Brokerages Set Truist Financial Corporation (NYSE:TFC) Price Target at $55.59

Truist Financial Corporation (NYSE:TFC) has been assigned a consensus rating of “Moderate Buy” from the fifteen ratings firms that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, five have given a hold recommendation and nine have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $55.5938.

A number of equities analysts have recently issued reports on the company. Jefferies Financial Group reissued a “mixed” rating and set a $45.00 price target on shares of Truist Financial in a research report on Friday, April 17th. Morgan Stanley dropped their price target on Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research report on Monday, April 20th. Robert W. Baird downgraded Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research report on Friday, May 1st. Evercore reissued an “outperform” rating on shares of Truist Financial in a research report on Thursday, February 5th. Finally, Weiss Ratings raised Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st.

Truist Financial Price Performance

TFC opened at $48.42 on Friday. Truist Financial has a 12-month low of $38.67 and a 12-month 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 business’s fifty day simple moving average is $48.13 and its 200-day simple moving average is $48.85. The company has a market capitalization of $60.32 billion, a price-to-earnings ratio of 12.01, a PEG ratio of 0.83 and a beta of 0.92.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) 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 business had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.18 billion. During the same quarter in the prior year, the company earned $0.87 EPS. The business’s revenue was up 5.0% compared to the same quarter last year. On average, equities research analysts anticipate that Truist Financial will post 4.52 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 8th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Friday, May 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.3%. Truist Financial’s dividend payout ratio is presently 51.61%.

Hedge Funds Weigh In On Truist Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Kemnay Advisory Services Inc. purchased a new stake in shares of Truist Financial during the 4th quarter worth $25,000. Swiss RE Ltd. purchased a new stake in shares of Truist Financial during the 4th quarter worth $26,000. Valley Wealth Managers Inc. purchased a new stake in shares of Truist Financial during the 3rd quarter worth $28,000. McMillan Office Inc. purchased a new stake in shares of Truist Financial during the 4th quarter worth $31,000. Finally, Maseco LLP lifted its stake in shares of Truist Financial by 53.8% during the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 228 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

About Truist Financial

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.