Truist Financial (NYSE:TFC) Given New $41.00 Price Target at HSBC

Truist Financial (NYSE:TFC) had its price objective boosted by HSBC from $40.00 to $41.00 in a report issued on Wednesday morning, Benzinga reports. HSBC currently has a hold rating on the insurance provider’s stock.

A number of other analysts also recently issued reports on TFC. StockNews.com raised shares of Truist Financial from a sell rating to a hold rating in a report on Thursday, May 2nd. Stephens reaffirmed an overweight rating and issued a $43.00 price objective on shares of Truist Financial in a report on Tuesday, April 23rd. Citigroup increased their target price on Truist Financial from $42.00 to $45.00 and gave the company a buy rating in a report on Wednesday, April 24th. Wells Fargo & Company boosted their price target on Truist Financial from $39.00 to $45.00 and gave the company an overweight rating in a research note on Thursday, March 28th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Truist Financial from $39.50 to $40.50 and gave the stock a neutral rating in a report on Wednesday, May 1st. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Truist Financial presently has an average rating of Moderate Buy and an average price target of $42.70.

Truist Financial Trading Up 0.6 %

NYSE TFC traded up $0.23 during trading on Wednesday, hitting $39.10. 6,524,385 shares of the company’s stock traded hands, compared to its average volume of 9,391,715. The firm has a market cap of $52.18 billion, a P/E ratio of -29.62, a PEG ratio of 2.03 and a beta of 1.07. The stock has a fifty day moving average of $37.43 and a two-hundred day moving average of $35.42. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.82 and a quick ratio of 0.82. Truist Financial has a 12-month low of $26.49 and a 12-month high of $40.35.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 EPS 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 company had revenue of $4.87 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same period in the prior year, the business posted $1.09 EPS. The firm’s revenue was down 8.8% compared to the same quarter last year. As a group, sell-side analysts expect that Truist Financial will post 3.3 EPS for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Friday, May 10th will be issued a $0.52 dividend. The ex-dividend date is Thursday, May 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 5.32%. Truist Financial’s dividend payout ratio is currently -157.58%.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the sale, the director now directly owns 16,132 shares in the company, valued at approximately $604,627.36. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Truist Financial

Several hedge funds have recently modified their holdings of TFC. Orion Portfolio Solutions LLC raised its stake in Truist Financial by 2.2% in the 1st quarter. Orion Portfolio Solutions LLC now owns 99,232 shares of the insurance provider’s stock valued at $3,868,000 after purchasing an additional 2,158 shares during the last quarter. Wilkins Investment Counsel Inc. acquired a new position in shares of Truist Financial in the first quarter valued at approximately $414,000. Picton Mahoney Asset Management raised its stake in shares of Truist Financial by 70,348.0% in the first quarter. Picton Mahoney Asset Management now owns 211,344 shares of the insurance provider’s stock valued at $8,239,000 after acquiring an additional 211,044 shares in the last quarter. Renasant Bank acquired a new position in Truist Financial during the 1st quarter worth $200,000. Finally, HBK Sorce Advisory LLC raised its position in Truist Financial by 21.8% in the 1st quarter. HBK Sorce Advisory LLC now owns 7,765 shares of the insurance provider’s stock valued at $303,000 after purchasing an additional 1,392 shares in the last quarter. 71.28% of the stock is 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.