Citigroup Raises Truist Financial (NYSE:TFC) Price Target to $51.00

Truist Financial (NYSE:TFC) had its price objective increased by analysts at Citigroup from $47.00 to $51.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the insurance provider’s stock. Citigroup’s target price points to a potential upside of 4.21% from the company’s previous close.

Several other research firms also recently commented on TFC. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. StockNews.com raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Morgan Stanley upped their price target on shares of Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Stephens reissued an “overweight” rating and issued a $50.00 price target on shares of Truist Financial in a report on Tuesday, September 10th. Finally, The Goldman Sachs Group lowered their price objective on shares of Truist Financial from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Twelve analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $46.57.

Truist Financial Price Performance

TFC stock traded up $0.98 during mid-day trading on Monday, hitting $48.94. 407,624 shares of the stock were exchanged, compared to its average volume of 8,278,761. The business has a fifty day moving average price of $43.68 and a 200 day moving average price of $41.54. The stock has a market capitalization of $64.97 billion, a price-to-earnings ratio of -34.22, a PEG ratio of 1.97 and a beta of 1.05. Truist Financial has a 12 month low of $31.23 and a 12 month high of $49.06. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, topping the consensus estimate of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The firm had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.05 billion. On average, sell-side analysts anticipate that Truist Financial will post 3.7 EPS for the current year.

Institutional Investors Weigh In On Truist Financial

Several hedge funds have recently bought and sold shares of the business. World Investment Advisors LLC lifted its holdings in shares of Truist Financial by 19.4% during the third quarter. World Investment Advisors LLC now owns 14,486 shares of the insurance provider’s stock valued at $620,000 after purchasing an additional 2,355 shares during the last quarter. Sanctuary Advisors LLC raised its stake in Truist Financial by 14.0% during the third quarter. Sanctuary Advisors LLC now owns 256,971 shares of the insurance provider’s stock valued at $10,991,000 after buying an additional 31,510 shares during the last quarter. Rehmann Capital Advisory Group boosted its holdings in Truist Financial by 15.4% in the third quarter. Rehmann Capital Advisory Group now owns 9,468 shares of the insurance provider’s stock worth $405,000 after acquiring an additional 1,265 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Truist Financial in the third quarter worth $1,452,000. Finally, Coldstream Capital Management Inc. raised its position in shares of Truist Financial by 11.7% in the 3rd quarter. Coldstream Capital Management Inc. now owns 20,764 shares of the insurance provider’s stock worth $894,000 after purchasing an additional 2,171 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

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.