HSBC Increases Truist Financial (NYSE:TFC) Price Target to $41.00

Truist Financial (NYSE:TFC) had its price objective upped by HSBC from $40.00 to $41.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “hold” rating on the insurance provider’s stock. HSBC’s price target would indicate a potential upside of 3.80% from the company’s current price.

A number of other brokerages have also recently issued reports on TFC. UBS Group increased their target price on Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, April 5th. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a research report on Thursday, May 2nd. Wells Fargo & Company raised their price target on shares of Truist Financial from $39.00 to $45.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Stephens reaffirmed an “overweight” rating and set a $43.00 target price on shares of Truist Financial in a research report on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. raised their price objective on Truist Financial from $39.50 to $40.50 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $42.06.

Truist Financial Trading Up 1.0 %

Shares of NYSE TFC traded up $0.39 during trading on Wednesday, reaching $39.50. The company had a trading volume of 3,088,835 shares, compared to its average volume of 9,383,068. Truist Financial has a 12 month low of $26.49 and a 12 month high of $40.35. 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 company’s fifty day moving average price is $37.34 and its 200-day moving average price is $35.39. The stock has a market cap of $52.72 billion, a P/E ratio of -29.85, a PEG ratio of 2.03 and a beta of 1.07.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The company had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the prior year, the firm earned $1.09 EPS. The business’s revenue was down 8.8% on a year-over-year basis. As a group, research analysts expect that Truist Financial will post 3.3 earnings per share for the current year.

Insider Buying and Selling

In other news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total value of $141,074.72. Following the completion of the sale, the director now owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.17% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Truist Financial

Several institutional investors have recently added to or reduced their stakes in TFC. Norges Bank bought a new position in shares of Truist Financial in the 4th quarter worth about $307,787,000. Parnassus Investments LLC bought a new position in shares of Truist Financial in the 4th quarter worth about $95,049,000. North Reef Capital Management LP bought a new stake in Truist Financial during the 3rd quarter valued at about $66,804,000. Azora Capital LP bought a new stake in Truist Financial during the 4th quarter valued at about $72,498,000. Finally, Assenagon Asset Management S.A. increased its stake in Truist Financial by 342.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,526,939 shares of the insurance provider’s stock valued at $72,296,000 after purchasing an additional 1,955,448 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

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.