Truist Financial (NYSE:TFC) Stock Rating Upgraded by Raymond James Financial

Raymond James Financial upgraded shares of Truist Financial (NYSE:TFC - Free Report) from a market perform rating to an outperform rating in a research report released on Tuesday, MarketBeat reports. Raymond James Financial currently has $50.00 price target on the insurance provider's stock.

TFC has been the subject of several other reports. Wall Street Zen raised Truist Financial from a "sell" rating to a "hold" rating in a report on Wednesday, May 7th. TD Cowen initiated coverage on Truist Financial in a report on Thursday, May 15th. They issued a "hold" rating and a $44.00 price target for the company. Wells Fargo & Company reduced their price target on Truist Financial from $52.00 to $50.00 and set an "overweight" rating for the company in a report on Friday, March 28th. JPMorgan Chase & Co. reduced their price target on Truist Financial from $48.00 to $42.00 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Finally, Barclays reduced their price target on Truist Financial from $51.00 to $47.00 and set an "equal weight" rating for the company in a report on Monday, April 21st. Seven equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $48.39.

Truist Financial Stock Performance

Truist Financial stock traded up $0.29 during mid-day trading on Tuesday, reaching $45.45. 10,677,381 shares of the company were exchanged, compared to its average volume of 8,280,747. Truist Financial has a twelve month low of $33.56 and a twelve month high of $49.06. The firm's 50-day simple moving average is $40.57 and its two-hundred day simple moving average is $41.95. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market cap of $59.52 billion, a PE ratio of 13.41, a price-to-earnings-growth ratio of 1.69 and a beta of 0.85.

Truist Financial (NYSE:TFC - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 EPS for the quarter, meeting the consensus estimate of $0.87. The business had revenue of $4.95 billion during the quarter, compared to analysts' expectations of $4.99 billion. Truist Financial had a return on equity of 8.96% and a net margin of 15.59%. During the same period last year, the firm earned $0.90 EPS. Equities analysts predict that Truist Financial will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Friday, May 9th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.58%. The ex-dividend date was Friday, May 9th. Truist Financial's payout ratio is 61.36%.

Hedge Funds Weigh In On Truist Financial

Several hedge funds have recently bought and sold shares of the stock. Klingman & Associates LLC increased its position in Truist Financial by 2.2% during the first quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider's stock worth $484,000 after buying an additional 248 shares in the last quarter. Haverford Trust Co increased its position in Truist Financial by 3.5% during the first quarter. Haverford Trust Co now owns 7,751 shares of the insurance provider's stock worth $319,000 after buying an additional 262 shares in the last quarter. TIAA Trust National Association increased its position in Truist Financial by 1.2% during the fourth quarter. TIAA Trust National Association now owns 23,822 shares of the insurance provider's stock worth $1,033,000 after buying an additional 283 shares in the last quarter. TCTC Holdings LLC increased its position in Truist Financial by 28.1% during the fourth quarter. TCTC Holdings LLC now owns 1,310 shares of the insurance provider's stock worth $57,000 after buying an additional 287 shares in the last quarter. Finally, Meeder Advisory Services Inc. increased its position in Truist Financial by 1.0% during the fourth quarter. Meeder Advisory Services Inc. now owns 28,385 shares of the insurance provider's stock worth $1,231,000 after buying an additional 288 shares in the last quarter. 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.