Truist Financial (NYSE:TFC) PT Raised to $49.00

Truist Financial (NYSE:TFC) had its target price lifted by research analysts at UBS Group from $47.00 to $49.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the insurance provider’s stock. UBS Group’s price target suggests a potential upside of 12.21% from the company’s current price.

A number of other equities research analysts also recently weighed in on the stock. Baird R W downgraded shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 17th. Royal Bank of Canada raised their price target on Truist Financial from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, July 23rd. Compass Point increased their price objective on Truist Financial from $46.00 to $47.00 in a research report on Wednesday. Bank of America upped their target price on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, The Goldman Sachs Group lowered their price objective on shares of Truist Financial from $50.00 to $48.00 and set a “buy” rating for the company in a report on Wednesday. Twelve analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $46.02.

Truist Financial Stock Up 1.7 %

TFC opened at $43.67 on Friday. The company has a 50 day moving average of $42.67 and a 200 day moving average of $40.30. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. Truist Financial has a 12 month low of $26.95 and a 12 month high of $45.31. The company has a market cap of $58.43 billion, a PE ratio of -33.08, a price-to-earnings-growth ratio of 1.82 and a beta of 1.05.

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

Insider Activity

In other Truist Financial news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total value of $295,208.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Truist Financial news, CEO William H. Rogers, Jr. purchased 57,300 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were bought at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the acquisition, the chief executive officer now owns 569,271 shares in the company, valued at approximately $25,025,153.16. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The disclosure for this sale can be found here. 0.17% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Truist Financial

Hedge funds have recently made changes to their positions in the company. Capital International Investors grew its position in Truist Financial by 93.7% in the first quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after acquiring an additional 5,632,493 shares in the last quarter. Legal & General Group Plc increased its position in Truist Financial by 1.0% during the second quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock valued at $401,663,000 after acquiring an additional 103,565 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Truist Financial by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock worth $346,957,000 after acquiring an additional 299,196 shares during the last quarter. Truist Financial Corp boosted its stake in shares of Truist Financial by 6.7% during the 2nd quarter. Truist Financial Corp now owns 4,931,783 shares of the insurance provider’s stock worth $191,600,000 after purchasing an additional 311,523 shares during the period. Finally, Jennison Associates LLC grew its holdings in Truist Financial by 48.9% during the 1st quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock valued at $149,698,000 after purchasing an additional 1,261,598 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

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.