Piper Sandler Issues Pessimistic Forecast for Truist Financial (NYSE:TFC) Stock Price

Truist Financial (NYSE:TFC) had its price objective lowered by Piper Sandler from $45.00 to $41.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the insurance provider’s stock. Piper Sandler’s price objective would suggest a potential upside of 14.28% from the stock’s previous close.

TFC has been the subject of a number of other reports. Morgan Stanley decreased their price objective on shares of Truist Financial from $50.00 to $43.00 and set an “equal weight” rating for the company in a report on Monday, April 7th. Robert W. Baird raised Truist Financial from a “neutral” rating to an “outperform” rating and upped their price target for the company from $48.00 to $52.00 in a report on Wednesday, March 5th. Barclays lifted their price objective on Truist Financial from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Wells Fargo & Company lowered their target price on shares of Truist Financial from $52.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, March 28th. Finally, StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Sunday. Nine investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $49.67.

Truist Financial Stock Performance

Shares of TFC opened at $35.88 on Monday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The business’s 50 day moving average price is $41.21 and its 200-day moving average price is $43.81. Truist Financial has a 52 week low of $33.56 and a 52 week high of $49.06. The stock has a market cap of $46.83 billion, a P/E ratio of 10.77, a P/E/G ratio of 1.63 and a beta of 0.91.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.87. The company had revenue of $4.95 billion for the quarter, compared to analysts’ expectations of $4.99 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. During the same quarter in the previous year, the business posted $0.90 EPS. Equities research analysts anticipate that Truist Financial will post 4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Truist Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TFC. Bangor Savings Bank increased its stake in shares of Truist Financial by 92.5% in the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 272 shares in the last quarter. Hopwood Financial Services Inc. bought a new position in Truist Financial in the 4th quarter worth $26,000. Navigoe LLC purchased a new stake in Truist Financial in the 4th quarter worth $26,000. Curio Wealth LLC bought a new stake in Truist Financial during the fourth quarter valued at about $45,000. Finally, City State Bank lifted its position in shares of Truist Financial by 158.1% in the fourth quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock valued at $51,000 after acquiring an additional 716 shares in the last quarter. 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.