Truist Financial (NYSE:TFC) PT Raised to $46.00

Truist Financial (NYSE:TFC) had its price objective boosted by investment analysts at Royal Bank of Canada from $45.00 to $46.00 in a research note issued on Friday, Marketbeat Ratings reports. The firm currently has an “outperform” rating on the insurance provider’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 5.34% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $45.00 to $47.00 in a research report on Wednesday, July 24th. Barclays lifted their price target on Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. UBS Group increased their target price on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research note on Friday. Bank of America boosted their target price on Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. Finally, Stephens restated an “overweight” rating and set a $50.00 price objective on shares of Truist Financial in a report on Tuesday, September 10th. Twelve research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Truist Financial has a consensus rating of “Hold” and an average price target of $46.02.

Truist Financial Stock Up 1.7 %

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

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

Insider Activity

In related news, CEO William H. Rogers, Jr. purchased 57,300 shares of Truist Financial stock in a transaction that occurred on Tuesday, July 23rd. The stock was purchased at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the completion of the transaction, the chief executive officer now owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO William H. Rogers, Jr. acquired 57,300 shares of the business’s stock in a transaction on Tuesday, July 23rd. The stock was purchased at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the transaction, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction dated Thursday, July 25th. The stock was 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.

Hedge Funds Weigh In On Truist Financial

Large investors have recently bought and sold shares of the company. Godsey & Gibb Inc. lifted its stake in Truist Financial by 2.7% in the third quarter. Godsey & Gibb Inc. now owns 464,446 shares of the insurance provider’s stock valued at $19,864,000 after buying an additional 12,350 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Truist Financial by 8.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 77,332 shares of the insurance provider’s stock valued at $3,307,000 after acquiring an additional 5,786 shares during the last quarter. Compass Ion Advisors LLC bought a new stake in Truist Financial in the 3rd quarter valued at about $1,940,000. OLD National Bancorp IN lifted its holdings in Truist Financial by 1.8% during the 3rd quarter. OLD National Bancorp IN now owns 257,036 shares of the insurance provider’s stock worth $10,993,000 after purchasing an additional 4,482 shares in the last quarter. Finally, Cyndeo Wealth Partners LLC boosted its holdings in Truist Financial by 901.0% in the 3rd quarter. Cyndeo Wealth Partners LLC now owns 165,913 shares of the insurance provider’s stock valued at $7,096,000 after purchasing an additional 149,338 shares during the period. 71.28% of the stock is currently owned by 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.