Goldman Sachs Group Begins Coverage on Truist Financial (NYSE:TFC)

Goldman Sachs Group initiated coverage on shares of Truist Financial (NYSE:TFC) in a report published on Monday morning, The Fly reports. The brokerage issued a buy rating on the insurance provider’s stock.

A number of other equities analysts have also recently commented on the stock. Bank of America boosted their price target on shares of Truist Financial from $53.00 to $56.00 and gave the stock a buy rating in a research note on Friday, October 18th. Jefferies Financial Group upgraded shares of Truist Financial from a hold rating to a buy rating and boosted their price objective for the stock from $52.00 to $58.00 in a report on Tuesday, October 8th. Janney Montgomery Scott lowered shares of Truist Financial from a buy rating to a neutral rating in a report on Monday, November 11th. UBS Group lowered their price objective on shares of Truist Financial from $53.00 to $52.00 and set a neutral rating for the company in a report on Monday, October 21st. Finally, ValuEngine upgraded shares of Truist Financial from a sell rating to a hold rating in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $54.83.

TFC stock opened at $53.68 on Monday. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.85 and a quick ratio of 0.84. Truist Financial has a one year low of $40.68 and a one year high of $55.66. The stock has a market cap of $41.93 billion, a PE ratio of 13.25, a P/E/G ratio of 1.72 and a beta of 1.18. The firm has a 50 day simple moving average of $54.32 and a two-hundred day simple moving average of $50.82.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Thursday, October 17th. The insurance provider reported $1.07 EPS for the quarter, topping the Zacks’ consensus estimate of $1.03 by $0.04. Truist Financial had a net margin of 23.17% and a return on equity of 12.25%. The business had revenue of $3 billion during the quarter, compared to analysts’ expectations of $2.99 billion. During the same quarter in the previous year, the company earned $1.01 EPS. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, research analysts expect that Truist Financial will post 4.26 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 8th were issued a $0.45 dividend. The ex-dividend date was Thursday, November 7th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.35%. Truist Financial’s payout ratio is 44.44%.

In related news, Director K. David Jr. Boyer sold 4,285 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $52.64, for a total transaction of $225,562.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Global Food Holdings Lp 3G sold 25,068,657 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $28.44, for a total transaction of $712,952,605.08. Over the last 90 days, insiders sold 25,298,269 shares of company stock valued at $725,406,049. Company insiders own 0.49% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Banyan Capital Management Inc. raised its holdings in Truist Financial by 3.4% during the 2nd quarter. Banyan Capital Management Inc. now owns 61,361 shares of the insurance provider’s stock valued at $3,015,000 after buying an additional 2,005 shares during the last quarter. Asset Management One Co. Ltd. raised its holdings in Truist Financial by 6.7% during the 2nd quarter. Asset Management One Co. Ltd. now owns 553,837 shares of the insurance provider’s stock valued at $27,207,000 after buying an additional 34,749 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Truist Financial by 10.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 331,427 shares of the insurance provider’s stock valued at $17,704,000 after buying an additional 30,524 shares during the last quarter. Meadow Creek Investment Management LLC raised its holdings in Truist Financial by 3.1% during the 2nd quarter. Meadow Creek Investment Management LLC now owns 31,024 shares of the insurance provider’s stock valued at $1,524,000 after buying an additional 924 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Truist Financial by 0.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,642,426 shares of the insurance provider’s stock valued at $80,692,000 after buying an additional 7,749 shares during the last quarter. Institutional investors own 71.79% of the company’s stock.

About Truist Financial

Truist Financial Corp., formerly BB&T, is a bank holding company based in Charlotte, North Carolina. Its bank operates 2,049 branches in 15 states and Washington, DC, and offers consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services.

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The Fly

Analyst Recommendations for Truist Financial (NYSE:TFC)

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