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

Truist Financial (NYSE:TFC) had its price objective boosted by research analysts at Keefe, Bruyette & Woods from $55.00 to $57.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 19.68% from the company’s current price.

A number of other equities research analysts also recently weighed in on TFC. Compass Point raised their price target on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Stephens restated an “overweight” rating and set a $54.00 price target on shares of Truist Financial in a research note on Thursday, January 2nd. Raymond James lifted their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. HSBC raised shares of 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 boosted their price target 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 given a strong buy rating to the company’s stock. According to MarketBeat, Truist Financial currently has an average rating of “Moderate Buy” and an average price target of $50.37.

Truist Financial Stock Up 5.9 %

NYSE:TFC opened at $47.63 on Tuesday. The business’s fifty day moving average price is $45.43 and its 200 day moving average price is $43.66. The firm has a market capitalization of $63.23 billion, a price-to-earnings ratio of 14.30, a PEG ratio of 1.86 and a beta of 1.08. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial has a 1-year low of $34.23 and a 1-year high of $49.06.

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

Insider Buying and Selling at Truist Financial

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

Institutional Investors Weigh In On Truist Financial

Several institutional investors and hedge funds have recently made changes to their positions in TFC. State Street Corp raised its stake in shares of Truist Financial by 4.6% in the third quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock valued at $2,645,964,000 after acquiring an additional 2,720,223 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Truist Financial by 316.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,117,950 shares of the insurance provider’s stock valued at $90,585,000 after purchasing an additional 1,609,351 shares during the last quarter. HighTower Advisors LLC boosted its stake in Truist Financial by 26.1% in the third quarter. HighTower Advisors LLC now owns 3,901,891 shares of the insurance provider’s stock worth $166,892,000 after purchasing an additional 807,648 shares in the last quarter. LPL Financial LLC grew its holdings in shares of Truist Financial by 21.0% during the third quarter. LPL Financial LLC now owns 3,630,761 shares of the insurance provider’s stock worth $155,288,000 after purchasing an additional 630,628 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new stake in shares of Truist Financial in the third quarter valued at $26,087,000. Institutional investors and hedge funds 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.