Keefe, Bruyette & Woods Issues Pessimistic Forecast for Truist Financial (NYSE:TFC) Stock Price

Key Points

• Keefe, Bruyette & Woods lowered Truist Financial’s price target from $55 to $54 while maintaining a “market perform” rating, implying 14.49% potential upside from the stock’s $47.17 price.
• Analyst sentiment remains mixed but generally neutral: Truist has an average “Hold” rating and a consensus price target of $54.34, based on seven Buy, nine Hold, and two Sell ratings.
• Truist’s latest quarterly results slightly missed expectations, with EPS of $1.16 versus $1.17 forecast and revenue of $5.30 billion versus $5.35 billion expected; revenue nevertheless increased 1.3% year over year.

Truist Financial (NYSE:TFC - Get Free Report) had its target price reduced by investment analysts at Keefe, Bruyette & Woods from $55.00 to $54.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a "market perform" rating on the insurance provider's stock. Keefe, Bruyette & Woods' price objective would suggest a potential upside of 14.49% from the company's current price.

Several other analysts have also recently commented on TFC. Bank of America restated a "neutral" rating and set a $56.00 target price (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Robert W. Baird lifted their price target on Truist Financial from $55.00 to $56.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Evercore reiterated an "outperform" rating and set a $57.00 price target on shares of Truist Financial in a research report on Monday, July 6th. Raymond James Financial restated a "market perform" rating on shares of Truist Financial in a research report on Wednesday, July 1st. Finally, Stephens dropped their target price on shares of Truist Financial from $59.00 to $57.00 and set an "overweight" rating for the company in a research note on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $54.34.

Truist Financial Stock Up 0.2%

NYSE TFC opened at $47.17 on Monday. The stock's 50 day simple moving average is $49.17 and its 200 day simple moving average is $49.64. Truist Financial has a one year low of $41.60 and a one year high of $56.19. The firm has a market cap of $57.62 billion, a PE ratio of 12.16, a price-to-earnings-growth ratio of 1.04 and a beta of 0.92. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.88 and a quick ratio of 0.88.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data on Friday, October 16th. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.17 by ($0.01). Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The business had revenue of $5.30 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter in the previous year, the firm posted $1.04 EPS. The company's revenue for the quarter was up 1.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Truist Financial will post 4.67 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Michael P. Lyons purchased 21,000 shares of the business's stock in a transaction dated Thursday, September 17th. The shares were acquired at an average price of $48.36 per share, with a total value of $1,015,560.00. Following the completion of the purchase, the chief executive officer directly owned 21,000 shares of the company's stock, valued at $1,015,560. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director K. Boyer, Jr. sold 3,986 shares of the firm's stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total value of $202,090.20. Following the completion of the transaction, the director owned 10,270 shares in the company, valued at approximately $520,689. This represents a 27.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.15% of the company's stock.

Institutional Trading of Truist Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC increased its position in shares of Truist Financial by 11.3% during the third quarter. V Square Quantitative Management LLC now owns 27,769 shares of the insurance provider's stock worth $1,286,000 after acquiring an additional 2,815 shares in the last quarter. Moody National Bank Trust Division lifted its position in Truist Financial by 5.9% in the 3rd quarter. Moody National Bank Trust Division now owns 17,276 shares of the insurance provider's stock valued at $800,000 after acquiring an additional 968 shares in the last quarter. QRG Capital Management Inc. lifted its position in Truist Financial by 8.5% in the 2nd quarter. QRG Capital Management Inc. now owns 164,849 shares of the insurance provider's stock valued at $8,213,000 after acquiring an additional 12,932 shares in the last quarter. State Street Corp boosted its stake in Truist Financial by 0.9% in the 2nd quarter. State Street Corp now owns 58,692,619 shares of the insurance provider's stock worth $2,924,066,000 after purchasing an additional 501,026 shares during the period. Finally, Sequoia Financial Advisors LLC boosted its stake in Truist Financial by 5.6% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 73,813 shares of the insurance provider's stock worth $3,677,000 after purchasing an additional 3,917 shares during the period. 71.28% of the stock is owned by institutional investors.

Truist Financial Company Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.

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