Truist Financial (NYSE:TFC) Price Target Raised to $54.00

Key Points

• JPMorgan raised Truist Financial’s price target to $54 from $53 but maintained an “underweight” rating, implying just 2.65% upside from the prior close.
• Analyst sentiment remains mixed: Truist has an overall “Hold” rating and an average price target of $54.67, based on seven Buy, nine Hold, and two Sell recommendations.
• Truist reported stronger-than-expected quarterly results, with EPS of $1.23 versus the $1.08 consensus and revenue of $5.31 billion, up 5.6% year over year. The stock recently traded at $52.60.

Truist Financial (NYSE:TFC - Get Free Report) had its price objective hoisted by equities research analysts at JPMorgan Chase & Co. from $53.00 to $54.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "underweight" rating on the insurance provider's stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 2.65% from the stock's previous close.

TFC has been the topic of several other research reports. Keefe, Bruyette & Woods lifted their price target on Truist Financial from $53.00 to $55.00 and gave the company a "market perform" rating in a research note on Monday, July 20th. Jefferies Financial Group reaffirmed a "mixed" rating and issued a $45.00 price objective on shares of Truist Financial in a research note on Friday, April 17th. Raymond James Financial reissued a "market perform" rating on shares of Truist Financial in a research note on Wednesday, July 1st. Evercore reissued an "outperform" rating and issued a $57.00 target price on shares of Truist Financial in a report on Monday, July 6th. Finally, Stephens reduced their price target on shares of Truist Financial from $59.00 to $57.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $54.67.

Truist Financial Price Performance

Truist Financial stock traded down $0.39 during trading hours on Wednesday, reaching $52.60. 3,594,425 shares of the stock were exchanged, compared to its average volume of 9,346,314. The company has a market cap of $65.54 billion, a P/E ratio of 12.06, a price-to-earnings-growth ratio of 0.95 and a beta of 0.89. 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 twelve month low of $40.78 and a twelve month high of $56.19. The stock has a 50 day moving average of $50.04 and a two-hundred day moving average of $49.58.

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. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter in the prior year, the firm posted $0.91 EPS. The firm's quarterly revenue was up 5.6% on a year-over-year basis. Equities analysts expect that Truist Financial will post 4.59 EPS for the current fiscal year.

Insider Activity

In other Truist Financial news, CEO William H. Rogers, Jr. sold 13,250 shares of the stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $52.36, for a total transaction of $693,770.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director K. David Jr. Boyer sold 3,986 shares of Truist Financial stock in a transaction on Thursday, July 23rd. The stock was 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. This represents a 27.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.15% of the company's stock.

Institutional Trading of Truist Financial

Institutional investors have recently made changes to their positions in the company. Auto Owners Insurance Co grew its position in Truist Financial by 4,821.0% during the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider's stock valued at $697,428,000 after buying an additional 13,884,480 shares during the period. Wellington Management Group LLP boosted its stake in Truist Financial by 13,511.7% in the third quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider's stock valued at $474,886,000 after acquiring an additional 10,310,523 shares during the last quarter. Norges Bank purchased a new position in Truist Financial in the fourth quarter valued at about $502,340,000. American Assets Investment Management LLC increased its stake in shares of Truist Financial by 781.2% during the 4th quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider's stock worth $166,527,000 after purchasing an additional 3,000,000 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Truist Financial by 37.6% in the 4th quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider's stock worth $516,732,000 after purchasing an additional 2,867,449 shares during the period. Institutional investors own 71.28% of the company's stock.

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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