Truist Financial (NYSE:TFC) Stock Gets Price Target Trim from Keefe, Bruyette & Woods

Truist Financial (NYSE:TFC) had its price target reduced by Keefe, Bruyette & Woods from $55.00 to $54.00 in a research note released on Monday,Benzinga reports. They currently have a market perform rating on the insurance provider’s stock.

Several other research analysts also recently commented on TFC. Wells Fargo & Company set a $52.00 price target on shares of Truist Financial in a report on Thursday, October 8th. Stephens decreased their price target on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a report on Tuesday, July 21st. 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. HSBC initiated coverage on Truist Financial in a research report on Monday, September 28th. They issued a “buy” rating and a $61.00 price objective on the stock. Finally, Morgan Stanley reissued an “equal weight” rating and set a $54.00 price objective (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $53.87.

Truist Financial Trading Up 0.8%

Shares of Truist Financial stock opened at $47.73 on Monday. Truist Financial has a 12-month low of $43.13 and a 12-month high of $56.19. The company has a market cap of $58.31 billion, a price-to-earnings ratio of 10.29, a PEG ratio of 1.07 and a beta of 0.92. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.95. The company’s 50-day moving average price is $48.86 and its 200-day moving average price is $49.66.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, October 16th. The insurance provider reported $1.16 EPS for the quarter, missing the consensus estimate of $1.17 by ($0.01). The firm had revenue of $5.30 billion for the quarter, compared to analysts’ expectations of $5.35 billion. Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. Truist Financial’s revenue was up 1.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.04 EPS. On average, equities analysts expect that Truist Financial will post 4.65 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend was Friday, August 14th. Truist Financial’s payout ratio is currently 53.61%.

Insiders Place Their Bets

In related news, insider Dontá Wilson sold 13,280 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $51.85, for a total value of $688,568.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael P. Lyons purchased 21,000 shares of the stock in a transaction on Thursday, September 17th. The shares were purchased at an average price of $48.36 per share, for a total transaction of $1,015,560.00. Following the transaction, the chief executive officer directly owned 21,000 shares of the company’s stock, valued at approximately $1,015,560. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

Hedge funds and other institutional investors have recently modified their holdings of the company. Woodward Diversified Capital LLC raised its stake in shares of Truist Financial by 7.4% in the third quarter. Woodward Diversified Capital LLC now owns 4,388 shares of the insurance provider’s stock worth $203,000 after purchasing an additional 303 shares during the last quarter. Cardinal Capital Management lifted its holdings in shares of Truist Financial by 5.0% during the third quarter. Cardinal Capital Management now owns 218,082 shares of the insurance provider’s stock valued at $10,097,000 after purchasing an additional 10,350 shares in the last quarter. Foster Victor Wealth Advisors LLC boosted its position in shares of Truist Financial by 1.3% during the third quarter. Foster Victor Wealth Advisors LLC now owns 59,550 shares of the insurance provider’s stock valued at $2,758,000 after buying an additional 788 shares during the last quarter. Cantor Fitzgerald Investment Advisors L.P. boosted its position in shares of Truist Financial by 2.0% during the third quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 399,655 shares of the insurance provider’s stock valued at $18,504,000 after buying an additional 7,924 shares during the last quarter. Finally, Sowell Financial Services LLC increased its holdings in Truist Financial by 2.2% in the 3rd quarter. Sowell Financial Services LLC now owns 12,601 shares of the insurance provider’s stock worth $583,000 after buying an additional 273 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

About Truist Financial

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.