Truist Financial (NYSE:TFC) Price Target Increased to $39.00 by Analysts at HSBC

Truist Financial (NYSE:TFC) had its price objective increased by equities researchers at HSBC from $37.00 to $39.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “hold” rating on the insurance provider’s stock. HSBC’s target price would suggest a potential upside of 1.06% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Keefe, Bruyette & Woods lifted their price objective on Truist Financial from $42.00 to $44.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. Stephens upgraded Truist Financial from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $41.00 to $43.00 in a report on Tuesday, March 19th. Raymond James boosted their price target on Truist Financial from $34.00 to $41.00 and gave the company an “outperform” rating in a report on Friday, January 5th. Barclays upped their target price on Truist Financial from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. Finally, Piper Sandler upped their target price on Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $40.03.

Truist Financial Price Performance

Shares of TFC stock opened at $38.59 on Thursday. The stock has a 50 day moving average of $36.36 and a two-hundred day moving average of $33.39. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.74. Truist Financial has a 12 month low of $25.56 and a 12 month high of $38.61. The company has a market capitalization of $51.50 billion, a P/E ratio of -35.73, a P/E/G ratio of 1.58 and a beta of 1.07.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Thursday, January 18th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.13. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. The firm had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same quarter in the previous year, the company posted $1.30 EPS. As a group, equities analysts expect that Truist Financial will post 3.39 EPS for the current year.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the transaction, the director now owns 16,132 shares in the company, valued at approximately $604,627.36. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

Hedge funds and other institutional investors have recently modified their holdings of the business. Douglas Lane & Associates LLC increased its stake in shares of Truist Financial by 6.3% in the 3rd quarter. Douglas Lane & Associates LLC now owns 1,544,537 shares of the insurance provider’s stock valued at $44,189,000 after purchasing an additional 91,579 shares during the last quarter. Loudon Investment Management LLC boosted its holdings in shares of Truist Financial by 18.5% during the 3rd quarter. Loudon Investment Management LLC now owns 131,398 shares of the insurance provider’s stock valued at $3,759,000 after acquiring an additional 20,490 shares in the last quarter. Pathstone Family Office LLC boosted its holdings in shares of Truist Financial by 84.8% during the 3rd quarter. Pathstone Family Office LLC now owns 97,317 shares of the insurance provider’s stock valued at $2,786,000 after acquiring an additional 44,659 shares in the last quarter. Cerity Partners LLC boosted its holdings in shares of Truist Financial by 36.5% during the 2nd quarter. Cerity Partners LLC now owns 679,604 shares of the insurance provider’s stock valued at $20,626,000 after acquiring an additional 181,828 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted its holdings in shares of Truist Financial by 37.8% during the 3rd quarter. Qube Research & Technologies Ltd now owns 2,700,400 shares of the insurance provider’s stock valued at $77,258,000 after acquiring an additional 740,722 shares in the last quarter. 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.