Truist Financial (NYSE:TFC) Upgraded to Buy by Citigroup

Citigroup upgraded shares of Truist Financial (NYSE:TFC – Get Rating) from a neutral rating to a buy rating in a report issued on Wednesday, MarketBeat.com reports. The firm currently has $52.00 price target on the insurance provider’s stock.

Several other analysts have also recently issued reports on TFC. Stephens cut shares of Truist Financial from an overweight rating to an equal weight rating and set a $53.00 target price on the stock. in a research note on Tuesday, January 31st. Keefe, Bruyette & Woods upgraded shares of Truist Financial from an underperform rating to a market perform rating and lowered their target price for the stock from $47.00 to $45.00 in a research note on Sunday, March 12th. Morgan Stanley lowered their target price on shares of Truist Financial from $59.00 to $56.00 and set an equal weight rating on the stock in a research note on Friday, January 20th. Jefferies Financial Group upgraded shares of Truist Financial from a hold rating to a buy rating in a research note on Monday, January 9th. Finally, Robert W. Baird upgraded shares of Truist Financial from a neutral rating to an outperform rating and set a $53.00 target price on the stock in a research note on Monday, March 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $51.58.

Truist Financial Stock Performance

Shares of TFC stock opened at $30.56 on Wednesday. The stock has a market capitalization of $40.59 billion, a P/E ratio of 6.90, a PEG ratio of 1.34 and a beta of 1.10. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 0.80. The firm’s 50 day moving average is $45.85 and its 200 day moving average is $44.97. Truist Financial has a 12 month low of $28.70 and a 12 month high of $61.10.

Truist Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 1st. Stockholders of record on Friday, February 10th were issued a $0.52 dividend. The ex-dividend date was Thursday, February 9th. This represents a $2.08 annualized dividend and a dividend yield of 6.81%. Truist Financial’s dividend payout ratio is currently 46.95%.

Insider Activity

In related news, Director David M. Ratcliffe bought 13,125 shares of the stock in a transaction dated Friday, March 10th. The stock was bought at an average price of $38.08 per share, with a total value of $499,800.00. Following the purchase, the director now owns 39,025 shares in the company, valued at approximately $1,486,072. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Truist Financial news, insider Hugh S. Cummins III sold 35,229 shares of the company’s stock in a transaction that occurred on Friday, January 27th. The stock was sold at an average price of $49.05, for a total transaction of $1,727,982.45. Following the completion of the transaction, the insider now owns 307,069 shares of the company’s stock, valued at approximately $15,061,734.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David M. Ratcliffe purchased 13,125 shares of the stock in a transaction on Friday, March 10th. The shares were acquired at an average cost of $38.08 per share, with a total value of $499,800.00. Following the transaction, the director now directly owns 39,025 shares in the company, valued at $1,486,072. The disclosure for this purchase can be found here. 0.31% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Fairfield Bush & CO. bought a new position in Truist Financial during the 1st quarter valued at approximately $25,000. Elequin Securities LLC bought a new position in Truist Financial during the 4th quarter valued at approximately $26,000. Newbridge Financial Services Group Inc. raised its position in Truist Financial by 555.8% during the 3rd quarter. Newbridge Financial Services Group Inc. now owns 623 shares of the insurance provider’s stock valued at $27,000 after purchasing an additional 528 shares during the last quarter. Webster Bank N. A. raised its position in Truist Financial by 88.5% during the 3rd quarter. Webster Bank N. A. now owns 639 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 300 shares during the last quarter. Finally, Grey Fox Wealth Advisors LLC bought a new position in Truist Financial during the 4th quarter valued at approximately $28,000. Institutional investors own 72.49% of the company’s stock.

Truist Financial Company Profile

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Truist Financial Corp. is a financial holding company, which engages in the provision of banking services to individuals, businesses, and municipalities. It operates through the following segments: Consumer Banking and Wealth, Corporate and Commercial Banking, Insurance Holdings, and Other, Treasury & Corporate.