Truist Financial (NYSE:TFC) Given New $52.00 Price Target at Wells Fargo & Company

Truist Financial (NYSE:TFC) had its price target boosted by equities research analysts at Wells Fargo & Company from $48.00 to $52.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 11.71% from the stock’s current price.

Several other analysts also recently weighed in on the stock. Royal Bank of Canada lifted their target price on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Barclays boosted their price objective on Truist Financial from $43.00 to $47.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Compass Point raised their target price on Truist Financial from $46.00 to $47.00 in a report on Wednesday, October 16th. Keefe, Bruyette & Woods boosted 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. Finally, Stephens reissued an “overweight” rating and issued a $50.00 price objective on shares of Truist Financial in a research note on Tuesday, September 10th. Twelve analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $46.37.

Truist Financial Trading Up 0.6 %

TFC stock opened at $46.55 on Friday. Truist Financial has a 52-week low of $31.13 and a 52-week high of $47.57. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. The business has a fifty day moving average of $43.18 and a two-hundred day moving average of $41.24.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The firm had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.05 billion. Analysts predict that Truist Financial will post 3.7 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. CreativeOne Wealth LLC acquired a new position in Truist Financial in the first quarter valued at $516,000. M&G Plc purchased a new stake in shares of Truist Financial in the 2nd quarter valued at about $2,804,000. Dimensional Fund Advisors LP boosted its position in shares of Truist Financial by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock valued at $346,957,000 after purchasing an additional 299,196 shares during the period. Boston Common Asset Management LLC grew its stake in Truist Financial by 66.4% during the 3rd quarter. Boston Common Asset Management LLC now owns 154,523 shares of the insurance provider’s stock worth $6,609,000 after buying an additional 61,683 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in Truist Financial by 10.6% during the first quarter. Russell Investments Group Ltd. now owns 230,604 shares of the insurance provider’s stock worth $8,965,000 after buying an additional 22,182 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

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.