Truist Financial (NYSE:TFC) Given New $56.00 Price Target at Robert W. Baird

Key Points

• Robert W. Baird raised its price target on Truist Financial to $56 from $55, while keeping a neutral rating. The new target implies about 6.66% upside from the previous close.
• Analyst sentiment remains mixed overall: Truist has a consensus Hold rating and an average price target of $54.61. Recent moves from Morgan Stanley, Citigroup, UBS, and others reflect several downgrades or lower targets.
• Truist’s latest quarterly results topped expectations, with EPS of $1.23 versus the $1.08 estimate and revenue of $5.31 billion beating forecasts. Revenue rose 5.6% year over year, and the company’s shares recently traded near $52.50.

Truist Financial (NYSE:TFC - Get Free Report) had its target price upped by investment analysts at Robert W. Baird from $55.00 to $56.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "neutral" rating on the insurance provider's stock. Robert W. Baird's target price suggests a potential upside of 6.66% from the stock's previous close.

A number of other equities research analysts have also recently commented on the stock. Morgan Stanley reiterated an "equal weight" rating and issued a $54.00 target price (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Citigroup cut shares of Truist Financial from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $63.00 to $54.00 in a research note on Tuesday, June 30th. Wall Street Zen downgraded shares of Truist Financial from a "hold" rating to a "sell" rating in a report on Monday, June 29th. Royal Bank Of Canada raised their target price on shares of Truist Financial from $51.00 to $53.00 and gave the stock an "outperform" rating in a research note on Monday, April 20th. Finally, UBS Group cut Truist Financial from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $58.00 to $55.00 in a report on Tuesday, July 7th. Seven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $54.61.

Truist Financial Stock Performance

Shares of NYSE:TFC opened at $52.50 on Monday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The business's 50 day moving average price is $49.40 and its 200-day moving average price is $49.50. The firm has a market capitalization of $65.41 billion, a PE ratio of 12.04, a P/E/G ratio of 0.92 and a beta of 0.89. 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 posted its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating the consensus estimate of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same period in the prior year, the company earned $0.91 EPS. The firm's revenue was up 5.6% compared to the same quarter last year. As a group, equities research analysts expect that Truist Financial will post 4.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Truist Financial

Institutional investors and hedge funds have recently bought and sold shares of the company. Kemnay Advisory Services Inc. purchased a new stake in Truist Financial in the fourth quarter valued at $25,000. Swiss RE Ltd. purchased a new stake in Truist Financial in the 4th quarter valued at about $26,000. McMillan Office Inc. purchased a new stake in Truist Financial in the 4th quarter valued at about $31,000. Maseco LLP lifted its position in Truist Financial by 53.8% in the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider's stock valued at $32,000 after buying an additional 228 shares during the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC boosted its stake in Truist Financial by 190.7% during the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider's stock worth $32,000 after buying an additional 431 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

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.

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