Truist Financial (NYSE:TFC) Sets New 1-Year High After Analyst Upgrade

Shares of Truist Financial Co. (NYSE:TFCGet Free Report) hit a new 52-week high during trading on Thursday after Wells Fargo & Company raised their price target on the stock from $39.00 to $45.00. Wells Fargo & Company currently has an overweight rating on the stock. Truist Financial traded as high as $39.29 and last traded at $39.10, with a volume of 855960 shares trading hands. The stock had previously closed at $38.59.

TFC has been the subject of a number of other research reports. UBS Group boosted their price target on shares of Truist Financial from $37.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, January 17th. TheStreet lowered shares of Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. Keefe, Bruyette & Woods boosted their price target on shares of Truist Financial from $42.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. HSBC lifted their price objective on shares of Truist Financial from $37.00 to $39.00 and gave the stock a “hold” rating in a report on Thursday. Finally, StockNews.com downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Thursday. One analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Truist Financial currently has a consensus rating of “Hold” and an average price target of $40.30.

Check Out Our Latest Research Report on TFC

Insider Buying and Selling

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the sale, the director now directly owns 16,132 shares of the company’s stock, valued at $604,627.36. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.17% of the stock is owned by insiders.

Institutional Investors Weigh In On Truist Financial

Several institutional investors have recently added to or reduced their stakes in TFC. Fairfield Bush & CO. bought a new stake in shares of Truist Financial during the first quarter valued at about $25,000. OFI Invest Asset Management purchased a new stake in shares of Truist Financial during the third quarter valued at approximately $26,000. West Tower Group LLC purchased a new stake in Truist Financial in the fourth quarter worth $29,000. Operose Advisors LLC purchased a new stake in Truist Financial in the third quarter worth $31,000. Finally, Missouri Trust & Investment Co lifted its stake in Truist Financial by 227.2% in the fourth quarter. Missouri Trust & Investment Co now owns 854 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 593 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Stock Performance

The business has a fifty day simple moving average of $36.47 and a 200-day simple moving average of $33.46. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.74. The firm has a market cap of $52.02 billion, a P/E ratio of -36.09, a P/E/G ratio of 1.62 and a beta of 1.07.

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

Truist Financial Dividend Announcement

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

About Truist Financial

(Get Free Report)

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.

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