JPMorgan Chase & Co. Cuts Truist Financial (NYSE:TFC) Price Target to $50.50

Truist Financial (NYSE:TFC) had its price target cut by JPMorgan Chase & Co. from $54.00 to $50.50 in a research report report published on Friday morning,Benzinga reports. They currently have an underweight rating on the insurance provider’s stock.

Several other brokerages have also commented on TFC. Bank of America reiterated a “neutral” rating and issued a $56.00 target price (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Raymond James Financial reissued a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Weiss Ratings restated a “buy (b)” rating on shares of Truist Financial in a research note on Wednesday, July 29th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $54.00 price objective (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Finally, Evercore reiterated an “outperform” rating and set a $57.00 target price on shares of Truist Financial in a research note on Monday, July 6th. Eight analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Truist Financial presently has a consensus rating of “Hold” and a consensus target price of $55.25.

Truist Financial Stock Performance

Shares of TFC stock opened at $46.46 on Friday. The stock has a market capitalization of $56.75 billion, a price-to-earnings ratio of 10.66, a PEG ratio of 0.98 and a beta of 0.92. Truist Financial has a one year low of $40.78 and a one year high of $56.19. The company’s 50-day simple moving average is $50.40 and its 200-day simple moving average is $49.53. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.24 billion. During the same period in the previous year, the company earned $0.91 earnings per share. Truist Financial’s quarterly revenue was up 5.6% on a year-over-year basis. Equities analysts anticipate that Truist Financial will post 4.62 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.5%. Truist Financial’s dividend payout ratio is 47.71%.

Insider Buying and Selling

In related news, CEO William Rogers, Jr. sold 13,250 shares of the business’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Lyons acquired 21,000 shares of the stock in a transaction that occurred on Thursday, September 17th. The shares were bought at an average price of $48.36 per share, with a total value of $1,015,560.00. Following the completion of the purchase, the chief executive officer owned 21,000 shares in the company, valued at $1,015,560. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders sold 30,516 shares of company stock worth $1,584,428. Company insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

Several hedge funds and other institutional investors have recently modified their holdings of TFC. N.E.W. Advisory Services LLC acquired a new stake in shares of Truist Financial in the 2nd quarter worth about $30,000. Navigoe LLC acquired a new position in Truist Financial during the 2nd quarter valued at about $30,000. Evolution Wealth Management Inc. grew its position in Truist Financial by 2,218.2% in the 1st quarter. Evolution Wealth Management Inc. now owns 765 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 732 shares during the last quarter. Wilkerson Advisory Group LLC grew its position in Truist Financial by 104.0% in the 1st quarter. Wilkerson Advisory Group LLC now owns 826 shares of the insurance provider’s stock worth $38,000 after purchasing an additional 421 shares during the last quarter. Finally, SHP Wealth Management acquired a new stake in shares of Truist Financial in the fourth quarter valued at approximately $41,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Company Profile

Truist Financial Corporation (NYSE:TFC) is a financial services company headquartered in Charlotte, North Carolina. Through its principal banking subsidiary, Truist Bank, the company provides a broad range of financial products and services to consumers, small businesses, commercial clients, and institutional customers.

Its offerings include deposit accounts, consumer and small-business lending, mortgages, credit cards, payments, treasury management, commercial and corporate banking, investment banking, wealth management, and asset management.