Truist Financial (NYSE:TFC) Price Target Raised to $57.00

Truist Financial (NYSE:TFC) had its price target hoisted by Keefe, Bruyette & Woods from $55.00 to $57.00 in a report released on Tuesday,Benzinga reports. The firm currently has an outperform rating on the insurance provider’s stock.

A number of other equities analysts have also recently weighed in on TFC. Barclays increased their price target on Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Citigroup increased their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. Stephens reissued an “overweight” rating and issued a $54.00 price target on shares of Truist Financial in a research note on Thursday, January 2nd. JPMorgan Chase & Co. increased their price objective on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 16th. Finally, Raymond James boosted their target price on Truist Financial from $47.00 to $51.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Eleven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $50.79.

Truist Financial Stock Performance

NYSE TFC opened at $46.72 on Tuesday. Truist Financial has a fifty-two week low of $34.23 and a fifty-two week high of $49.06. The firm has a market capitalization of $62.03 billion, a P/E ratio of 14.03, a price-to-earnings-growth ratio of 1.70 and a beta of 1.08. The stock’s fifty day moving average is $45.46 and its two-hundred day moving average is $43.75. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5,047,370 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. Truist Financial’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.81 earnings per share. On average, research analysts anticipate that Truist Financial will post 3.95 earnings per share for the current year.

Insider Buying and Selling

In other news, Director K. David Jr. Boyer sold 4,966 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the transaction, the director now owns 11,246 shares of the company’s stock, valued at approximately $519,565.20. The trade was a 30.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William H. Rogers, Jr. acquired 34,180 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was purchased at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the transaction, the chief executive officer now owns 691,451 shares in the company, valued at $33,576,860.56. The trade was a 5.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Truist Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bangor Savings Bank raised its holdings 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 acquiring an additional 272 shares during the last quarter. Valley Wealth Managers Inc. purchased a new stake in Truist Financial during the 3rd quarter worth about $26,000. MidAtlantic Capital Management Inc. acquired a new position in Truist Financial in the 3rd quarter valued at about $32,000. Fortitude Family Office LLC lifted its holdings in Truist Financial by 376.7% in the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 678 shares in the last quarter. Finally, Ashton Thomas Securities LLC acquired a new stake in shares of Truist Financial during the 3rd quarter worth about $45,000. 71.28% of the stock is owned by institutional investors and hedge funds.

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.