Truist Financial (NYSE:TFC) Rating Increased to Strong-Buy at Baird R W

Baird R W upgraded shares of Truist Financial (NYSE:TFC) from a hold rating to a strong-buy rating in a research note published on Wednesday morning,Zacks.com reports.

Several other research firms also recently issued reports on TFC. Keefe, Bruyette & Woods increased their price objective on shares of Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Tuesday, January 21st. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Citigroup increased their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a report on Monday, November 25th. Hsbc Global Res upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, The Goldman Sachs Group increased their target price on shares of Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Nine research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $51.16.

Truist Financial Stock Performance

Shares of NYSE TFC opened at $42.25 on Wednesday. The company’s fifty day moving average price is $45.73 and its 200 day moving average price is $44.65. Truist Financial has a 1 year low of $34.51 and a 1 year high of $49.06. The company has a market capitalization of $55.15 billion, a PE ratio of 12.69, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period in the prior year, the firm posted $0.81 earnings per share. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, research analysts predict that Truist Financial will post 4 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Shareholders of record on Friday, February 14th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.92%. The ex-dividend date was Friday, February 14th. Truist Financial’s dividend payout ratio (DPR) is presently 62.46%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in TFC. Capital International Investors raised its position in Truist Financial by 26.0% in the 4th quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider’s stock valued at $3,930,983,000 after purchasing an additional 18,712,246 shares during the last quarter. Norges Bank purchased a new stake in Truist Financial in the 4th quarter valued at $402,828,000. FMR LLC raised its position in Truist Financial by 109.1% in the 4th quarter. FMR LLC now owns 10,460,159 shares of the insurance provider’s stock valued at $453,762,000 after purchasing an additional 5,457,053 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Truist Financial in the 4th quarter valued at $198,051,000. Finally, State Street Corp raised its position in Truist Financial by 4.6% in the 3rd quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock valued at $2,645,964,000 after purchasing an additional 2,720,223 shares during the last quarter. Institutional investors and hedge funds 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.