Truist Financial (NYSE:TFC) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Truist Financial (NYSE:TFC) had its price target boosted by equities researchers at JPMorgan Chase & Co. from $51.50 to $57.00 in a report released on Monday,Benzinga reports. The firm currently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 3.47% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Keefe, Bruyette & Woods raised their target price on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. The Goldman Sachs Group reiterated a “buy” rating and issued a $58.00 price objective on shares of Truist Financial in a research note on Tuesday, January 6th. Robert W. Baird downgraded shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Finally, UBS Group set a $55.00 target price on shares of Truist Financial in a report on Tuesday, October 21st. Eight equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $55.60.

Truist Financial Trading Up 0.6%

NYSE TFC opened at $55.09 on Monday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $70.47 billion, a P/E ratio of 14.46, a P/E/G ratio of 0.93 and a beta of 0.89. Truist Financial has a 52-week low of $33.56 and a 52-week high of $56.19. The firm has a 50-day moving average price of $50.55 and a 200 day moving average price of $46.86.

Truist Financial (NYSE:TFC) last released its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.09). The business had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The business’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.91 EPS. Equities research analysts expect that Truist Financial will post 4 EPS for the current year.

Truist Financial declared that its Board of Directors has authorized a share buyback program on Tuesday, December 16th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the insurance provider to purchase up to 15.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Truist Financial

In related news, CFO Michael Baron Maguire sold 13,000 shares of the stock in a transaction on Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the sale, the chief financial officer owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This trade represents a 14.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Cynthia B. Powell sold 3,500 shares of Truist Financial stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $52.49, for a total value of $183,715.00. Following the sale, the chief accounting officer owned 667 shares of the company’s stock, valued at approximately $35,010.83. This represents a 83.99% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 21,660 shares of company stock valued at $1,075,087. 0.14% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Truist Financial

Hedge funds have recently modified their holdings of the company. Aspect Partners LLC lifted its stake in shares of Truist Financial by 71.5% during the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock valued at $28,000 after buying an additional 268 shares during the period. Valley Wealth Managers Inc. acquired a new position in Truist Financial in the 3rd quarter valued at $28,000. Princeton Global Asset Management LLC acquired a new position in Truist Financial in the 2nd quarter valued at $30,000. Capital A Wealth Management LLC lifted its stake in shares of Truist Financial by 1,189.5% during the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 678 shares during the period. Finally, Darwin Wealth Management LLC boosted its holdings in shares of Truist Financial by 631.6% during the third quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 600 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

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.