Analysts Set Truist Financial Corporation (NYSE:TFC) Target Price at $49.93

by · The Cerbat Gem

Truist Financial Corporation (NYSE:TFCGet Free Report) has received an average rating of “Hold” from the sixteen research firms that are currently covering the stock, Marketbeat Ratings reports. Ten research analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $49.9333.

A number of equities research analysts recently weighed in on TFC shares. UBS Group set a $55.00 price target on Truist Financial in a report on Tuesday, October 21st. Raymond James Financial reissued an “outperform” rating on shares of Truist Financial in a report on Tuesday, October 7th. Weiss Ratings restated a “hold (c+)” rating on shares of Truist Financial in a research report on Monday. Morgan Stanley boosted their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 17th. Finally, Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday, November 8th.

View Our Latest Research Report on TFC

Truist Financial Stock Performance

Shares of TFC opened at $50.61 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial has a 52-week low of $33.56 and a 52-week high of $50.86. The company has a 50-day simple moving average of $46.48 and a 200-day simple moving average of $45.03. The company has a market capitalization of $64.74 billion, a PE ratio of 13.60, a P/E/G ratio of 1.10 and a beta of 0.90.

Truist Financial (NYSE:TFCGet Free Report) last released its quarterly earnings data on Friday, October 17th. The insurance provider reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.05. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The firm had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.20 billion. During the same quarter in the previous year, the firm earned $0.97 earnings per share. The firm’s revenue was up 1.9% on a year-over-year basis. Equities research analysts predict that Truist Financial will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Friday, November 14th. Truist Financial’s payout ratio is presently 55.91%.

Truist Financial announced that its board has initiated a stock repurchase program on Tuesday, December 16th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the insurance provider to buy up to 15.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the transaction, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. This represents a 33.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.17% of the stock is owned by company insiders.

Hedge Funds Weigh In On Truist Financial

Large investors have recently bought and sold shares of the stock. AIA Group Ltd raised its position in shares of Truist Financial by 60.5% in the 3rd quarter. AIA Group Ltd now owns 60,849 shares of the insurance provider’s stock worth $2,782,000 after buying an additional 22,934 shares during the period. Farmers National Bank boosted its holdings in Truist Financial by 2.5% in the 3rd quarter. Farmers National Bank now owns 54,008 shares of the insurance provider’s stock worth $2,469,000 after acquiring an additional 1,325 shares during the period. Hudson Bay Capital Management LP purchased a new position in shares of Truist Financial in the third quarter valued at $646,000. Allworth Financial LP boosted its position in Truist Financial by 1.5% in the 3rd quarter. Allworth Financial LP now owns 242,433 shares of the insurance provider’s stock valued at $11,084,000 after buying an additional 3,668 shares during the last quarter. Finally, Groupama Asset Managment acquired a new stake in Truist Financial during the 3rd quarter valued at approximately $614,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

About Truist Financial

(Get Free Report)

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.

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