Truist Financial (NYSE:TFC) Research Coverage Started at Wolfe Research

Wolfe Research began coverage on shares of Truist Financial (NYSE:TFC) in a research report released on Tuesday morning, MarketBeat Ratings reports. The brokerage issued a peer perform rating on the insurance provider’s stock.

A number of other equities analysts have also recently commented on TFC. Keefe, Bruyette & Woods dropped their price objective on shares of Truist Financial from $55.00 to $54.00 and set a “market perform” rating for the company in a research note on Monday, October 19th. Raymond James Financial cut shares of Truist Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 1st. UBS Group lowered their price target on shares of Truist Financial from $55.00 to $50.00 and set a “neutral” rating for the company in a report on Monday, October 5th. Citigroup dropped their price target on Truist Financial from $54.00 to $50.00 and set a “neutral” rating for the company in a research report on Wednesday, October 21st. Finally, Royal Bank Of Canada dropped their price target on Truist Financial from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Monday, October 19th. Seven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $53.76.

Truist Financial Trading Up 1.7%

TFC stock opened at $49.27 on Tuesday. The firm has a fifty day moving average price of $48.43 and a 200 day moving average price of $49.50. Truist Financial has a fifty-two week low of $43.13 and a fifty-two week high of $56.19. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.88 and a current ratio of 0.88. The firm has a market cap of $60.18 billion, a PE ratio of 10.53, a price-to-earnings-growth ratio of 1.06 and a beta of 0.92.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, October 16th. The insurance provider reported $1.16 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.01). The business had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.35 billion. Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. The company’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.04 EPS. Sell-side analysts anticipate that Truist Financial will post 4.71 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be given a dividend of $0.52 per share. The ex-dividend date is Friday, November 13th. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. Truist Financial’s payout ratio is 53.61%.

Insiders Place Their Bets

In other news, CEO Michael Lyons bought 25,000 shares of Truist Financial stock in a transaction dated Wednesday, October 28th. The shares were acquired at an average price of $48.36 per share, with a total value of $1,209,000.00. Following the completion of the purchase, the chief executive officer owned 46,000 shares in the company, valued at $2,224,560. The trade was a 119.05% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.15% of the stock is owned by company insiders.

Hedge Funds Weigh In On Truist Financial

A number of large investors have recently made changes to their positions in the company. Coerente Capital Management grew its stake in Truist Financial by 0.7% during the 3rd quarter. Coerente Capital Management now owns 351,219 shares of the insurance provider’s stock valued at $16,261,000 after purchasing an additional 2,545 shares during the last quarter. Welch Group LLC increased its holdings in shares of Truist Financial by 1.7% in the third quarter. Welch Group LLC now owns 1,362,301 shares of the insurance provider’s stock valued at $63,075,000 after purchasing an additional 22,939 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Truist Financial in the third quarter valued at about $13,915,000. Aviance Capital Partners LLC raised its stake in shares of Truist Financial by 3.3% in the third quarter. Aviance Capital Partners LLC now owns 13,778 shares of the insurance provider’s stock worth $638,000 after purchasing an additional 438 shares during the last quarter. Finally, Profund Advisors LLC raised its stake in shares of Truist Financial by 6.2% in the third quarter. Profund Advisors LLC now owns 13,234 shares of the insurance provider’s stock worth $613,000 after purchasing an additional 775 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Company Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.