Truist Financial (NYSE:TFC - Free Report) had its target price lifted by The Goldman Sachs Group from $50.00 to $60.00 in a report issued on Tuesday,Benzinga reports. They currently have a buy rating on the insurance provider's stock.
A number of other research analysts have also commented on TFC. Royal Bank of Canada lifted their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the company an "outperform" rating in a research note on Friday, October 18th. JPMorgan Chase & Co. lifted their price objective on shares of Truist Financial from $43.50 to $47.00 and gave the company a "neutral" rating in a research note on Wednesday, October 16th. Citigroup lifted their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the company a "neutral" rating in a research note on Monday. Wells Fargo & Company lifted their price objective on shares of Truist Financial from $48.00 to $52.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. Finally, UBS Group lifted their price objective on shares of Truist Financial from $47.00 to $49.00 and gave the company a "buy" rating in a research note on Friday, October 18th. Twelve equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $47.17.
Get Our Latest Report on Truist Financial
Truist Financial Stock Performance
TFC traded down $0.40 on Tuesday, reaching $47.71. The company had a trading volume of 7,296,549 shares, compared to its average volume of 8,315,539. Truist Financial has a 1 year low of $31.23 and a 1 year high of $49.06. The stock has a market capitalization of $63.33 billion, a PE ratio of -33.36, a P/E/G ratio of 1.97 and a beta of 1.05. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. The stock has a 50-day moving average price of $43.91 and a 200-day moving average price of $41.66.
Truist Financial (NYSE:TFC - Get Free Report) last announced its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The firm had revenue of $5.09 billion during the quarter, compared to analysts' expectations of $5.05 billion. As a group, research analysts forecast that Truist Financial will post 3.7 EPS for the current fiscal year.
Truist Financial Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 8th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.36%. The ex-dividend date of this dividend is Friday, November 8th. Truist Financial's payout ratio is -145.45%.
Hedge Funds Weigh In On Truist Financial
Institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp raised its stake in Truist Financial by 4.6% during the third quarter. State Street Corp now owns 61,864,957 shares of the insurance provider's stock worth $2,645,964,000 after purchasing an additional 2,720,223 shares during the period. Assenagon Asset Management S.A. raised its stake in Truist Financial by 316.4% during the third quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider's stock worth $90,585,000 after purchasing an additional 1,609,351 shares during the period. HighTower Advisors LLC raised its stake in Truist Financial by 26.1% during the third quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider's stock worth $166,892,000 after purchasing an additional 807,648 shares during the period. Swedbank AB acquired a new stake in shares of Truist Financial in the first quarter worth $29,957,000. Finally, LPL Financial LLC increased its position in shares of Truist Financial by 21.0% in the third quarter. LPL Financial LLC now owns 3,630,761 shares of the insurance provider's stock worth $155,288,000 after acquiring an additional 630,628 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.
Truist Financial Company Profile
(
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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