Truist Financial (NYSE:TFC) Given Overweight Rating at Stephens

Truist Financial (NYSE:TFC)‘s stock had its “overweight” rating reiterated by analysts at Stephens in a note issued to investors on Thursday,Benzinga reports. They presently have a $54.00 price target on the insurance provider’s stock. Stephens’ target price indicates a potential upside of 24.48% from the company’s current price.

A number of other brokerages also recently commented on TFC. JPMorgan Chase & Co. lifted their target price on shares of Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 16th. Citigroup upped their price objective on Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a report on Monday, November 25th. Royal Bank of Canada lifted their target price on Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. 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 report on Wednesday, October 16th. Twelve analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $48.74.

Truist Financial Stock Performance

TFC opened at $43.38 on Thursday. Truist Financial has a twelve month low of $34.23 and a twelve month high of $49.06. The firm has a market capitalization of $57.59 billion, a PE ratio of -30.34, a PEG ratio of 1.88 and a beta of 1.06. 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 firm’s 50-day moving average price is $45.27 and its 200 day moving average price is $42.99.

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

Insider Transactions at Truist Financial

In other news, Director K. David Jr. Boyer sold 4,966 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total value of $229,429.20. Following the completion of the transaction, the director now owns 11,246 shares in the company, valued at approximately $519,565.20. This represents a 30.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO William H. Rogers, Jr. purchased 34,180 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were bought at an average price of $48.56 per share, for a total transaction of $1,659,780.80. Following the completion of the purchase, the chief executive officer now directly owns 691,451 shares in the company, valued at $33,576,860.56. This represents a 5.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.17% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Valley Wealth Managers Inc. purchased a new position in shares of Truist Financial during the third quarter worth approximately $26,000. Y.D. More Investments Ltd purchased a new position in Truist Financial during the 2nd quarter worth $31,000. MidAtlantic Capital Management Inc. acquired a new position in Truist Financial in the third quarter valued at $32,000. Fortitude Family Office LLC raised its holdings in shares of Truist Financial by 376.7% in the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after buying an additional 678 shares during the last quarter. Finally, Ashton Thomas Securities LLC acquired a new stake in shares of Truist Financial during the third quarter worth about $45,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

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.