TD Cowen Forecasts Strong Price Appreciation for Truist Financial (NYSE:TFC) Stock

Truist Financial (NYSE:TFC) had its target price increased by analysts at TD Cowen from $55.00 to $59.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the insurance provider’s stock. TD Cowen’s price target would suggest a potential upside of 15.78% from the stock’s previous close.

TFC has been the topic of a number of other research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a report on Monday, December 29th. Evercore ISI raised shares of Truist Financial from a “hold” rating to an “outperform” rating and lifted their target price for the company from $49.00 to $58.00 in a report on Tuesday. Barclays cut shares of Truist Financial from an “equal weight” rating to an “underweight” rating and increased their price target for the stock from $47.00 to $56.00 in a research note on Monday. Keefe, Bruyette & Woods lifted their price objective on shares of Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research note on Wednesday, December 17th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $58.00 target price on shares of Truist Financial in a research note on Tuesday. Seven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Truist Financial presently has an average rating of “Hold” and an average target price of $52.80.

Truist Financial Stock Up 0.8%

Truist Financial stock opened at $50.96 on Wednesday. The stock’s fifty day simple moving average is $47.59 and its 200-day simple moving average is $45.67. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial has a twelve month low of $33.56 and a twelve month high of $51.52. The firm has a market capitalization of $65.19 billion, a P/E ratio of 13.70, a P/E/G ratio of 0.96 and a beta of 0.89.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.05. The company had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.20 billion. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.Truist Financial’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.97 EPS. As a group, equities analysts expect that Truist Financial will post 4 earnings per share for the current fiscal year.

Truist Financial announced that its Board of Directors has approved a share buyback plan on Tuesday, December 16th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the insurance provider to reacquire up to 15.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the transaction, the director owned 10,153 shares in the company, valued at approximately $471,606.85. The trade was a 33.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.17% of the company’s stock.

Institutional Trading of Truist Financial

A number of institutional investors have recently modified their holdings of TFC. Valley Wealth Managers Inc. acquired a new stake in Truist Financial in the third quarter valued at $28,000. Aspect Partners LLC increased its holdings in shares of Truist Financial by 71.5% in the 2nd quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 268 shares in the last quarter. Ancora Advisors LLC increased its holdings in shares of Truist Financial by 259.1% in the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 500 shares in the last quarter. Darwin Wealth Management LLC lifted its stake in shares of Truist Financial by 631.6% in the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 600 shares during the period. Finally, Princeton Global Asset Management LLC purchased a new stake in Truist Financial during the second quarter worth about $30,000. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

Truist Financial Company Profile

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.