Truist Financial (NYSE:TFC) Stock Picked Up by Analysts at TD Cowen

Key Points

• TD Cowen initiated coverage of Truist Financial with a “hold” rating and a $52 price target, implying 14.4% upside from the prior close. Analysts overall maintain a consensus “hold” rating with an average target of $54.39.
• Truist shares traded at $45.45, below their 50- and 200-day moving averages. The company recently beat quarterly expectations, reporting $1.23 in EPS versus $1.08 expected and $5.31 billion in revenue.
• Insiders sold 30,516 shares worth approximately $1.58 million over the past three months, while institutional investors and hedge funds own 71.28% of the stock.

Stock analysts at TD Cowen began coverage on shares of Truist Financial (NYSE:TFC - Get Free Report) in a report released on Thursday, Marketbeat reports. The brokerage set a "hold" rating and a $52.00 price target on the insurance provider's stock. TD Cowen's price objective suggests a potential upside of 14.40% from the company's previous close.

Other analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. decreased their price target on shares of Truist Financial from $54.00 to $50.50 and set an "underweight" rating for the company in a research note on Friday, October 2nd. Bank of America reiterated a "neutral" rating and set a $56.00 price target (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Keefe, Bruyette & Woods upped their price objective on shares of Truist Financial from $53.00 to $55.00 and gave the stock a "market perform" rating in a research report on Monday, July 20th. Wells Fargo & Company set a $52.00 price objective on shares of Truist Financial in a research report on Thursday. Finally, UBS Group cut their price objective on shares of Truist Financial from $55.00 to $50.00 and set a "neutral" rating for the company in a research report on Monday. Seven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $54.39.

Truist Financial Stock Performance

NYSE:TFC traded down $0.13 during trading hours on Thursday, reaching $45.45. 412,090 shares of the company's stock were exchanged, compared to its average volume of 8,741,585. The firm has a market capitalization of $55.53 billion, a price-to-earnings ratio of 10.43, a P/E/G ratio of 0.97 and a beta of 0.92. The company has a 50-day moving average of $50.01 and a 200 day moving average of $49.57. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. Truist Financial has a 1-year low of $40.78 and a 1-year high of $56.19.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, topping analysts' consensus estimates of $1.08 by $0.15. The firm had revenue of $5.31 billion during the quarter, compared to analysts' expectations of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. Truist Financial's quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.91 EPS. Research analysts anticipate that Truist Financial will post 4.66 EPS for the current year.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, Director K. Boyer, Jr. sold 3,986 shares of Truist Financial stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the transaction, the director directly owned 10,270 shares of the company's stock, valued at $520,689. The trade was a 27.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Donta L. Wilson sold 13,280 shares of Truist Financial stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the transaction, the insider directly owned 56,009 shares in the company, valued at approximately $2,904,066.65. This trade represents a 19.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 30,516 shares of company stock valued at $1,584,428. 0.15% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. N.E.W. Advisory Services LLC purchased a new stake in shares of Truist Financial during the second quarter valued at approximately $30,000. Navigoe LLC purchased a new stake in shares of Truist Financial during the second quarter valued at approximately $30,000. Evolution Wealth Management Inc. increased its stake in shares of Truist Financial by 2,218.2% in the first quarter. Evolution Wealth Management Inc. now owns 765 shares of the insurance provider's stock worth $35,000 after buying an additional 732 shares during the last quarter. Wilkerson Advisory Group LLC increased its stake in shares of Truist Financial by 104.0% in the first quarter. Wilkerson Advisory Group LLC now owns 826 shares of the insurance provider's stock worth $38,000 after buying an additional 421 shares during the last quarter. Finally, SHP Wealth Management bought a new stake in shares of Truist Financial in the fourth quarter worth $41,000. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Company Profile

Truist Financial Corporation NYSE: TFC is a financial services company headquartered in Charlotte, North Carolina. Through its principal banking subsidiary, Truist Bank, the company provides a broad range of financial products and services to consumers, small businesses, commercial clients, and institutional customers.

Its offerings include deposit accounts, consumer and small-business lending, mortgages, credit cards, payments, treasury management, commercial and corporate banking, investment banking, wealth management, and asset management.