Compass Point Raises Truist Financial (NYSE:TFC) Price Target to $47.00

Truist Financial (NYSE:TFC) had its target price upped by Compass Point from $46.00 to $47.00 in a report published on Wednesday.

Several other equities research analysts have also recently issued reports on TFC. Bank of America boosted their price objective on shares of Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Keefe, Bruyette & Woods boosted their price objective on shares of Truist Financial from $46.00 to $48.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Wolfe Research raised shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. JPMorgan Chase & Co. boosted their price objective on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, StockNews.com cut shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, July 23rd. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $46.02.

Truist Financial Price Performance

TFC stock opened at $43.67 on Wednesday. Truist Financial has a 12 month low of $26.95 and a 12 month high of $45.31. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The company has a 50-day moving average price of $42.67 and a 200 day moving average price of $40.30. The stock has a market cap of $58.43 billion, a PE ratio of -33.08, a P/E/G ratio of 1.82 and a beta of 1.05.

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

Truist Financial Dividend Announcement

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

Insider Buying and Selling at Truist Financial

In related news, CEO William H. Rogers, Jr. purchased 57,300 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were acquired at an average price of $43.96 per share, for a total transaction of $2,518,908.00. Following the purchase, the chief executive officer now owns 569,271 shares of the company’s stock, valued at $25,025,153.16. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Cynthia B. Powell sold 6,688 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William H. Rogers, Jr. acquired 57,300 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was acquired at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now directly owns 569,271 shares in the company, 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.

Institutional Trading of Truist Financial

Several large investors have recently made changes to their positions in TFC. Capital International Investors boosted its holdings in shares of Truist Financial by 93.7% in the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after acquiring an additional 5,632,493 shares during the last quarter. Jennison Associates LLC boosted its holdings in shares of Truist Financial by 48.9% in the 1st quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock valued at $149,698,000 after acquiring an additional 1,261,598 shares during the last quarter. Nordea Investment Management AB boosted its holdings in shares of Truist Financial by 44.4% in the 1st quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock valued at $105,353,000 after acquiring an additional 834,048 shares during the last quarter. Retirement Systems of Alabama boosted its holdings in Truist Financial by 278.6% during the first quarter. Retirement Systems of Alabama now owns 1,112,844 shares of the insurance provider’s stock worth $43,379,000 after buying an additional 818,916 shares in the last quarter. Finally, Swedbank AB purchased a new stake in Truist Financial during the first quarter worth $29,957,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

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.