Truist Financial (NYSE:TFC) Price Target Raised to $51.00

Truist Financial (NYSE:TFC) had its price objective hoisted by equities researchers at Raymond James from $47.00 to $51.00 in a research report issued on Thursday. The brokerage presently has an “overweight” rating on the insurance provider’s stock. Raymond James’ price objective would indicate a potential upside of 13.41% from the stock’s current price.

Several other analysts also recently issued reports on the stock. Keefe, Bruyette & Woods upped their price target on shares of Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. The Goldman Sachs Group upped their target price on Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Stephens reiterated an “overweight” rating and set a $54.00 target price on shares of Truist Financial in a report on Thursday, January 2nd. Hsbc Global Res raised Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, HSBC raised Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $49.95.

Truist Financial Price Performance

TFC traded down $0.42 during trading on Thursday, reaching $44.97. 7,925,646 shares of the stock were exchanged, compared to its average volume of 7,165,341. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. The company has a market capitalization of $59.70 billion, a price-to-earnings ratio of -31.45, a P/E/G ratio of 1.67 and a beta of 1.08. Truist Financial has a 1 year low of $34.23 and a 1 year high of $49.06. The business’s 50 day moving average price is $45.41 and its two-hundred day moving average price is $43.46.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, topping the consensus estimate of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The business had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.05 billion. As a group, equities research analysts anticipate that Truist Financial will post 3.61 earnings per share for the current year.

Insider Transactions at Truist Financial

In related news, CEO William H. Rogers, Jr. bought 34,180 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was bought at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the transaction, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This represents a 5.20 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the sale, the director now owns 11,246 shares in the company, valued at approximately $519,565.20. The trade was a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

Institutional investors and hedge funds have recently made changes to their positions in the business. Bangor Savings Bank increased its stake in shares of Truist Financial by 92.5% in the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after buying an additional 272 shares during the last quarter. Valley Wealth Managers Inc. acquired a new position in Truist Financial during the 3rd quarter worth $26,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Truist Financial in the 3rd quarter worth about $32,000. Fortitude Family Office LLC lifted its position in shares of Truist Financial by 376.7% during the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 678 shares during the last quarter. Finally, Ashton Thomas Securities LLC bought a new position in shares of Truist Financial during the third quarter worth about $45,000. 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.