Stephens Raises Truist Financial (NYSE:TFC) Price Target to $57.00

Truist Financial (NYSE:TFC) had its price objective upped by equities researchers at Stephens from $54.00 to $57.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the insurance provider’s stock. Stephens’ price objective suggests a potential upside of 18.01% from the stock’s current price.

Several other equities research analysts have also commented on the stock. Barclays boosted their price target on shares of Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Compass Point boosted their price objective on shares of Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. HSBC raised Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Royal Bank of Canada boosted their price target on Truist Financial from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Finally, Keefe, Bruyette & Woods raised their price objective on Truist Financial from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Tuesday. Eleven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial currently has an average rating of “Moderate Buy” and a consensus price target of $50.53.

Truist Financial Stock Up 1.4 %

Shares of NYSE:TFC opened at $48.30 on Tuesday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The business’s 50 day moving average is $45.43 and its 200 day moving average is $43.66. The stock has a market cap of $64.12 billion, a P/E ratio of 14.51, a price-to-earnings-growth ratio of 1.86 and a beta of 1.08. Truist Financial has a 52-week low of $34.23 and a 52-week high of $49.06.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 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 $5,047,370 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.81 earnings per share. Sell-side analysts predict that Truist Financial will post 3.87 EPS for the current year.

Insiders Place Their Bets

In related news, Director K. David Jr. Boyer sold 4,966 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total transaction of $229,429.20. Following the sale, the director now directly owns 11,246 shares of the company’s stock, valued at $519,565.20. This trade represents a 30.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William H. Rogers, Jr. purchased 34,180 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was bought at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the acquisition, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at $33,576,860.56. This trade represents a 5.20 % increase in their position. The disclosure for this purchase can be found here. 0.17% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Truist Financial

Hedge funds have recently modified their holdings of the company. Bangor Savings Bank boosted its position in Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 272 shares in the last quarter. Valley Wealth Managers Inc. acquired a new stake in Truist Financial in the 3rd quarter valued at $26,000. MidAtlantic Capital Management Inc. purchased a new stake in Truist Financial in the 3rd quarter worth $32,000. Fortitude Family Office LLC raised its position in Truist Financial by 376.7% during the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 678 shares during the period. Finally, Ashton Thomas Securities LLC purchased a new position in Truist Financial during the third quarter valued at $45,000. 71.28% of the stock is 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.