Truist Financial (NYSE:TFC) Price Target Raised to $56.00

Truist Financial (NYSE:TFC) had its price objective upped by investment analysts at Morgan Stanley from $55.00 to $56.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s price target points to a potential upside of 16.17% from the company’s previous close.

Several other research analysts have also weighed in on the stock. Barclays increased their price objective on shares of Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Compass Point increased their target price on shares of Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. The Goldman Sachs Group increased their target price on shares of Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Hsbc Global Res raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, HSBC raised shares of Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Tuesday, January 7th. Eleven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $50.79.

Truist Financial Trading Up 1.2 %

NYSE:TFC traded up $0.56 on Tuesday, reaching $48.21. The stock had a trading volume of 3,908,521 shares, compared to its average volume of 7,896,998. The company has a market cap of $63.99 billion, a price-to-earnings ratio of 14.47, a P/E/G ratio of 1.86 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The firm’s fifty day moving average is $45.43 and its two-hundred day moving average is $43.66. Truist Financial has a 12-month low of $34.23 and a 12-month 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, beating analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5,047,370 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.81 EPS. Equities analysts expect that Truist Financial will post 3.87 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO William H. Rogers, Jr. purchased 34,180 shares of Truist Financial stock in a transaction dated 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 acquisition, the chief executive officer now owns 691,451 shares in the company, valued at $33,576,860.56. The trade was a 5.20 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $229,429.20. Following the transaction, the director now directly owns 11,246 shares of the company’s stock, valued at approximately $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 Investors Weigh In On Truist Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Bangor Savings Bank raised its holdings in Truist Financial by 92.5% during the 4th quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after buying an additional 272 shares during the period. Valley Wealth Managers Inc. acquired a new stake in Truist Financial during the 3rd quarter worth about $26,000. MidAtlantic Capital Management Inc. acquired a new stake in Truist Financial during the 3rd quarter worth about $32,000. Fortitude Family Office LLC grew its stake in Truist Financial by 376.7% during the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 678 shares in the last quarter. Finally, Ashton Thomas Securities LLC purchased a new position in Truist Financial during the 3rd quarter valued at about $45,000. 71.28% of the stock is currently owned by 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.