Compass Point Increases Truist Financial (NYSE:TFC) Price Target to $47.00

Truist Financial (NYSE:TFC) had its price objective hoisted by analysts at Compass Point from $46.00 to $47.00 in a report issued on Wednesday. Compass Point’s price objective points to a potential upside of 9.43% from the stock’s previous close.

A number of other equities research analysts also recently commented on TFC. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and increased their price objective for the company from $45.00 to $47.00 in a research report on Wednesday, July 24th. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a research note on Friday, August 9th. Baird R W cut Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Stephens reissued an “overweight” rating and set a $50.00 target price on shares of Truist Financial in a research report on Tuesday, September 10th. Finally, StockNews.com downgraded Truist Financial from a “hold” rating to a “sell” rating in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $45.97.

Truist Financial Stock Down 3.5 %

Shares of NYSE TFC opened at $42.95 on Wednesday. Truist Financial has a 12-month low of $26.95 and a 12-month high of $45.31. The stock has a market cap of $57.52 billion, a P/E ratio of -26.51, a PEG ratio of 1.82 and a beta of 1.05. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The business’s fifty day simple moving average is $42.63 and its 200-day simple moving average is $40.25.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.07. Truist Financial had a positive return on equity of 9.18% and a negative net margin of 5.63%. The business had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter last year, the business posted $0.95 EPS. The business’s quarterly revenue was down 15.9% compared to the same quarter last year. As a group, equities analysts predict that Truist Financial will post 3.55 EPS for the current fiscal year.

Insider Activity

In related news, VP Cynthia B. Powell sold 6,688 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO William H. Rogers, Jr. purchased 57,300 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were acquired at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the purchase, the chief executive officer now directly owns 569,271 shares in the company, valued at $25,025,153.16. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Cynthia B. Powell sold 6,688 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The disclosure for this sale can be found here. Corporate insiders own 0.17% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TFC. Norden Group LLC purchased a new stake in shares of Truist Financial during the 1st quarter worth $2,351,000. Nordea Investment Management AB boosted its holdings in Truist Financial by 44.4% during the first quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock worth $105,353,000 after buying an additional 834,048 shares in the last quarter. CreativeOne Wealth LLC acquired a new position in Truist Financial during the first quarter worth about $516,000. M&G Plc purchased a new position in Truist Financial in the second quarter valued at about $2,804,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Truist Financial by 3.5% during the 2nd 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 during the period. Institutional investors and hedge funds 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.