Truist Financial (NYSE:TFC) Price Target Raised to $51.00

Truist Financial (NYSE:TFC) had its price objective increased by research analysts at Citigroup from $47.00 to $51.00 in a report issued on Monday,Benzinga reports. The firm presently has a “neutral” rating on the insurance provider’s stock. Citigroup’s price target points to a potential upside of 4.21% from the stock’s previous close.

Several other research analysts also recently weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods raised their price target on shares of Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. UBS Group upped their price target on Truist Financial from $47.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Stephens reaffirmed an “overweight” rating and issued a $50.00 price objective on shares of Truist Financial in a research report on Tuesday, September 10th. Finally, Wells Fargo & Company lifted their target price on shares of Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $46.57.

Truist Financial Stock Up 2.0 %

Shares of TFC stock traded up $0.98 on Monday, reaching $48.94. 407,624 shares of the company were exchanged, compared to its average volume of 8,278,761. Truist Financial has a one year low of $31.23 and a one year high of $49.06. The company has a market cap of $64.97 billion, a price-to-earnings ratio of -34.22, a PEG ratio of 1.97 and a beta of 1.05. The company has a 50-day moving average of $43.68 and a 200-day moving average of $41.54. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. Truist Financial had a positive return on equity of 9.35% and a negative net margin of 4.89%. The firm had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Analysts anticipate that Truist Financial will post 3.7 earnings per share for the current year.

Hedge Funds Weigh In On Truist Financial

A number of large investors have recently made changes to their positions in TFC. Valley Wealth Managers Inc. bought a new position in Truist Financial in the 3rd quarter worth about $26,000. MidAtlantic Capital Management Inc. bought a new position in shares of Truist Financial in the third quarter valued at approximately $32,000. MFA Wealth Advisors LLC bought a new position in shares of Truist Financial in the second quarter valued at approximately $30,000. Y.D. More Investments Ltd purchased a new position in Truist Financial during the second quarter valued at approximately $31,000. Finally, Fortitude Family Office LLC increased its holdings in Truist Financial by 376.7% during the 3rd quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 678 shares during the period. 71.28% of the stock is owned by 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.