Truist Financial (NYSE:TFC) Stock Gets Price Target Boost from JPMorgan Chase & Co.

Truist Financial (NYSE:TFC) had its target price raised by equities research analysts at JPMorgan Chase & Co. from $50.50 to $51.50 in a report released on Friday, Benzinga reports. The brokerage currently has an “underweight” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 5.66% from the company’s current price.

Other analysts also recently issued reports about the stock. Morgan Stanley downgraded shares of Truist Financial from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $62.00 to $54.00 in a report on Monday, July 6th. Evercore restated an “outperform” rating and issued a $55.00 price target on shares of Truist Financial in a research report on Tuesday. Royal Bank Of Canada cut their price objective on Truist Financial from $53.00 to $51.00 and set an “outperform” rating for the company in a research report on Monday, October 19th. Stephens reduced their price objective on Truist Financial from $55.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday, October 20th. Finally, Robert W. Baird lifted their target price on Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. Seven analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $53.82.

Truist Financial Stock Performance

TFC stock traded down $0.58 during midday trading on Friday, reaching $48.74. The company had a trading volume of 7,771,375 shares, compared to its average volume of 8,756,364. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $59.54 billion, a PE ratio of 12.56, a P/E/G ratio of 1.06 and a beta of 0.92. Truist Financial has a fifty-two week low of $43.13 and a fifty-two week high of $56.19. The stock has a 50 day moving average price of $48.39 and a 200 day moving average price of $49.50.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, October 16th. The insurance provider reported $1.16 earnings per share for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.01). The business had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.35 billion. Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The business’s quarterly revenue was up 1.3% on a year-over-year basis. During the same period last year, the firm posted $1.04 EPS. Analysts anticipate that Truist Financial will post 4.71 earnings per share for the current year.

Insider Activity at Truist Financial

In related news, CEO Michael Lyons bought 25,000 shares of the business’s stock in a transaction on Wednesday, October 28th. The shares were bought at an average cost of $48.36 per share, for a total transaction of $1,209,000.00. Following the completion of the acquisition, the chief executive officer directly owned 46,000 shares in the company, valued at approximately $2,224,560. This represents a 119.05% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Truist Financial

Several hedge funds have recently modified their holdings of the business. Rakuten Investment Management Inc. raised its position in shares of Truist Financial by 7.7% during the third quarter. Rakuten Investment Management Inc. now owns 219,268 shares of the insurance provider’s stock valued at $10,183,000 after buying an additional 15,770 shares during the last quarter. Provenance Wealth Advisors LLC increased its stake in Truist Financial by 3,213.3% during the third quarter. Provenance Wealth Advisors LLC now owns 7,455 shares of the insurance provider’s stock valued at $345,000 after acquiring an additional 7,230 shares during the period. Associated Banc Corp bought a new position in Truist Financial during the third quarter valued at about $4,855,000. Coerente Capital Management lifted its position in shares of Truist Financial by 0.7% in the 3rd quarter. Coerente Capital Management now owns 351,219 shares of the insurance provider’s stock worth $16,261,000 after acquiring an additional 2,545 shares during the period. Finally, Welch Group LLC raised its stake in shares of Truist Financial by 1.7% in the third quarter. Welch Group LLC now owns 1,362,301 shares of the insurance provider’s stock valued at $63,075,000 after purchasing an additional 22,939 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

Truist Financial Company Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.