Truist Financial (NYSE:TFC) Price Target Lowered to $48.00 at The Goldman Sachs Group

Truist Financial (NYSE:TFC) had its target price reduced by stock analysts at The Goldman Sachs Group from $50.00 to $48.00 in a research report issued to clients and investors on Wednesday. The firm presently has a “buy” rating on the insurance provider’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 11.76% from the stock’s previous close.

Several other equities research analysts also recently issued reports on the company. StockNews.com downgraded Truist Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, July 23rd. Keefe, Bruyette & Woods upped their price target on Truist Financial from $48.00 to $49.00 and gave the company an “overweight” rating in a research report on Wednesday. Argus raised their price objective on shares of Truist Financial from $44.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Bank of America upped their target price on shares of Truist Financial from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Finally, Royal Bank of Canada raised their price target on shares of Truist Financial from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $45.97.

Truist Financial Stock Down 3.5 %

TFC stock opened at $42.95 on Wednesday. Truist Financial has a fifty-two week low of $26.95 and a fifty-two week high of $45.31. The stock has a fifty day moving average of $42.63 and a 200-day moving average of $40.25. The company has a market capitalization of $57.52 billion, a price-to-earnings ratio of -26.51, a PEG ratio of 1.82 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.86 and a current ratio of 0.86.

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

Insider Activity at Truist Financial

In related news, CEO William H. Rogers, Jr. purchased 57,300 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were acquired at an average cost of $43.96 per share, with a total value of $2,518,908.00. Following the purchase, the chief executive officer now directly owns 569,271 shares of the company’s stock, valued at approximately $25,025,153.16. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO William H. Rogers, Jr. purchased 57,300 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were acquired at an average price of $43.96 per share, with a total value of $2,518,908.00. Following the acquisition, the chief executive officer now directly owns 569,271 shares in the company, valued at approximately $25,025,153.16. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Cynthia B. Powell sold 6,688 shares of the company’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. 0.17% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Truist Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Crewe Advisors LLC purchased a new position in Truist Financial during the 1st quarter valued at $27,000. Opal Wealth Advisors LLC bought a new stake in shares of Truist Financial during the 1st quarter valued at about $29,000. MFA Wealth Advisors LLC purchased a new position in shares of Truist Financial during the second quarter valued at about $30,000. Y.D. More Investments Ltd bought a new position in Truist Financial in the second quarter worth about $31,000. Finally, Rise Advisors LLC purchased a new stake in Truist Financial in the first quarter worth about $32,000. 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.