Truist Financial (NYSE:TFC) Price Target Raised to $45.00

Truist Financial (NYSE:TFC) had its target price upped by research analysts at Citigroup from $42.00 to $45.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the insurance provider’s stock. Citigroup’s target price indicates a potential upside of 16.49% from the stock’s previous close.

Several other analysts have also issued reports on TFC. Jefferies Financial Group increased their price target on shares of Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Piper Sandler raised their target price on shares of Truist Financial from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, January 19th. Keefe, Bruyette & Woods raised their target price on shares of Truist Financial from $44.00 to $45.00 and gave the company an “outperform” rating in a research report on Friday, April 5th. Morgan Stanley restated an “equal weight” rating and issued a $43.00 target price on shares of Truist Financial in a research report on Monday. Finally, StockNews.com lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a research report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $41.97.

Truist Financial Stock Performance

Shares of TFC traded down $0.21 during mid-day trading on Wednesday, hitting $38.63. 4,342,167 shares of the company’s stock were exchanged, compared to its average volume of 9,655,186. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75. The firm has a market cap of $51.56 billion, a price-to-earnings ratio of -29.20, a price-to-earnings-growth ratio of 2.39 and a beta of 1.08. The stock’s 50-day simple moving average is $36.76 and its 200-day simple moving average is $34.70. Truist Financial has a 52 week low of $25.56 and a 52 week high of $39.29.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.12. The business had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The firm’s revenue for the quarter was down 8.8% on a year-over-year basis. During the same quarter last year, the business posted $1.09 EPS. On average, equities research analysts expect that Truist Financial will post 3.27 EPS for the current year.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 3,764 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the transaction, the director now directly owns 16,132 shares in the company, valued at $604,627.36. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.17% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TFC. Spire Wealth Management raised its position in shares of Truist Financial by 26.3% in the first quarter. Spire Wealth Management now owns 36,707 shares of the insurance provider’s stock valued at $1,431,000 after purchasing an additional 7,652 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Truist Financial by 5.9% in the first quarter. Assenagon Asset Management S.A. now owns 733,606 shares of the insurance provider’s stock valued at $28,596,000 after purchasing an additional 41,001 shares during the period. Godsey & Gibb Inc. raised its position in shares of Truist Financial by 5.5% in the first quarter. Godsey & Gibb Inc. now owns 447,087 shares of the insurance provider’s stock valued at $17,427,000 after purchasing an additional 23,158 shares during the period. Iowa State Bank raised its position in shares of Truist Financial by 59.2% in the first quarter. Iowa State Bank now owns 91,739 shares of the insurance provider’s stock valued at $3,576,000 after purchasing an additional 34,129 shares during the period. Finally, Eads & Heald Wealth Management bought a new stake in shares of Truist Financial in the first quarter valued at approximately $233,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

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.