Truist Financial (NYSE:TFC) Stock Gets Price Target Bump from JPMorgan Chase & Co.

Key Points

• JPMorgan raised Truist Financial’s price target from $50.50 to $51.50 but maintained an “underweight” rating, implying approximately 5.66% upside from the prior close.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $53.82 based on seven Buy, ten Hold, and two Sell ratings.
• Truist’s latest quarterly results slightly missed expectations, reporting $1.16 in EPS versus $1.17 expected and revenue of $5.30 billion versus $5.35 billion forecast; the stock closed at $48.74.

Truist Financial (NYSE:TFC - Get Free Report) had its price target raised by equities researchers at JPMorgan Chase & Co. from $50.50 to $51.50 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an "underweight" rating on the insurance provider's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 5.66% from the stock's previous close.

Other analysts also recently issued research reports about the company. Wells Fargo & Company set a $52.00 target price on Truist Financial in a research report on Thursday, October 8th. Robert W. Baird boosted their target price on shares of Truist Financial from $55.00 to $56.00 and gave the stock a "neutral" rating in a report on Monday, July 20th. Wall Street Zen upgraded shares of Truist Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Bank of America cut shares of Truist Financial from a "buy" rating to a "neutral" rating and increased their price target for the company from $54.00 to $56.00 in a research note on Wednesday, July 8th. Finally, Stephens decreased their price objective on shares of Truist Financial from $55.00 to $54.00 and set an "overweight" rating for the company in a research report on Tuesday, October 20th. Seven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $53.82.

Truist Financial Price Performance

Truist Financial stock traded down $0.58 during trading hours on Friday, hitting $48.74. 7,771,375 shares of the stock were exchanged, compared to its average volume of 8,756,364. Truist Financial has a 12 month low of $43.13 and a 12 month high of $56.19. The business's 50-day moving average is $48.39 and its two-hundred day moving average is $49.50. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market capitalization of $59.54 billion, a P/E ratio of 12.56, a P/E/G ratio of 1.06 and a beta of 0.92.

Truist Financial (NYSE:TFC - Get Free Report) last released its earnings results on Friday, October 16th. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.17 by ($0.01). The business had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.35 billion. Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The business's revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.04 earnings per share. Equities research analysts expect that Truist Financial will post 4.71 EPS for the current fiscal year.

Insider Transactions at Truist Financial

In related news, CEO Michael Lyons acquired 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, October 28th. The stock was acquired at an average cost of $48.36 per share, for a total transaction of $1,209,000.00. Following the completion of the acquisition, the chief executive officer directly owned 46,000 shares of the company's stock, valued at approximately $2,224,560. This trade represents a 119.05% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 0.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in Truist Financial during the 2nd quarter worth $4,959,834,000. State Street Corp increased its holdings in Truist Financial by 0.9% during 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 last quarter. Bank of New York Mellon Corp boosted its stake in shares of Truist Financial by 7.5% during the 1st quarter. Bank of New York Mellon Corp now owns 11,289,721 shares of the insurance provider's stock valued at $518,988,000 after buying an additional 789,179 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Truist Financial by 1.9% during the first quarter. Dimensional Fund Advisors LP now owns 8,608,268 shares of the insurance provider's stock worth $395,642,000 after buying an additional 164,052 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in Truist Financial by 0.6% in the second quarter. Legal & General Group Plc now owns 7,853,887 shares of the insurance provider's stock valued at $391,281,000 after acquiring an additional 44,215 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

About Truist Financial

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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