Citigroup Raises Truist Financial (NYSE:TFC) Price Target to $45.00

Truist Financial (NYSE:TFC) had its price objective lifted by investment analysts at Citigroup from $42.00 to $45.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the insurance provider’s stock. Citigroup’s target price suggests a potential upside of 16.49% from the stock’s previous close.

A number of other brokerages have also issued reports on TFC. HSBC increased their price objective on Truist Financial from $37.00 to $39.00 and gave the stock a “hold” rating in a report on Thursday, March 28th. Barclays increased their price objective on Truist Financial from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. Bank of America raised Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 price objective for the company in a report on Thursday, January 4th. Morgan Stanley reissued an “equal weight” rating and issued a $43.00 price objective on shares of Truist Financial in a report on Monday. Finally, Wells Fargo & Company increased their price target on Truist Financial from $39.00 to $45.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Truist Financial currently has a consensus rating of “Moderate Buy” and an average price target of $41.97.

Truist Financial Stock Performance

Shares of Truist Financial stock traded down $0.21 on Wednesday, reaching $38.63. 4,342,167 shares of the company were exchanged, compared to its average volume of 9,655,186. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The company’s 50-day moving average is $36.76 and its two-hundred day moving average is $34.70. The firm has a market cap of $51.56 billion, a price-to-earnings ratio of -29.20, a P/E/G ratio of 2.39 and a beta of 1.08. Truist Financial has a 1-year low of $25.56 and a 1-year high of $39.29.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The business had revenue of $4.87 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the prior year, the firm earned $1.09 EPS. The business’s quarterly revenue was down 8.8% on a year-over-year basis. As a group, research analysts expect that Truist Financial will post 3.27 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director K. David Jr. Boyer sold 3,764 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total transaction of $141,074.72. Following the completion of the sale, the director now directly owns 16,132 shares in the company, valued at $604,627.36. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.17% of the stock is owned by corporate insiders.

Institutional Trading of Truist Financial

Several hedge funds and other institutional investors have recently modified their holdings of the company. Avior Wealth Management LLC increased its position in Truist Financial by 62.3% during the third quarter. Avior Wealth Management LLC now owns 5,453 shares of the insurance provider’s stock worth $156,000 after buying an additional 2,093 shares during the last quarter. Strategic Blueprint LLC increased its position in Truist Financial by 16.2% during the third quarter. Strategic Blueprint LLC now owns 14,259 shares of the insurance provider’s stock worth $408,000 after buying an additional 1,991 shares during the last quarter. Caprock Group LLC grew its position in shares of Truist Financial by 79.6% in the third quarter. Caprock Group LLC now owns 32,832 shares of the insurance provider’s stock valued at $939,000 after purchasing an additional 14,550 shares during the last quarter. Koshinski Asset Management Inc. grew its position in shares of Truist Financial by 12.7% in the third quarter. Koshinski Asset Management Inc. now owns 13,220 shares of the insurance provider’s stock valued at $378,000 after purchasing an additional 1,487 shares during the last quarter. Finally, Ballast Inc. grew its position in shares of Truist Financial by 25.6% in the third quarter. Ballast Inc. now owns 38,900 shares of the insurance provider’s stock valued at $1,113,000 after purchasing an additional 7,918 shares during the last quarter. 71.28% of the stock is currently 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.