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

Truist Financial (NYSE:TFC) had its price target cut by analysts at Wells Fargo & Company from $52.00 to $50.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the insurance provider’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 30.82% from the stock’s current price.

TFC has been the subject of several other reports. Hsbc Global Res upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Compass Point increased their price objective on Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Morgan Stanley increased their price target on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 21st. Barclays boosted their target price on shares of Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Finally, HSBC raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Tuesday, January 7th. Ten investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.42.

Truist Financial Trading Down 8.0 %

Shares of NYSE:TFC traded down $3.34 during midday trading on Friday, reaching $38.22. The company’s stock had a trading volume of 6,771,921 shares, compared to its average volume of 7,746,608. The firm has a market capitalization of $49.89 billion, a price-to-earnings ratio of 11.48, a PEG ratio of 1.63 and a beta of 1.08. Truist Financial has a fifty-two week low of $35.09 and a fifty-two week high of $49.06. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a 50 day moving average price of $44.41 and a two-hundred day moving average price of $44.41.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5.05 billion. During the same quarter last year, the business earned $0.81 earnings per share. The company’s quarterly revenue was up 3.4% on a year-over-year basis. As a group, analysts forecast that Truist Financial will post 4 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Intech Investment Management LLC increased its position in shares of Truist Financial by 34.5% during the third quarter. Intech Investment Management LLC now owns 19,390 shares of the insurance provider’s stock worth $829,000 after acquiring an additional 4,975 shares during the period. Fisher Asset Management LLC raised its holdings in Truist Financial by 4.5% in the third quarter. Fisher Asset Management LLC now owns 7,995 shares of the insurance provider’s stock valued at $342,000 after acquiring an additional 345 shares in the last quarter. FMR LLC grew its holdings in Truist Financial by 10.6% during the 3rd quarter. FMR LLC now owns 5,003,106 shares of the insurance provider’s stock worth $213,983,000 after acquiring an additional 478,886 shares in the last quarter. Townsquare Capital LLC increased its position in shares of Truist Financial by 9.1% in the 3rd quarter. Townsquare Capital LLC now owns 91,017 shares of the insurance provider’s stock valued at $3,893,000 after purchasing an additional 7,618 shares during the last quarter. Finally, CreativeOne Wealth LLC raised its holdings in shares of Truist Financial by 81.0% in the 3rd quarter. CreativeOne Wealth LLC now owns 13,832 shares of the insurance provider’s stock valued at $592,000 after purchasing an additional 6,190 shares in 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.