Truist Financial (NYSE:TFC) Price Target Raised to $52.00 at Wells Fargo & Company

Truist Financial (NYSE:TFC) had its price objective boosted by Wells Fargo & Company from $48.00 to $52.00 in a research report released on Friday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the insurance provider’s stock.

A number of other research firms have also recently weighed in on TFC. Argus boosted their price objective on shares of Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. UBS Group upped their price target on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. Compass Point raised their price objective on shares of Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Twelve equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Truist Financial presently has an average rating of “Hold” and a consensus price target of $46.37.

Truist Financial Price Performance

Shares of NYSE TFC traded up $0.30 during mid-day trading on Friday, hitting $46.55. 5,665,179 shares of the company’s stock traded hands, compared to its average volume of 8,316,646. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. Truist Financial has a 1 year low of $31.13 and a 1 year high of $47.57. The company’s 50-day moving average is $43.18 and its two-hundred day moving average is $41.22. The company has a market capitalization of $61.80 billion, a P/E ratio of -32.54, a PEG ratio of 1.91 and a beta of 1.05.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. The business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. On average, equities analysts anticipate that Truist Financial will post 3.7 EPS for the current fiscal year.

Truist Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 8th will be issued a $0.52 dividend. The ex-dividend date is Friday, November 8th. This represents a $2.08 dividend on an annualized basis and a yield of 4.47%. Truist Financial’s dividend payout ratio is presently -145.45%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Valley Wealth Managers Inc. acquired a new position in Truist Financial during the 3rd quarter valued at about $26,000. Crewe Advisors LLC purchased a new position in shares of Truist Financial in the 1st quarter valued at approximately $27,000. MidAtlantic Capital Management Inc. acquired a new stake in Truist Financial in the 3rd quarter worth approximately $32,000. MFA Wealth Advisors LLC purchased a new stake in Truist Financial during the 2nd quarter worth approximately $30,000. Finally, Y.D. More Investments Ltd purchased a new position in shares of Truist Financial in the second quarter worth $31,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Company Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.