Truist Financial (NYSE:TFC) Given New $51.00 Price Target at Raymond James

Truist Financial (NYSE:TFC) had its price objective upped by Raymond James from $47.00 to $51.00 in a research note published on Thursday. They currently have an overweight rating on the insurance provider’s stock.

A number of other research firms have also commented on TFC. Royal Bank of Canada lifted their price target on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. UBS Group boosted their target price on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. upped their price target on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Citigroup boosted their price objective on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. Finally, The Goldman Sachs Group raised their target price on Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Eleven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.95.

Truist Financial Price Performance

NYSE TFC opened at $44.95 on Thursday. Truist Financial has a fifty-two week low of $34.23 and a fifty-two week high of $49.06. The stock’s 50-day moving average is $45.38 and its two-hundred day moving average is $43.47. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. The business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. Equities research analysts anticipate that Truist Financial will post 3.61 EPS for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 8th were given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.63%. The ex-dividend date of this dividend was Friday, November 8th. Truist Financial’s dividend payout ratio (DPR) is presently -145.45%.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 4,966 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the sale, the director now owns 11,246 shares of the company’s stock, valued at approximately $519,565.20. This represents a 30.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William H. Rogers, Jr. purchased 34,180 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were purchased at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the acquisition, the chief executive officer now directly owns 691,451 shares in the company, valued at $33,576,860.56. The trade was a 5.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.17% of the company’s stock.

Institutional Trading of Truist Financial

Hedge funds have recently modified their holdings of the company. Citizens Financial Group Inc. RI increased its holdings in Truist Financial by 33.0% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 8,610 shares of the insurance provider’s stock valued at $334,000 after purchasing an additional 2,136 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in shares of Truist Financial by 10.2% during the second quarter. Mercer Global Advisors Inc. ADV now owns 194,219 shares of the insurance provider’s stock worth $7,545,000 after purchasing an additional 17,968 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of Truist Financial by 5.1% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 44,317 shares of the insurance provider’s stock valued at $1,722,000 after buying an additional 2,131 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Truist Financial by 14.6% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 95,421 shares of the insurance provider’s stock valued at $3,553,000 after buying an additional 12,166 shares during the last quarter. Finally, Waterloo Capital L.P. lifted its position in Truist Financial by 9.3% during the 2nd quarter. Waterloo Capital L.P. now owns 14,412 shares of the insurance provider’s stock worth $560,000 after buying an additional 1,225 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

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.