Truist Financial (NYSE:TFC) Price Target Increased to $46.00 by Analysts at Royal Bank of Canada

Truist Financial (NYSE:TFC) had its price target upped by Royal Bank of Canada from $45.00 to $46.00 in a research note released on Friday morning, Marketbeat.com reports. The brokerage currently has an outperform rating on the insurance provider’s stock.

TFC has been the subject of several other research reports. Baird R W cut Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Compass Point lifted their price objective on shares of Truist Financial from $46.00 to $47.00 in a research note on Wednesday. Stephens reissued an “overweight” rating and set a $50.00 target price on shares of Truist Financial in a research note on Tuesday, September 10th. Barclays lifted their price target on shares of Truist Financial from $43.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Finally, UBS Group raised their price objective on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $46.02.

Truist Financial Stock Performance

TFC stock opened at $43.67 on Friday. The company has a 50-day simple moving average of $42.67 and a 200 day simple moving average of $40.29. The company has a market capitalization of $58.43 billion, a P/E ratio of -33.08, a PEG ratio of 1.82 and a beta of 1.05. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.61. Truist Financial has a fifty-two week low of $26.95 and a fifty-two week high of $45.31.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.84 by $0.07. The firm had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $4.83 billion. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The firm’s quarterly revenue was down 15.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.95 earnings per share. Sell-side analysts predict that Truist Financial will post 3.55 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Friday, August 9th were paid a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.76%. The ex-dividend date of this dividend was Friday, August 9th. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Insider Activity at Truist Financial

In related news, VP Cynthia B. Powell sold 6,688 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of Truist Financial stock in a transaction on Tuesday, July 23rd. The stock was bought at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the transaction, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Truist Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Godsey & Gibb Inc. grew its stake in Truist Financial by 2.7% in the 3rd quarter. Godsey & Gibb Inc. now owns 464,446 shares of the insurance provider’s stock valued at $19,864,000 after buying an additional 12,350 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Truist Financial by 8.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 77,332 shares of the insurance provider’s stock valued at $3,307,000 after acquiring an additional 5,786 shares during the period. Compass Ion Advisors LLC acquired a new stake in shares of Truist Financial in the third quarter valued at about $1,940,000. OLD National Bancorp IN increased its stake in shares of Truist Financial by 1.8% in the third quarter. OLD National Bancorp IN now owns 257,036 shares of the insurance provider’s stock worth $10,993,000 after purchasing an additional 4,482 shares during the period. Finally, Cyndeo Wealth Partners LLC lifted its position in shares of Truist Financial by 901.0% during the 3rd quarter. Cyndeo Wealth Partners LLC now owns 165,913 shares of the insurance provider’s stock worth $7,096,000 after purchasing an additional 149,338 shares during 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.