Truist Financial (NYSE:TFC) Given New $64.00 Price Target at Stephens

Truist Financial (NYSE:TFC – Get Rating) had its target price lowered by equities researchers at Stephens from $74.00 to $64.00 in a research report issued to clients and investors on Tuesday, Stock Target Advisor reports. The brokerage presently has an “overweight” rating on the insurance provider’s stock. Stephens’ price target points to a potential upside of 29.48% from the stock’s previous close.

Several other research firms have also recently commented on TFC. The Goldman Sachs Group cut their price objective on shares of Truist Financial from $68.00 to $57.00 and set a “buy” rating on the stock in a research report on Tuesday, May 31st. Morgan Stanley cut their price objective on shares of Truist Financial from $72.00 to $63.00 and set an “equal weight” rating on the stock in a research report on Monday, March 28th. Bank of America lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and set a $58.00 price target on the stock. in a research note on Friday, April 8th. StockNews.com lowered shares of Truist Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, May 25th. Finally, Wolfe Research lowered their price target on shares of Truist Financial from $57.00 to $41.00 and set an “underperform” rating on the stock in a research note on Thursday, May 26th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Truist Financial currently has a consensus rating of “Hold” and an average price target of $62.12.

Shares of NYSE TFC traded down $0.07 during midday trading on Tuesday, reaching $49.43. 29,527 shares of the stock were exchanged, compared to its average volume of 7,208,981. The company has a market capitalization of $65.81 billion, a price-to-earnings ratio of 11.03, a P/E/G ratio of 1.81 and a beta of 1.17. Truist Financial has a 12 month low of $44.85 and a 12 month high of $68.95. The business has a 50-day simple moving average of $50.58 and a two-hundred day simple moving average of $57.38. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.76 and a quick ratio of 0.75.

Truist Financial (NYSE:TFC – Get Rating) last posted its quarterly earnings data on Tuesday, April 19th. The insurance provider reported $1.23 EPS for the quarter, beating the consensus estimate of $1.12 by $0.11. The business had revenue of $5.33 billion for the quarter, compared to analysts’ expectations of $5.48 billion. Truist Financial had a net margin of 27.89% and a return on equity of 12.70%. The firm’s revenue was down 2.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.18 EPS. Equities research analysts expect that Truist Financial will post 4.96 earnings per share for the current fiscal year.

In other news, Director Steven C. Voorhees acquired 20,000 shares of the stock in a transaction dated Wednesday, May 4th. The shares were bought at an average cost of $49.82 per share, for a total transaction of $996,400.00. Following the purchase, the director now directly owns 60,873 shares of the company’s stock, valued at $3,032,692.86. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.31% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Swaine & Leidel Wealth Services LLC acquired a new position in Truist Financial in the 1st quarter valued at about $27,000. Hanson & Doremus Investment Management grew its stake in Truist Financial by 456.4% in the 4th quarter. Hanson & Doremus Investment Management now owns 434 shares of the insurance provider’s stock valued at $25,000 after buying an additional 356 shares during the last quarter. Elmwood Wealth Management Inc. acquired a new position in Truist Financial in the 4th quarter valued at about $25,000. Fairfield Bush & CO. acquired a new position in Truist Financial in the 1st quarter valued at about $25,000. Finally, Carolina Wealth Advisors LLC acquired a new position in Truist Financial in the 1st quarter valued at about $26,000. Institutional investors and hedge funds own 72.79% of the company’s stock.

About Truist Financial (Get Rating)

Truist Financial Corporation, a holding 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.

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