the fourth quarter. Mutual Advisors LLC now owns 30,207 shares of the insurance provider’s stock worth $1,115,000 after acquiring an additional 4,221 shares in the last quarter. Kingswood Wealth Advisors LLC acquired a new position in Truist Financial during the fourth quarter worth $445,000. First PREMIER Bank raised its stake in Truist Financial by 36.7% during the fourth quarter. First PREMIER Bank now owns 3,000 shares of the insurance provider’s stock worth $111,000 after acquiring an additional 806 shares in the last quarter. Trust Co of the South acquired a new position in Truist Financial during the fourth quarter worth $963,000. Finally, Family Legacy Inc. acquired a new position in Truist Financial during the fourth quarter worth $249,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

About Truist Financial

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.