Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Truist Financial (NYSE:TFC) Stock

Truist Financial (NYSE:TFC) had its price objective increased by equities research analysts at Keefe, Bruyette & Woods from $53.00 to $55.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “market perform” rating on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price would indicate a potential upside of 7.13% from the company’s previous close.

TFC has been the topic of several other reports. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a research report on Monday, June 29th. Robert W. Baird lifted their price target on Truist Financial from $55.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday. Jefferies Financial Group reiterated a “mixed” rating and set a $45.00 price target on shares of Truist Financial in a research note on Friday, April 17th. Bank of America reissued a “neutral” rating and issued a $56.00 price objective (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Finally, Raymond James Financial restated a “market perform” rating on shares of Truist Financial in a research note on Wednesday, July 1st. Seven equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $54.61.

Truist Financial Stock Up 0.7%

TFC stock opened at $51.34 on Monday. The stock has a market capitalization of $63.96 billion, a PE ratio of 11.77, a price-to-earnings-growth ratio of 0.89 and a beta of 0.89. Truist Financial has a 52 week low of $40.78 and a 52 week high of $56.19. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm has a 50 day moving average of $49.53 and a 200 day moving average of $49.52.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. Truist Financial’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.91 EPS. Sell-side analysts forecast that Truist Financial will post 4.53 earnings per share for the current year.

Hedge Funds Weigh In On Truist Financial

Institutional investors have recently modified their holdings of the stock. Merit Financial Group LLC boosted its stake in shares of Truist Financial by 10.9% in the second quarter. Merit Financial Group LLC now owns 98,933 shares of the insurance provider’s stock worth $4,929,000 after buying an additional 9,749 shares during the last quarter. Intergy Private Wealth LLC acquired a new position in Truist Financial in the second quarter valued at approximately $222,000. Diversified Trust Co. lifted its holdings in Truist Financial by 1.0% in the second quarter. Diversified Trust Co. now owns 169,518 shares of the insurance provider’s stock valued at $8,445,000 after acquiring an additional 1,703 shares during the period. Farther Finance Advisors LLC boosted its position in Truist Financial by 14.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 58,090 shares of the insurance provider’s stock worth $2,896,000 after purchasing an additional 7,191 shares in the last quarter. Finally, Cidel Asset Management Inc. grew its stake in shares of Truist Financial by 2.0% during the 2nd quarter. Cidel Asset Management Inc. now owns 14,423 shares of the insurance provider’s stock worth $719,000 after purchasing an additional 288 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

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.