Truist Financial (NYSE:TFC) Price Target Increased to $45.00 by Analysts at Citigroup

Truist Financial (NYSE:TFC) had its price target boosted by Citigroup from $42.00 to $45.00 in a report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the insurance provider’s stock.

Several other equities analysts have also recently commented on TFC. StockNews.com cut shares of Truist Financial from a hold rating to a sell rating in a research note on Thursday, March 28th. Royal Bank of Canada boosted their price objective on shares of Truist Financial from $40.00 to $42.00 and gave the company an outperform rating in a research note on Friday, January 19th. Piper Sandler boosted their price objective on shares of Truist Financial from $37.00 to $38.00 and gave the company a neutral rating in a research note on Friday, January 19th. Stephens reaffirmed an overweight rating and set a $43.00 price objective on shares of Truist Financial in a research note on Tuesday. Finally, Barclays boosted their price target on shares of Truist Financial from $40.00 to $42.00 and gave the stock an equal weight rating in a research note on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $41.97.

Truist Financial Stock Performance

NYSE TFC opened at $38.79 on Wednesday. The company’s 50 day moving average is $36.83 and its 200-day moving average is $34.73. Truist Financial has a 12-month low of $25.56 and a 12-month high of $39.29. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. The firm has a market cap of $51.77 billion, a P/E ratio of -29.39, a price-to-earnings-growth ratio of 2.45 and a beta of 1.08.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The company had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter in the previous year, the firm posted $1.09 earnings per share. The company’s quarterly revenue was down 8.8% compared to the same quarter last year. Sell-side analysts predict that Truist Financial will post 3.26 earnings per share for the current year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.36%. Truist Financial’s dividend payout ratio is currently -157.58%.

Insider Activity at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,764 shares of the company’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 sale, 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 is available at this link. 0.17% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Truist Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TFC. Bleakley Financial Group LLC raised its holdings in Truist Financial by 6.1% in the 4th quarter. Bleakley Financial Group LLC now owns 29,890 shares of the insurance provider’s stock worth $1,104,000 after purchasing an additional 1,731 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Truist Financial by 53.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 338,972 shares of the insurance provider’s stock worth $12,515,000 after purchasing an additional 117,524 shares in the last quarter. International Assets Investment Management LLC raised its holdings in Truist Financial by 3,359.6% in the 4th quarter. International Assets Investment Management LLC now owns 1,045,560 shares of the insurance provider’s stock worth $38,602,000 after purchasing an additional 1,015,338 shares in the last quarter. Loudon Investment Management LLC raised its holdings in Truist Financial by 18.5% in the 3rd quarter. Loudon Investment Management LLC now owns 131,398 shares of the insurance provider’s stock worth $3,759,000 after purchasing an additional 20,490 shares in the last quarter. Finally, Pathstone Family Office LLC raised its holdings in Truist Financial by 84.8% in the 3rd quarter. Pathstone Family Office LLC now owns 97,317 shares of the insurance provider’s stock worth $2,786,000 after purchasing an additional 44,659 shares in the last quarter. 71.28% of the stock is currently owned by 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.