JPMorgan Chase & Co. Raises Truist Financial (NYSE:TFC) Price Target to $40.50

Truist Financial (NYSE:TFC) had its target price hoisted by JPMorgan Chase & Co. from $39.50 to $40.50 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the insurance provider’s stock.

Several other research analysts have also issued reports on TFC. Morgan Stanley restated an equal weight rating and set a $43.00 price target on shares of Truist Financial in a report on Monday, April 22nd. StockNews.com downgraded Truist Financial from a hold rating to a sell rating in a research note on Thursday, March 28th. Compass Point upgraded Truist Financial from a neutral rating to a buy rating and lifted their target price for the stock from $34.00 to $42.00 in a report on Tuesday, April 23rd. Bank of America raised shares of Truist Financial from a neutral rating to a buy rating and set a $43.00 price objective for the company in a research report on Thursday, January 4th. Finally, Barclays boosted their target price on shares of Truist Financial from $40.00 to $42.00 and gave the company an equal weight rating in a research report on Tuesday, January 2nd. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $41.88.

Truist Financial Stock Performance

NYSE TFC opened at $38.85 on Wednesday. Truist Financial has a fifty-two week low of $25.56 and a fifty-two week high of $39.29. The stock has a market cap of $51.85 billion, a PE ratio of -29.43, a PEG ratio of 1.99 and a beta of 1.07. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The firm’s fifty day moving average price is $37.08 and its two-hundred day moving average price is $35.07.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.12. The company had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The business’s quarterly revenue was down 8.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.09 earnings per share. On average, equities analysts expect that Truist Financial will post 3.3 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a yield of 5.35%. Truist Financial’s dividend payout ratio (DPR) is presently -157.58%.

Insider Activity

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was 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 directly owns 16,132 shares of the company’s stock, valued at $604,627.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

Hedge funds have recently made changes to their positions in the stock. Valmark Advisers Inc. lifted its stake in Truist Financial by 2.2% in the 4th quarter. Valmark Advisers Inc. now owns 12,965 shares of the insurance provider’s stock worth $479,000 after purchasing an additional 277 shares in the last quarter. Whalen Wealth Management Inc. increased its holdings in shares of Truist Financial by 4.8% in the first quarter. Whalen Wealth Management Inc. now owns 6,331 shares of the insurance provider’s stock worth $247,000 after purchasing an additional 288 shares during the period. Newbridge Financial Services Group Inc. raised its position in shares of Truist Financial by 19.3% in the first quarter. Newbridge Financial Services Group Inc. now owns 1,790 shares of the insurance provider’s stock worth $70,000 after buying an additional 290 shares in the last quarter. St. Johns Investment Management Company LLC boosted its stake in Truist Financial by 0.9% during the fourth quarter. St. Johns Investment Management Company LLC now owns 32,255 shares of the insurance provider’s stock valued at $1,191,000 after buying an additional 296 shares during the period. Finally, Mechanics Financial Corp grew its position in Truist Financial by 7.4% during the fourth quarter. Mechanics Financial Corp now owns 4,345 shares of the insurance provider’s stock worth $160,000 after buying an additional 300 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

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.