Truist Financial (NYSE:TFC) Given New $45.00 Price Target at Wells Fargo & Company

Truist Financial (NYSE:TFC) had its price objective lifted by Wells Fargo & Company from $39.00 to $45.00 in a report published on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the insurance provider’s stock.

Other analysts also recently issued reports about the company. Piper Sandler increased their price target on Truist Financial from $37.00 to $38.00 and gave the stock a neutral rating in a report on Friday, January 19th. Bank of America upgraded Truist Financial from a neutral rating to a buy rating and set a $43.00 target price for the company in a research note on Thursday, January 4th. Stephens upgraded Truist Financial from an equal weight rating to an overweight rating and raised their target price for the company from $41.00 to $43.00 in a research note on Tuesday, March 19th. Raymond James raised their target price on Truist Financial from $34.00 to $41.00 and gave the company an outperform rating in a research note on Friday, January 5th. Finally, Barclays raised their target price on Truist Financial from $40.00 to $42.00 and gave the company an equal weight rating in a research note on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Truist Financial currently has an average rating of Hold and a consensus price target of $40.30.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $38.97 on Thursday. The business’s 50 day simple moving average is $36.41 and its 200 day simple moving average is $33.42. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.82 and a quick ratio of 0.82. Truist Financial has a 1 year low of $25.56 and a 1 year high of $39.29.

Truist Financial (NYSE:TFC) last released its earnings results on Thursday, January 18th. The insurance provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.13. The firm had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. During the same period in the prior year, the company earned $1.30 earnings per share. On average, sell-side analysts anticipate that Truist Financial will post 3.39 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 9th were paid a $0.52 dividend. The ex-dividend date of this dividend was Thursday, February 8th. This represents a $2.08 dividend on an annualized basis and a yield of 5.34%. Truist Financial’s dividend payout ratio is -192.59%.

Insider Activity

In other news, Director K. David Jr. Boyer sold 3,764 shares of the business’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the transaction, the director now directly owns 16,132 shares in the company, valued at approximately $604,627.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.17% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Fairfield Bush & CO. purchased a new position in Truist Financial in the first quarter worth $25,000. West Tower Group LLC bought a new stake in Truist Financial in the fourth quarter worth $29,000. Missouri Trust & Investment Co raised its stake in shares of Truist Financial by 227.2% during the fourth quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 593 shares during the last quarter. Hobbs Group Advisors LLC bought a new position in shares of Truist Financial during the fourth quarter valued at about $32,000. Finally, Northwest Financial Advisors bought a new position in shares of Truist Financial during the fourth quarter valued at about $34,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Company Profile

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.