Truist Financial (NYSE:TFC) Given New $52.00 Price Target at Wells Fargo & Company

Truist Financial (NYSE:TFC) had its price objective upped by equities research analysts at Wells Fargo & Company from $48.00 to $52.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 12.43% from the stock’s previous close.

Several other research firms have also recently issued reports on TFC. StockNews.com upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. lifted their price objective on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Stephens reissued an “overweight” rating and issued a $50.00 price objective on shares of Truist Financial in a report on Tuesday, September 10th. Morgan Stanley upped their target price on shares of Truist Financial from $46.00 to $51.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Finally, Keefe, Bruyette & Woods boosted their price objective 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. Twelve research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $46.37.

Truist Financial Trading Down 0.6 %

Truist Financial stock opened at $46.25 on Friday. Truist Financial has a 12 month low of $31.12 and a 12 month high of $47.57. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62. The business’s fifty day simple moving average is $43.03 and its two-hundred day simple moving average is $41.13. The company has a market capitalization of $61.40 billion, a price-to-earnings ratio of -32.34, a price-to-earnings-growth ratio of 1.91 and a beta of 1.05.

Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, October 17th. The insurance provider reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The business had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. As a group, equities analysts predict that Truist Financial will post 3.7 earnings per share for the current fiscal year.

Institutional Trading of Truist Financial

Several hedge funds have recently modified their holdings of TFC. Russell Investments Group Ltd. grew its holdings in Truist Financial by 10.6% during the 1st quarter. Russell Investments Group Ltd. now owns 230,604 shares of the insurance provider’s stock valued at $8,965,000 after purchasing an additional 22,182 shares during the last quarter. HBK Sorce Advisory LLC grew its position in Truist Financial by 21.8% in the 1st quarter. HBK Sorce Advisory LLC now owns 7,765 shares of the insurance provider’s stock valued at $303,000 after acquiring an additional 1,392 shares during the last quarter. Orion Portfolio Solutions LLC increased its stake in Truist Financial by 2.2% in the first quarter. Orion Portfolio Solutions LLC now owns 99,232 shares of the insurance provider’s stock worth $3,868,000 after purchasing an additional 2,158 shares during the period. Dorsey & Whitney Trust CO LLC lifted its position in shares of Truist Financial by 6.3% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 13,006 shares of the insurance provider’s stock worth $507,000 after purchasing an additional 766 shares during the last quarter. Finally, Nicolet Advisory Services LLC boosted its stake in shares of Truist Financial by 42.1% during the first quarter. Nicolet Advisory Services LLC now owns 13,553 shares of the insurance provider’s stock valued at $528,000 after purchasing an additional 4,017 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

About Truist Financial

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.