The Goldman Sachs Group Lowers Truist Financial (NYSE:TFC) Price Target to $48.00

Truist Financial (NYSE:TFC) had its target price lowered by research analysts at The Goldman Sachs Group from $50.00 to $48.00 in a research report issued to clients and investors on Wednesday. The brokerage presently has a “buy” rating on the insurance provider’s stock. The Goldman Sachs Group’s price objective points to a potential upside of 7.21% from the company’s current price.

Several other equities analysts also recently weighed in on the company. JPMorgan Chase & Co. lifted their target price on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research report on Wednesday. StockNews.com lowered Truist Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, July 23rd. Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Robert W. Baird lowered Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 price target on the stock. in a research report on Wednesday, July 17th. Finally, Stephens reaffirmed an “overweight” rating and set a $50.00 price target on shares of Truist Financial in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Truist Financial presently has a consensus rating of “Hold” and an average target price of $45.97.

Truist Financial Price Performance

Shares of NYSE:TFC traded up $0.86 during trading on Wednesday, reaching $44.77. The stock had a trading volume of 5,334,368 shares, compared to its average volume of 8,246,834. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86. The business has a fifty day moving average price of $42.55 and a 200-day moving average price of $40.20. The stock has a market cap of $59.91 billion, a PE ratio of -33.89, a PEG ratio of 1.78 and a beta of 1.05. Truist Financial has a 1-year low of $26.95 and a 1-year high of $45.31.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. The firm had revenue of $5.02 billion for the quarter, compared to analyst estimates of $4.83 billion. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The business’s revenue was down 15.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.95 earnings per share. On average, equities analysts forecast that Truist Financial will post 3.55 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Cynthia B. Powell sold 6,688 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total value of $295,208.32. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO William H. Rogers, Jr. purchased 57,300 shares of the stock in a transaction dated Tuesday, July 23rd. The shares were bought at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the transaction, the chief executive officer now owns 569,271 shares in the company, valued at $25,025,153.16. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. 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

Several hedge funds have recently modified their holdings of the company. Crewe Advisors LLC acquired a new position in shares of Truist Financial in the 1st quarter worth $27,000. Opal Wealth Advisors LLC acquired a new position in shares of Truist Financial in the 1st quarter worth $29,000. MFA Wealth Advisors LLC acquired a new position in shares of Truist Financial in the 2nd quarter worth $30,000. Y.D. More Investments Ltd acquired a new stake in shares of Truist Financial in the second quarter worth $31,000. Finally, Rise Advisors LLC acquired a new stake in shares of Truist Financial in the first quarter worth $32,000. 71.28% of the stock is currently owned by institutional investors and hedge funds.

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.