Analysts Set Truist Financial Corporation (NYSE:TFC) PT at $52.80

Shares of Truist Financial Corporation (NYSE:TFC) have been given an average recommendation of “Hold” by the sixteen ratings firms that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $52.80.

TFC has been the subject of several recent analyst reports. Barclays lowered shares of Truist Financial from an “equal weight” rating to an “underweight” rating and upped their target price for the stock from $47.00 to $56.00 in a research note on Monday, January 5th. TD Cowen boosted their price target on shares of Truist Financial from $55.00 to $59.00 and gave the stock a “buy” rating in a report on Wednesday, January 7th. Keefe, Bruyette & Woods increased their price objective on shares of Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research note on Wednesday, December 17th. UBS Group set a $55.00 target price on shares of Truist Financial in a research report on Tuesday, October 21st. Finally, Baird R W downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th.

Insiders Place Their Bets

In other news, Director K. David Jr. Boyer sold 5,160 shares of the stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the transaction, the director directly owned 10,153 shares of the company’s stock, valued at $471,606.85. This represents a 33.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.14% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Truist Financial

Several institutional investors and hedge funds have recently bought and sold shares of TFC. Valley Wealth Managers Inc. bought a new stake in shares of Truist Financial in the third quarter valued at $28,000. Aspect Partners LLC increased its holdings in Truist Financial by 71.5% in the 2nd quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 268 shares during the last quarter. Ancora Advisors LLC lifted its holdings in Truist Financial by 259.1% during the third quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 500 shares during the last quarter. Darwin Wealth Management LLC lifted its holdings in Truist Financial by 631.6% during the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 600 shares during the last quarter. Finally, Princeton Global Asset Management LLC bought a new position in Truist Financial during the second quarter worth about $30,000. 71.28% of the stock is owned by institutional investors.

Truist Financial Stock Down 1.7%

TFC stock opened at $49.17 on Friday. The firm has a market capitalization of $62.89 billion, a PE ratio of 13.22, a P/E/G ratio of 0.95 and a beta of 0.89. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial has a twelve month low of $33.56 and a twelve month high of $51.51. The stock’s 50 day moving average is $48.46 and its 200-day moving average is $46.09.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 14th were paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date was Friday, November 14th. Truist Financial’s dividend payout ratio is 55.91%.

Truist Financial declared that its board has authorized a stock buyback plan on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the insurance provider to reacquire up to 15.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.