Truist Financial (NYSE:TFC) Stock Price Expected to Rise, Raymond James Analyst Says

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

Several other research firms have also commented on TFC. The Goldman Sachs Group raised their price target on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Compass Point raised their target price on Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Piper Sandler lifted their target price on Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Stephens reissued an “overweight” rating and set a $54.00 price target on shares of Truist Financial in a research report on Thursday, January 2nd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.95.

Truist Financial Trading Down 0.9 %

Shares of NYSE TFC traded down $0.42 during midday trading on Thursday, reaching $44.97. 7,925,646 shares of the stock were exchanged, compared to its average volume of 7,165,341. Truist Financial has a twelve month low of $34.23 and a twelve month high of $49.06. The stock has a market capitalization of $59.70 billion, a P/E ratio of -31.45, a PEG ratio of 1.67 and a beta of 1.08. The company has a 50 day simple moving average of $45.41 and a 200 day simple moving average of $43.46. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.85 and a current ratio of 0.85.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. The business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. As a group, equities analysts expect 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 company’s stock in a transaction dated Monday, November 25th. The shares were acquired at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the acquisition, the chief executive officer now owns 691,451 shares in the company, valued at approximately $33,576,860.56. This trade represents a 5.20 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director K. David Jr. Boyer sold 4,966 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total transaction 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 position. The disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Truist Financial

Institutional investors have recently added to or reduced their stakes in the business. Bangor Savings Bank boosted 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 valued at $25,000 after buying an additional 272 shares in the last quarter. Valley Wealth Managers Inc. acquired a new stake in Truist Financial in the third quarter valued at $26,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Truist Financial during the 3rd quarter worth $32,000. Fortitude Family Office LLC boosted its position in shares of Truist Financial by 376.7% during the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 678 shares in the last quarter. Finally, Ashton Thomas Securities LLC acquired a new position in shares of Truist Financial during the 3rd quarter worth $45,000. 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.