Truist Financial (NYSE:TFC) Stock Price Expected to Rise, Raymond James Analyst Says

Truist Financial (NYSE:TFC) had its price target boosted by equities research analysts at Raymond James from $47.00 to $51.00 in a report issued on Thursday. The brokerage currently has an “overweight” rating on the insurance provider’s stock. Raymond James’ price target would suggest a potential upside of 7.08% from the stock’s previous close.

Several other equities analysts also recently commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a report on Wednesday, October 16th. Wells Fargo & Company boosted their price objective on Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a report on Friday, November 15th. UBS Group lifted their target price on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Hsbc Global Res upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Truist Financial from $48.00 to $49.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Eleven research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.95.

Truist Financial Stock Performance

Truist Financial stock opened at $47.63 on Thursday. The company’s 50-day moving average price is $45.36 and its 200-day moving average price is $43.48. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62. The company has a market cap of $63.23 billion, a PE ratio of -33.31, a price-to-earnings-growth ratio of 1.67 and a beta of 1.08. Truist Financial has a twelve month low of $34.23 and a twelve month high of $49.06.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. The business had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5,047,370 billion. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.81 earnings per share. On average, equities research analysts forecast that Truist Financial will post 3.61 EPS for the current fiscal year.

Insider Activity

In other news, CEO William H. Rogers, Jr. bought 34,180 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was bought at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the transaction, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. The trade was a 5.20 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total transaction of $229,429.20. Following the completion of the transaction, the director now directly owns 11,246 shares in the company, valued at $519,565.20. This represents a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Truist Financial

Institutional investors have recently added to or reduced their stakes in the business. Citizens Financial Group Inc. RI boosted its stake in Truist Financial by 33.0% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 8,610 shares of the insurance provider’s stock worth $334,000 after purchasing an additional 2,136 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in shares of Truist Financial by 10.2% in the second quarter. Mercer Global Advisors Inc. ADV now owns 194,219 shares of the insurance provider’s stock worth $7,545,000 after buying an additional 17,968 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. lifted its stake in shares of Truist Financial by 5.1% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 44,317 shares of the insurance provider’s stock worth $1,722,000 after buying an additional 2,131 shares during the period. Vanguard Personalized Indexing Management LLC grew its holdings in shares of Truist Financial by 14.6% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 95,421 shares of the insurance provider’s stock valued at $3,553,000 after buying an additional 12,166 shares during the last quarter. Finally, Waterloo Capital L.P. increased its position in shares of Truist Financial by 9.3% in the 2nd quarter. Waterloo Capital L.P. now owns 14,412 shares of the insurance provider’s stock valued at $560,000 after acquiring an additional 1,225 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Company Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.