Truist Financial (NYSE:TFC) Rating Increased to Buy at Compass Point

Compass Point upgraded shares of Truist Financial (NYSE:TFC) from a neutral rating to a buy rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. Compass Point currently has $42.00 price objective on the insurance provider’s stock, up from their previous price objective of $34.00.

TFC has been the subject of a number of other research reports. Wells Fargo & Company lifted their price objective on shares of Truist Financial from $39.00 to $45.00 and gave the company an overweight rating in a research report on Thursday, March 28th. Keefe, Bruyette & Woods lifted their price objective on shares of Truist Financial from $44.00 to $45.00 and gave the company an outperform rating in a research report on Friday, April 5th. Stephens raised shares of Truist Financial from an equal weight rating to an overweight rating and lifted their price objective for the company from $41.00 to $43.00 in a research report on Tuesday, March 19th. StockNews.com downgraded shares of Truist Financial from a hold rating to a sell rating in a research report on Thursday, March 28th. Finally, Piper Sandler lifted their target price on shares of Truist Financial from $37.00 to $38.00 and gave the stock a neutral rating in a report on Friday, January 19th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Truist Financial currently has an average rating of Moderate Buy and an average target price of $41.97.

Truist Financial Stock Up 0.5 %

Truist Financial stock opened at $38.17 on Tuesday. The company has a market cap of $50.94 billion, a P/E ratio of -28.92, a price-to-earnings-growth ratio of 2.04 and a beta of 1.08. Truist Financial has a 1-year low of $25.56 and a 1-year high of $39.29. The company has a fifty day simple moving average of $36.90 and a 200 day simple moving average of $34.82. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last released its earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The business had revenue of $4.87 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter last year, the firm earned $1.09 earnings per share. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year. Research analysts anticipate that Truist Financial will post 3.27 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be paid a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 5.45%. The ex-dividend date is Thursday, May 9th. Truist Financial’s dividend payout ratio (DPR) is -157.58%.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the completion of the sale, the director now owns 16,132 shares in the company, valued at approximately $604,627.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

Several hedge funds and other institutional investors have recently made changes to their positions in TFC. Norges Bank acquired a new position in shares of Truist Financial in the 4th quarter valued at approximately $307,787,000. Parnassus Investments LLC acquired a new position in shares of Truist Financial in the 4th quarter valued at approximately $95,049,000. North Reef Capital Management LP acquired a new position in shares of Truist Financial in the 3rd quarter valued at approximately $66,804,000. Azora Capital LP acquired a new position in shares of Truist Financial in the 4th quarter valued at approximately $72,498,000. Finally, Assenagon Asset Management S.A. raised its position in shares of Truist Financial by 342.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,526,939 shares of the insurance provider’s stock valued at $72,296,000 after buying an additional 1,955,448 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

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.