Truist Financial (NYSE:TFC) Price Target Raised to $55.00

Truist Financial (NYSE:TFC) had its price target lifted by Keefe, Bruyette & Woods from $53.00 to $55.00 in a report published on Monday morning,Benzinga reports. They currently have a market perform rating on the insurance provider’s stock.

Several other research firms have also issued reports on TFC. Evercore restated an “outperform” rating and issued a $57.00 price target on shares of Truist Financial in a research report on Monday, July 6th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $53.00 price objective (down from $53.50) on shares of Truist Financial in a research report on Monday. UBS Group cut shares of Truist Financial from a “buy” rating to a “neutral” rating and reduced their target price for the company from $58.00 to $55.00 in a research note on Tuesday, July 7th. Bank of America reiterated a “neutral” rating and issued a $56.00 price objective (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Seven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Truist Financial has a consensus rating of “Hold” and an average price target of $54.61.

Truist Financial Stock Up 0.7%

TFC opened at $51.73 on Monday. The business has a 50 day moving average of $49.63 and a 200-day moving average of $49.54. The stock has a market capitalization of $64.45 billion, a price-to-earnings ratio of 11.86, a P/E/G ratio of 0.94 and a beta of 0.89. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. Truist Financial has a 1-year low of $40.78 and a 1-year high of $56.19.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates 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 was up 5.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.91 earnings per share. As a group, sell-side analysts anticipate that Truist Financial will post 4.57 earnings per share for the current year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 8th were issued a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.0%. Truist Financial’s dividend payout ratio (DPR) is presently 47.71%.

Institutional Investors Weigh In On Truist Financial

Several large investors have recently made changes to their positions in TFC. Vanguard Group Inc. grew its stake in Truist Financial by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock worth $5,892,453,000 after buying an additional 701,049 shares during the last quarter. Capital International Investors boosted its holdings in shares of Truist Financial by 0.7% in the 4th quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock worth $5,332,835,000 after acquiring an additional 715,433 shares in the last quarter. Victory Capital Management Inc. grew its position in Truist Financial by 7.5% during the 4th quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock worth $1,572,968,000 after acquiring an additional 2,226,288 shares during the last quarter. Morgan Stanley grew its position in Truist Financial by 2.9% during the 4th quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock worth $1,030,028,000 after acquiring an additional 597,255 shares during the last quarter. Finally, Auto Owners Insurance Co increased its holdings in Truist Financial by 4,821.0% during the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after purchasing an additional 13,884,480 shares in the last quarter. Institutional investors own 71.28% of the company’s stock.

About Truist Financial

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.