Truist Financial (NYSE:TFC) Given New $52.00 Price Target at Wells Fargo & Company

Truist Financial (NYSE:TFC) had its target price hoisted by Wells Fargo & Company from $48.00 to $52.00 in a research report report published on Friday morning,Benzinga reports. They currently have an overweight rating on the insurance provider’s stock.

A number of other analysts also recently commented on the company. Royal Bank of Canada upped their target price on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Bank of America raised their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Compass Point raised their price target on shares of Truist Financial from $46.00 to $47.00 in a research report on Wednesday, October 16th. Stephens reaffirmed an “overweight” rating and issued a $50.00 price objective on shares of Truist Financial in a report on Tuesday, September 10th. Finally, Argus increased their target price on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Truist Financial presently has a consensus rating of “Hold” and an average target price of $46.37.

Truist Financial Stock Performance

TFC traded up $0.30 during trading on Friday, reaching $46.55. 5,665,179 shares of the company’s stock were exchanged, compared to its average volume of 8,316,646. The company’s fifty day simple moving average is $43.18 and its 200-day simple moving average is $41.22. The stock has a market capitalization of $61.80 billion, a P/E ratio of -32.54, a price-to-earnings-growth ratio of 1.91 and a beta of 1.05. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. Truist Financial has a 1 year low of $31.13 and a 1 year high of $47.57.

Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The firm had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. As a group, research analysts predict that Truist Financial will post 3.7 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.47%. Truist Financial’s payout ratio is -145.45%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Tradewinds LLC. lifted its position in Truist Financial by 0.5% during the third quarter. Tradewinds LLC. now owns 44,513 shares of the insurance provider’s stock worth $1,904,000 after buying an additional 222 shares in the last quarter. Capital Investment Counsel Inc boosted its position in shares of Truist Financial by 0.4% during the 2nd quarter. Capital Investment Counsel Inc now owns 62,111 shares of the insurance provider’s stock valued at $2,413,000 after acquiring an additional 244 shares during the last quarter. Burkett Financial Services LLC grew its holdings in shares of Truist Financial by 26.8% in the third quarter. Burkett Financial Services LLC now owns 1,198 shares of the insurance provider’s stock valued at $51,000 after purchasing an additional 253 shares during the period. Verum Partners LLC increased its position in Truist Financial by 2.5% during the second quarter. Verum Partners LLC now owns 10,573 shares of the insurance provider’s stock worth $411,000 after purchasing an additional 261 shares during the last quarter. Finally, CX Institutional raised its stake in Truist Financial by 3.4% during the second quarter. CX Institutional now owns 8,050 shares of the insurance provider’s stock worth $313,000 after purchasing an additional 263 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, 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.