Truist Financial (NYSE:TFC) Price Target Cut to $50.00 by Analysts at Wells Fargo & Company

Truist Financial (NYSE:TFC) had its price target dropped by Wells Fargo & Company from $52.00 to $50.00 in a report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the insurance provider’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 31.33% from the stock’s previous close.

TFC has been the topic of a number of other research reports. Raymond James increased their price objective on Truist Financial from $47.00 to $51.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Hsbc Global Res upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Baird R W upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Stephens increased their price target on Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 21st. Finally, Piper Sandler lifted their price target on Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Ten equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and an average price target of $50.42.

Truist Financial Trading Down 8.4 %

Shares of TFC stock traded down $3.49 during trading hours on Friday, reaching $38.07. The company had a trading volume of 2,473,991 shares, compared to its average volume of 7,729,582. The company has a 50 day moving average of $44.41 and a 200 day moving average of $44.41. The firm has a market cap of $49.70 billion, a price-to-earnings ratio of 11.47, a P/E/G ratio of 1.63 and a beta of 1.08. Truist Financial has a 1-year low of $35.09 and a 1-year high of $49.06. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company’s 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, equities research analysts anticipate that Truist Financial will post 4 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. PBMares Wealth Management LLC raised its position in Truist Financial by 0.8% during the fourth quarter. PBMares Wealth Management LLC now owns 29,270 shares of the insurance provider’s stock worth $1,270,000 after acquiring an additional 224 shares during the last quarter. Koshinski Asset Management Inc. lifted its stake in shares of Truist Financial by 2.1% during the 4th quarter. Koshinski Asset Management Inc. now owns 10,825 shares of the insurance provider’s stock worth $470,000 after purchasing an additional 225 shares during the period. Aaron Wealth Advisors LLC increased its stake in Truist Financial by 3.0% in the fourth quarter. Aaron Wealth Advisors LLC now owns 7,712 shares of the insurance provider’s stock valued at $335,000 after purchasing an additional 227 shares during the last quarter. FWG Holdings LLC lifted its holdings in shares of Truist Financial by 4.3% during the 4th quarter. FWG Holdings LLC now owns 5,694 shares of the insurance provider’s stock worth $267,000 after acquiring an additional 234 shares during the period. Finally, Ignite Planners LLC increased its position in Truist Financial by 1.4% during the fourth quarter. Ignite Planners LLC now owns 17,499 shares of the insurance provider’s stock worth $772,000 after purchasing an additional 246 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

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.