UBS Group Increases Truist Financial (NYSE:TFC) Price Target to $49.00

Truist Financial (NYSE:TFC) had its price target lifted by UBS Group from $47.00 to $49.00 in a research report released on Friday, Benzinga reports. The firm currently has a buy rating on the insurance provider’s stock.

A number of other analysts have also recently commented on TFC. Keefe, Bruyette & Woods upped their target price 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. Compass Point increased their price objective on shares of Truist Financial from $46.00 to $47.00 in a research note on Wednesday, October 16th. Royal Bank of Canada increased their price objective on shares of Truist Financial from $42.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Argus increased their price objective on shares of Truist Financial from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Finally, The Goldman Sachs Group reduced their price objective on shares of Truist Financial from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Twelve research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Truist Financial has an average rating of “Hold” and an average target price of $46.02.

Truist Financial Stock Down 2.8 %

Shares of Truist Financial stock opened at $42.43 on Friday. The company has a market cap of $56.82 billion, a price-to-earnings ratio of -29.67, a price-to-earnings-growth ratio of 1.83 and a beta of 1.05. The company’s 50 day moving average is $42.70 and its 200 day moving average is $40.35. Truist Financial has a twelve month low of $26.95 and a twelve month high of $45.31. The company has a quick ratio of 0.86, a current ratio of 0.85 and a debt-to-equity ratio of 0.62.

Truist Financial (NYSE:TFC) last announced its earnings results on Monday, July 22nd. The insurance provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The business had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.83 billion. During the same period in the prior year, the company earned $0.95 earnings per share. The firm’s revenue was down 15.9% on a year-over-year basis. Research analysts anticipate that Truist Financial will post 3.57 EPS for the current year.

Insiders Place Their Bets

In related news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

Large investors have recently made changes to their positions in the company. Norden Group LLC purchased a new position in shares of Truist Financial during the 1st quarter worth about $2,351,000. Nordea Investment Management AB boosted its position in Truist Financial by 44.4% in the 1st quarter. Nordea Investment Management AB now owns 2,712,848 shares of the insurance provider’s stock valued at $105,353,000 after buying an additional 834,048 shares during the period. CreativeOne Wealth LLC purchased a new stake in Truist Financial in the 1st quarter valued at about $516,000. M&G Plc purchased a new stake in Truist Financial in the 2nd quarter valued at about $2,804,000. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Truist Financial by 3.5% in 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 purchasing an additional 299,196 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

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.