Truist Financial Corporation (NYSE:TFC) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Truist Financial Corporation (NYSE:TFC) have received a consensus recommendation of “Moderate Buy” from the sixteen research firms that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and ten have given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $55.7941.

A number of equities analysts have recently commented on the company. Morgan Stanley dropped their price objective on Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research note on Monday, April 20th. Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a report on Sunday. Weiss Ratings raised Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Jefferies Financial Group reaffirmed a “mixed” rating and issued a $45.00 price target on shares of Truist Financial in a report on Friday, April 17th. Finally, Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price target for the company. in a report on Friday, May 1st.

Institutional Investors Weigh In On Truist Financial

Several large investors have recently modified their holdings of TFC. Auto Owners Insurance Co grew its holdings in Truist Financial by 4,821.0% during the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after purchasing an additional 13,884,480 shares during the period. Wellington Management Group LLP grew its holdings in Truist Financial by 13,511.7% during the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after purchasing an additional 10,310,523 shares during the period. Norges Bank bought a new position in Truist Financial during the fourth quarter worth about $502,340,000. American Assets Investment Management LLC grew its holdings in Truist Financial by 781.3% during the fourth quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock worth $166,527,000 after purchasing an additional 3,000,000 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Truist Financial by 37.6% during the fourth quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock worth $516,732,000 after purchasing an additional 2,867,449 shares during the period. 71.28% of the stock is currently owned by institutional investors.

Truist Financial Price Performance

TFC opened at $49.68 on Wednesday. The stock has a market cap of $61.90 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 0.84 and a beta of 0.89. Truist Financial has a 1 year low of $40.78 and a 1 year high of $56.19. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The stock has a fifty day moving average price of $49.13 and a 200 day moving average price of $49.29.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter in the previous year, the firm earned $0.87 earnings per share. The business’s quarterly revenue was up 5.0% compared to the same quarter last year. Analysts forecast that Truist Financial will post 4.5 EPS for the current fiscal year.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 8th were paid a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Friday, May 8th. Truist Financial’s dividend payout ratio is currently 51.61%.

Truist Financial Company Profile

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.