The Goldman Sachs Group Boosts Truist Financial (NYSE:TFC) Price Target to $60.00

Truist Financial (NYSE:TFC) had its price target increased by analysts at The Goldman Sachs Group from $50.00 to $60.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 25.65% from the stock’s current price.

A number of other research analysts have also issued reports on the stock. Wolfe Research upgraded shares of Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. UBS Group upped their target price on Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Keefe, Bruyette & Woods lifted their price target on Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Morgan Stanley boosted their price target on Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 30th. Finally, Citigroup raised their price objective on Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a research note on Monday. Twelve equities research analysts have rated the stock with 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 a consensus price target of $47.17.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $47.75 on Tuesday. The company has a market capitalization of $63.39 billion, a PE ratio of -33.39, a P/E/G ratio of 1.97 and a beta of 1.05. The company has a 50-day simple moving average of $44.03 and a two-hundred day simple moving average of $41.71. Truist Financial has a one year low of $31.23 and a one year high of $49.06. 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 announced its earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.08. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The firm had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.05 billion. Research analysts expect that Truist Financial will post 3.7 EPS for the current fiscal year.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. bought 34,180 shares of the stock in a transaction on Monday, November 25th. The shares were bought at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the purchase, the chief executive officer now directly owns 691,451 shares in the company, valued at $33,576,860.56. This trade represents a 5.20 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

Institutional investors and hedge funds have recently bought and sold shares of the business. Valley Wealth Managers Inc. acquired a new position in Truist Financial during the third quarter worth $26,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Truist Financial in the third quarter valued at about $32,000. MFA Wealth Advisors LLC purchased a new position in Truist Financial during the second quarter worth about $30,000. Y.D. More Investments Ltd acquired a new position in Truist Financial in the 2nd quarter valued at about $31,000. Finally, Fortitude Family Office LLC raised 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 valued at $37,000 after buying an additional 678 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

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.