Truist Financial (NYSE:TFC) Stock Price Expected to Rise, TD Cowen Analyst Says

Truist Financial (NYSE:TFC) had its price target increased by equities researchers at TD Cowen from $59.00 to $60.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the insurance provider’s stock. TD Cowen’s price target would suggest a potential upside of 21.04% from the company’s current price.

A number of other equities analysts also recently commented on the company. UBS Group set a $55.00 price objective on Truist Financial in a research report on Tuesday, October 21st. Keefe, Bruyette & Woods lifted their price target on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a report on Wednesday, December 17th. Morgan Stanley boosted their price target on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research report on Wednesday, December 17th. Robert W. Baird cut shares of Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. Finally, Barclays downgraded shares of Truist Financial from an “equal weight” rating to an “underweight” rating and lifted their target price for the stock from $47.00 to $56.00 in a research note on Monday, January 5th. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Truist Financial currently has an average rating of “Hold” and an average price target of $54.20.

Truist Financial Stock Down 1.5%

Shares of NYSE TFC opened at $49.57 on Thursday. The stock has a market cap of $63.41 billion, a PE ratio of 13.01, a P/E/G ratio of 0.85 and a beta of 0.89. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial has a 12-month low of $33.56 and a 12-month high of $51.51. The company has a 50-day moving average of $48.75 and a 200 day moving average of $46.17.

Truist Financial (NYSE:TFC) last released its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The business had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period last year, the business earned $0.91 earnings per share. As a group, sell-side analysts predict that Truist Financial will post 4 EPS for the current fiscal year.

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

Insider Buying and Selling at Truist Financial

In related news, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the sale, the director owned 10,153 shares in the company, valued at approximately $471,606.85. This trade represents a 33.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.17% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Alliance Wealth Advisors LLC increased its position in Truist Financial by 1.8% in the 4th quarter. Alliance Wealth Advisors LLC now owns 11,298 shares of the insurance provider’s stock valued at $556,000 after acquiring an additional 205 shares during the period. Aspiriant LLC grew its stake in shares of Truist Financial by 2.3% in the 4th quarter. Aspiriant LLC now owns 9,721 shares of the insurance provider’s stock valued at $478,000 after purchasing an additional 219 shares during the last quarter. Aprio Wealth Management LLC increased its holdings in shares of Truist Financial by 2.7% in the third quarter. Aprio Wealth Management LLC now owns 8,564 shares of the insurance provider’s stock valued at $392,000 after purchasing an additional 226 shares during the period. Keystone Financial Group Inc. raised its stake in shares of Truist Financial by 1.1% during the fourth quarter. Keystone Financial Group Inc. now owns 21,739 shares of the insurance provider’s stock worth $1,070,000 after purchasing an additional 227 shares during the last quarter. Finally, Maseco LLP raised its stake in shares of Truist Financial by 53.8% during the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 228 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

About Truist Financial

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.