Evercore ISI Increases Truist Financial (NYSE:TFC) Price Target to $64.00

Truist Financial (NYSE:TFC) had its price target raised by Evercore ISI from $58.00 to $64.00 in a note issued to investors on Thursday, MarketBeat Ratings reports. The firm presently has an “outperform” rating on the insurance provider’s stock. Evercore ISI’s price target would indicate a potential upside of 16.31% from the stock’s previous close.

A number of other equities analysts have also recently commented on TFC. Keefe, Bruyette & Woods lifted their target price on shares of Truist Financial from $49.00 to $53.00 and gave the company a “market perform” rating in a report on Wednesday, December 17th. UBS Group set a $55.00 price objective on shares of Truist Financial in a research report on Tuesday, October 21st. Argus upped their target price on shares of Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a report on Friday, January 23rd. The Goldman Sachs Group reissued a “buy” rating and set a $58.00 price target on shares of Truist Financial in a report on Tuesday, January 6th. Finally, Robert W. Baird downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Seven analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $54.60.

Truist Financial Stock Down 0.2%

Shares of NYSE:TFC traded down $0.08 during trading on Thursday, hitting $55.03. 3,771,589 shares of the company were exchanged, compared to its average volume of 10,537,303. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. The firm’s 50 day moving average price is $49.85 and its 200-day moving average price is $46.57. The stock has a market capitalization of $70.39 billion, a P/E ratio of 14.45, a PEG ratio of 0.91 and a beta of 0.89. Truist Financial has a 12-month low of $33.56 and a 12-month high of $55.74.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.09). The company had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.32 billion. Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The business’s revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 EPS. On average, research analysts predict that Truist Financial will post 4 earnings per share for the current fiscal year.

Truist Financial declared that its board has initiated a stock buyback program on Tuesday, December 16th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the insurance provider to buy up to 15.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total value of $239,682.00. Following the sale, the director owned 10,153 shares in the company, valued at $471,606.85. This represents a 33.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Cynthia B. Powell sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total value of $183,715.00. Following the completion of the transaction, the chief accounting officer directly owned 667 shares of the company’s stock, valued at $35,010.83. The trade was a 83.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 21,660 shares of company stock worth $1,075,087. Corporate insiders own 0.17% of the company’s stock.

Institutional Trading of Truist Financial

Several large investors have recently bought and sold shares of the company. Valley Wealth Managers Inc. purchased a new stake in shares of Truist Financial in the 3rd quarter worth about $28,000. Aspect Partners LLC lifted its holdings in shares of Truist Financial by 71.5% in the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 268 shares in the last quarter. Maseco LLP grew its position in shares of Truist Financial by 53.8% in the fourth quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 228 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC grew its position in shares of Truist Financial by 190.7% in the fourth quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 431 shares during the last quarter. Finally, Ancora Advisors LLC increased its stake in shares of Truist Financial by 259.1% during the 3rd quarter. Ancora Advisors LLC now owns 693 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 500 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

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.