JPMorgan Chase & Co. Lowers Truist Financial (NYSE:TFC) Price Target to $51.50

Truist Financial (NYSE:TFC) had its price objective reduced by research analysts at JPMorgan Chase & Co. from $57.00 to $51.50 in a report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 8.67% from the company’s previous close.

A number of other research analysts have also recently weighed in on the stock. Argus lifted their target price on shares of Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. The Goldman Sachs Group restated a “buy” rating and set a $58.00 target price on shares of Truist Financial in a research note on Tuesday, January 6th. Evercore restated an “outperform” rating on shares of Truist Financial in a research note on Thursday, February 5th. Raymond James Financial lifted their target price on shares of Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Finally, Jefferies Financial Group started coverage on shares of Truist Financial in a research note on Thursday, March 26th. They set an “underperform” rating and a $35.00 target price on the stock. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Truist Financial currently has an average rating of “Moderate Buy” and a consensus price target of $54.41.

Truist Financial Stock Performance

NYSE:TFC traded down $0.25 during trading hours on Tuesday, reaching $47.39. The company had a trading volume of 3,139,051 shares, compared to its average volume of 9,873,131. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial has a 52 week low of $33.82 and a 52 week high of $56.19. The firm has a market cap of $58.81 billion, a price-to-earnings ratio of 12.45, a PEG ratio of 0.80 and a beta of 0.89. The firm’s 50 day moving average price is $49.04 and its 200-day moving average price is $47.64.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.09). The business had revenue of $4.93 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The company’s revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.91 EPS. On average, analysts forecast that Truist Financial will post 4 EPS for the current year.

Truist Financial announced that its board has initiated a stock repurchase plan on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 15.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $50.13, for a total transaction of $651,690.00. Following the transaction, the chief financial officer directly owned 74,323 shares of the company’s stock, valued at approximately $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Cynthia B. Powell sold 3,500 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction of $183,715.00. Following the transaction, the chief accounting officer owned 667 shares in the company, valued at approximately $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Truist Financial

Institutional investors have recently bought and sold shares of the company. Kemnay Advisory Services Inc. acquired a new stake in Truist Financial in the fourth quarter valued at approximately $25,000. Swiss RE Ltd. acquired a new stake in Truist Financial in the fourth quarter valued at approximately $26,000. Valley Wealth Managers Inc. acquired a new stake in Truist Financial in the third quarter valued at approximately $28,000. McMillan Office Inc. acquired a new stake in Truist Financial in the fourth quarter valued at approximately $31,000. Finally, Maseco LLP boosted its stake in Truist Financial by 53.8% in the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after acquiring an additional 228 shares in the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.