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

Truist Financial (NYSE:TFC) had its price objective raised by Keefe, Bruyette & Woods from $55.00 to $57.00 in a research note published on Tuesday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the insurance provider’s stock.

Several other research firms have also recently weighed in on TFC. Wells Fargo & Company boosted their price objective on Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. UBS Group boosted their target price on shares of Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Barclays raised their price target on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. HSBC raised Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, January 7th. Finally, The Goldman Sachs Group raised their price objective on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Eleven investment 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 company. According to data from MarketBeat.com, Truist Financial presently has an average rating of “Moderate Buy” and an average target price of $50.79.

Truist Financial Trading Up 0.5 %

Shares of NYSE TFC opened at $47.90 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market cap of $63.58 billion, a price-to-earnings ratio of 14.38, a PEG ratio of 1.86 and a beta of 1.08. The business has a 50 day simple moving average of $45.43 and a 200 day simple moving average of $43.66. Truist Financial has a 52 week low of $34.23 and a 52 week high of $49.06.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The firm had revenue of $5.11 billion during the quarter, compared to analyst estimates of $5,047,370 billion. During the same period in the previous year, the company earned $0.81 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, research analysts predict that Truist Financial will post 3.87 earnings per share for the current fiscal year.

Insider Activity at Truist Financial

In other Truist Financial news, CEO William H. Rogers, Jr. acquired 34,180 shares of Truist Financial stock in a transaction dated Monday, November 25th. The stock was purchased at an average cost of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the acquisition, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at $33,576,860.56. This represents a 5.20 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the transaction, the director now owns 11,246 shares of the company’s stock, valued at $519,565.20. This trade represents a 30.63 % decrease in their position. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Intech Investment Management LLC lifted its stake in Truist Financial by 63.3% in the 2nd quarter. Intech Investment Management LLC now owns 14,415 shares of the insurance provider’s stock worth $560,000 after purchasing an additional 5,585 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of Truist Financial by 4.6% in the 2nd quarter. Pacer Advisors Inc. now owns 95,577 shares of the insurance provider’s stock valued at $3,713,000 after acquiring an additional 4,192 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of Truist Financial by 4.8% during the second quarter. ProShare Advisors LLC now owns 283,534 shares of the insurance provider’s stock worth $11,015,000 after purchasing an additional 13,092 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Truist Financial by 12.5% during the second quarter. EverSource Wealth Advisors LLC now owns 7,802 shares of the insurance provider’s stock valued at $303,000 after purchasing an additional 869 shares in the last quarter. Finally, Public Sector Pension Investment Board boosted its holdings in shares of Truist Financial by 8.2% in the 2nd quarter. Public Sector Pension Investment Board now owns 226,903 shares of the insurance provider’s stock worth $8,815,000 after purchasing an additional 17,103 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

About Truist Financial

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.