Truist Financial Corporation (NYSE:TFC) Stock Has Consensus Price Target of $54.24

Shares of Truist Financial Corporation (NYSE:TFC) have earned a consensus rating of “Hold” from the eighteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $54.24.

Several brokerages recently commented on TFC. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Truist Financial in a research report on Wednesday, July 29th. TD Cowen began coverage on shares of Truist Financial in a report on Thursday, October 8th. They issued a “hold” rating and a $52.00 price target on the stock. Morgan Stanley restated an “equal weight” rating and issued a $54.00 price objective (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $63.00 to $54.00 in a research note on Tuesday, June 30th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Truist Financial from $54.00 to $50.50 and set an “underweight” rating for the company in a report on Friday, October 2nd.

Truist Financial Stock Down 1.6%

Truist Financial stock opened at $46.32 on Tuesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.88 and a quick ratio of 0.88. Truist Financial has a fifty-two week low of $42.70 and a fifty-two week high of $56.19. The firm has a fifty day moving average price of $49.06 and a two-hundred day moving average price of $49.65. The firm has a market cap of $56.59 billion, a price-to-earnings ratio of 11.94, a P/E/G ratio of 1.04 and a beta of 0.92.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, October 16th. The insurance provider reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.01). Truist Financial had a return on equity of 10.37% and a net margin of 18.01%. The business had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same quarter last year, the firm earned $1.04 earnings per share. The firm’s quarterly revenue was up 1.3% compared to the same quarter last year. As a group, analysts forecast that Truist Financial will post 4.67 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.5%. The ex-dividend date was Friday, August 14th. Truist Financial’s payout ratio is currently 53.61%.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, insider Dontá Wilson sold 13,280 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the sale, the insider owned 56,009 shares of the company’s stock, valued at $2,904,066.65. This represents a 19.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael P. Lyons purchased 21,000 shares of the firm’s stock in a transaction dated Thursday, September 17th. The shares were bought at an average cost of $48.36 per share, for a total transaction of $1,015,560.00. Following the completion of the purchase, the chief executive officer directly owned 21,000 shares of the company’s stock, valued at $1,015,560. The trade was a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Truist Financial

Institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new position in shares of Truist Financial in the 2nd quarter valued at $4,959,834,000. State Street Corp boosted its position in shares of Truist Financial by 0.9% in the 2nd quarter. State Street Corp now owns 58,692,619 shares of the insurance provider’s stock worth $2,924,066,000 after purchasing an additional 501,026 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Truist Financial by 7.5% in the 1st quarter. Bank of New York Mellon Corp now owns 11,289,721 shares of the insurance provider’s stock worth $518,988,000 after purchasing an additional 789,179 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Truist Financial by 1.9% during the first quarter. Dimensional Fund Advisors LP now owns 8,608,268 shares of the insurance provider’s stock worth $395,642,000 after purchasing an additional 164,052 shares during the period. Finally, Legal & General Group Plc grew its stake in shares of Truist Financial by 0.6% during the second quarter. Legal & General Group Plc now owns 7,853,887 shares of the insurance provider’s stock worth $391,281,000 after purchasing an additional 44,215 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Company Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.