Truist Financial (NYSE:TFC – Get Free Report) had its price target cut by equities researchers at Keefe, Bruyette & Woods from $55.00 to $54.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 14.11% from the stock’s previous close.
Other research analysts have also recently issued research reports about the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Truist Financial in a research note on Wednesday, July 29th. Morgan Stanley restated an “equal weight” rating and set a $54.00 price objective (down from $62.00) on shares of Truist Financial in a research note on Monday, July 6th. JPMorgan Chase & Co. lowered their price objective on Truist Financial from $54.00 to $50.50 and set an “underweight” rating for the company in a research note on Friday, October 2nd. HSBC started coverage on Truist Financial in a report on Monday, September 28th. They set a “buy” rating and a $61.00 price objective on the stock. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Seven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $54.08.
Get Our Latest Stock Analysis on TFC
Truist Financial Stock Performance
NYSE:TFC opened at $47.32 on Monday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.88 and a quick ratio of 0.88. The firm has a 50-day moving average of $48.96 and a two-hundred day moving average of $49.65. The stock has a market cap of $57.81 billion, a P/E ratio of 10.07, a PEG ratio of 1.02 and a beta of 0.92. Truist Financial has a 1-year low of $43.13 and a 1-year high of $56.19.
Truist Financial (NYSE:TFC – Get Free Report) last announced its earnings results on Friday, October 16th. The insurance provider reported $1.16 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.01). Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The business had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same quarter in the prior year, the business earned $1.04 earnings per share. The firm’s revenue was up 1.3% on a year-over-year basis. On average, research analysts expect that Truist Financial will post 4.69 earnings per share for the current fiscal year.
Insider Activity at Truist Financial
In related news, insider Donta L. Wilson sold 13,280 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the sale, the insider directly owned 56,009 shares of the company’s stock, valued at approximately $2,904,066.65. This represents a 19.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael Lyons acquired 21,000 shares of Truist Financial stock in a transaction that occurred on Thursday, September 17th. The shares were purchased at an average price of $48.36 per share, for a total transaction of $1,015,560.00. Following the completion of the purchase, the chief executive officer directly owned 21,000 shares of the company’s stock, valued at $1,015,560. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.15% of the company’s stock.
Institutional Trading of Truist Financial
A number of institutional investors and hedge funds have recently modified their holdings of the business. Uncommon Cents Investing Inc lifted its stake in Truist Financial by 4.6% during the third quarter. Uncommon Cents Investing Inc now owns 16,310 shares of the insurance provider’s stock valued at $755,000 after buying an additional 715 shares in the last quarter. Diversify Advisory Services LLC boosted its holdings in shares of Truist Financial by 5.4% in the third quarter. Diversify Advisory Services LLC now owns 5,893 shares of the insurance provider’s stock worth $274,000 after buying an additional 300 shares during the period. Investors Asset Management of Georgia Inc. GA ADV boosted its holdings in shares of Truist Financial by 1.2% in the third quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 42,329 shares of the insurance provider’s stock worth $1,960,000 after buying an additional 496 shares during the period. Ballast Inc. increased its position in shares of Truist Financial by 3.8% in the third quarter. Ballast Inc. now owns 50,671 shares of the insurance provider’s stock worth $2,346,000 after acquiring an additional 1,840 shares in the last quarter. Finally, AA Financial Advisors LLC increased its position in shares of Truist Financial by 4.4% in the third quarter. AA Financial Advisors LLC now owns 8,919 shares of the insurance provider’s stock worth $413,000 after acquiring an additional 376 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.
Truist Financial Company Profile
Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.
Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.
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