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

Truist Financial (NYSE:TFC) had its price objective increased by stock analysts at Barclays from $47.00 to $51.00 in a report issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the insurance provider’s stock. Barclays‘s price objective suggests a potential upside of 16.01% from the company’s previous close.

TFC has been the topic of several other research reports. Keefe, Bruyette & Woods upped their target price on Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Compass Point raised their target price on shares of Truist Financial from $47.00 to $56.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Citigroup upped their price target on shares of Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a report on Monday, November 25th. Stephens reissued an “overweight” rating and set a $54.00 price objective on shares of Truist Financial in a research note on Thursday, January 2nd. Finally, JPMorgan Chase & Co. upped their target price on Truist Financial from $43.50 to $47.00 and gave the company a “neutral” rating in a research note on Wednesday, October 16th. Eleven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $49.89.

Truist Financial Stock Performance

Shares of TFC opened at $43.96 on Monday. The company has a market capitalization of $58.36 billion, a PE ratio of -30.74, a P/E/G ratio of 1.88 and a beta of 1.08. Truist Financial has a 52-week low of $34.23 and a 52-week high of $49.06. The company has a 50-day simple moving average of $45.33 and a 200-day simple moving average of $43.25. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.62.

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. The company had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. Equities research analysts predict that Truist Financial will post 3.7 earnings per share for the current fiscal year.

Insider Transactions at Truist Financial

In related news, CEO William H. Rogers, Jr. bought 34,180 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was bought at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the completion of the transaction, the chief executive officer now directly owns 691,451 shares of the company’s stock, valued at approximately $33,576,860.56. This represents a 5.20 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director K. David Jr. Boyer sold 4,966 shares of the stock in a transaction dated 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 sale, the director now owns 11,246 shares of the company’s stock, valued at approximately $519,565.20. This trade represents a 30.63 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. grew its holdings in Truist Financial by 3.5% during the 3rd quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider’s stock valued at $64,638,000 after purchasing an additional 50,637 shares in the last quarter. Cadence Bank boosted its position in Truist Financial by 101.6% in the 3rd quarter. Cadence Bank now owns 185,184 shares of the insurance provider’s stock valued at $7,920,000 after buying an additional 93,322 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Truist Financial by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock valued at $346,957,000 after acquiring an additional 299,196 shares in the last quarter. Boston Common Asset Management LLC increased its position in shares of Truist Financial by 66.4% during the third quarter. Boston Common Asset Management LLC now owns 154,523 shares of the insurance provider’s stock worth $6,609,000 after acquiring an additional 61,683 shares during the last quarter. Finally, Independent Advisor Alliance lifted its stake in shares of Truist Financial by 10.7% in the third quarter. Independent Advisor Alliance now owns 282,607 shares of the insurance provider’s stock worth $12,087,000 after acquiring an additional 27,408 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Company Profile

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.