Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Truist Financial (NYSE:TFC) Stock

Key Points

• Keefe, Bruyette & Woods raised its price target on Truist Financial from $53 to $55, while keeping a “market perform” rating. The new target implies about 6.1% upside from the prior close.
• Analyst sentiment remains mixed overall: Truist has a consensus Hold rating and a consensus price target of $54.72, though several firms recently adjusted their targets and recommendations.
• Truist’s latest quarterly results beat expectations, with EPS of $1.23 versus $1.08 expected and revenue of $5.31 billion versus $5.24 billion expected. Revenue rose 5.6% year over year, and analysts expect full-year EPS of 4.51.

Truist Financial (NYSE:TFC - Get Free Report) had its target price upped by equities research analysts at Keefe, Bruyette & Woods from $53.00 to $55.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a "market perform" rating on the insurance provider's stock. Keefe, Bruyette & Woods' price target suggests a potential upside of 6.11% from the stock's previous close.

TFC has been the subject of several other research reports. Evercore reaffirmed an "outperform" rating and issued a $57.00 price objective on shares of Truist Financial in a research note on Monday, July 6th. Wall Street Zen cut Truist Financial from a "hold" rating to a "sell" rating in a research report on Monday, June 29th. Royal Bank Of Canada upped their price target on Truist Financial from $51.00 to $53.00 and gave the stock an "outperform" rating in a research note on Monday, April 20th. Bank of America reissued a "neutral" rating and issued a $56.00 price target (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Finally, Jefferies Financial Group reiterated a "mixed" rating and issued a $45.00 target price on shares of Truist Financial in a report on Friday, April 17th. Seven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $54.72.

Truist Financial Stock Performance

Truist Financial stock opened at $51.83 on Monday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. Truist Financial has a 52 week low of $40.78 and a 52 week high of $56.19. The stock has a 50 day moving average of $49.40 and a 200-day moving average of $49.50. The stock has a market cap of $64.58 billion, a P/E ratio of 12.06, a price-to-earnings-growth ratio of 0.92 and a beta of 0.89.

Truist Financial (NYSE:TFC - Get Free Report) last issued its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates of $1.08 by $0.15. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The firm's quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 EPS. On average, analysts expect that Truist Financial will post 4.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Truist Financial

A number of large investors have recently bought and sold shares of TFC. 3Chopt Investment Partners LLC boosted its holdings in Truist Financial by 1.3% during the fourth quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider's stock valued at $724,000 after acquiring an additional 193 shares during the period. IFP Advisors Inc increased its stake in shares of Truist Financial by 2.4% in the fourth quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider's stock worth $404,000 after purchasing an additional 194 shares during the period. PCB Capital LLC increased its stake in shares of Truist Financial by 3.0% in the first quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider's stock worth $310,000 after purchasing an additional 198 shares during the period. AlphaCore Capital LLC lifted its position in shares of Truist Financial by 8.3% during the 4th quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider's stock worth $128,000 after purchasing an additional 199 shares during the last quarter. Finally, CYBER HORNET ETFs LLC boosted its stake in Truist Financial by 5.5% during the 4th quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider's stock valued at $188,000 after purchasing an additional 199 shares during the period. 71.28% of the stock is currently owned by institutional investors.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.