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

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

Several other brokerages have also commented on TFC. Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $45.00 to $47.00 in a report on Wednesday, July 24th. Compass Point upped their price target on shares of Truist Financial from $46.00 to $47.00 in a research report on Wednesday, October 16th. Keefe, Bruyette & Woods lifted their price objective on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Bank of America increased their target price on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Finally, Stephens reaffirmed an “overweight” rating and issued a $50.00 price target on shares of Truist Financial in a research note on Tuesday, September 10th. Twelve analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $46.37.

Truist Financial Trading Up 0.6 %

Shares of Truist Financial stock opened at $46.55 on Friday. Truist Financial has a fifty-two week low of $31.13 and a fifty-two week high of $47.57. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market cap of $61.80 billion, a P/E ratio of -32.55, a price-to-earnings-growth ratio of 1.91 and a beta of 1.05. The firm has a 50-day simple moving average of $43.18 and a two-hundred day simple moving average of $41.27.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. The company 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%. As a group, equities analysts predict that Truist Financial will post 3.7 earnings per share for the current fiscal year.

Truist Financial Announces Dividend

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

Institutional Investors Weigh In On Truist Financial

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TFC. State Street Corp increased its position in shares of Truist Financial by 4.6% during the 3rd quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock worth $2,645,964,000 after purchasing an additional 2,720,223 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Truist Financial by 1.7% during the third quarter. Geode Capital Management LLC now owns 27,440,951 shares of the insurance provider’s stock valued at $1,169,350,000 after acquiring an additional 456,412 shares during the last quarter. Capital International Investors raised its stake in shares of Truist Financial by 93.7% in the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock valued at $453,854,000 after acquiring an additional 5,632,493 shares during the period. Legal & General Group Plc lifted its holdings in shares of Truist Financial by 1.0% in the 2nd quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock worth $401,663,000 after acquiring an additional 103,565 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Truist Financial by 3.2% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,431,037 shares of the insurance provider’s stock worth $403,365,000 after purchasing an additional 288,306 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

About Truist Financial

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.