Argus Boosts Truist Financial (NYSE:TFC) Price Target to $58.00

Truist Financial (NYSE:TFC) had its price objective lifted by stock analysts at Argus from $54.00 to $58.00 in a research report issued to clients and investors on Friday, MarketBeat.com reports. The firm currently has a “buy” rating on the insurance provider’s stock. Argus’ price objective indicates a potential upside of 17.01% from the company’s current price.

A number of other equities analysts also recently issued reports on the stock. TD Cowen increased their price target on shares of Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday. UBS Group set a $55.00 target price on Truist Financial in a research report on Tuesday, October 21st. Raymond James Financial lifted their price target on Truist Financial from $50.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, January 7th. Barclays cut Truist Financial from an “equal weight” rating to an “underweight” rating and upped their price target for the stock from $47.00 to $56.00 in a research note on Monday, January 5th. Finally, Keefe, Bruyette & Woods raised their price objective on Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a research report on Wednesday, December 17th. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $54.20.

Truist Financial Price Performance

Shares of Truist Financial stock opened at $49.57 on Friday. The business has a 50 day moving average of $48.75 and a 200 day moving average of $46.18. Truist Financial has a 52 week low of $33.56 and a 52 week high of $51.51. The company has a market cap of $63.41 billion, a PE ratio of 13.01, a P/E/G ratio of 0.84 and a beta of 0.89. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same period in the previous year, the firm posted $0.91 earnings per share. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, equities research analysts forecast that Truist Financial will post 4 earnings per share for the current year.

Truist Financial declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the insurance provider to repurchase up to 15.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Truist Financial

In related news, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the transaction, the director owned 10,153 shares in the company, valued at $471,606.85. The trade was a 33.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.17% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of TFC. Alliance Wealth Advisors LLC boosted its position in Truist Financial by 1.8% during the 4th quarter. Alliance Wealth Advisors LLC now owns 11,298 shares of the insurance provider’s stock worth $556,000 after purchasing an additional 205 shares during the period. Aspiriant LLC boosted its position in shares of Truist Financial by 2.3% in the fourth quarter. Aspiriant LLC now owns 9,721 shares of the insurance provider’s stock worth $478,000 after buying an additional 219 shares during the period. Aprio Wealth Management LLC grew its stake in shares of Truist Financial by 2.7% in the third quarter. Aprio Wealth Management LLC now owns 8,564 shares of the insurance provider’s stock valued at $392,000 after buying an additional 226 shares in the last quarter. Keystone Financial Group Inc. raised its holdings in shares of Truist Financial by 1.1% during the 4th quarter. Keystone Financial Group Inc. now owns 21,739 shares of the insurance provider’s stock valued at $1,070,000 after buying an additional 227 shares during the period. Finally, Maseco LLP lifted its position in Truist Financial by 53.8% during the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 228 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.