Truist Financial (NYSE:TFC) PT Raised to $41.00 (2024)

Posted by ABMN Staff on May 10th, 2024

Truist Financial (NYSE:TFC – Get Free Report) had its price target raised by investment analysts at HSBC from $40.00 to $41.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the insurance provider’s stock. HSBC’s target price would suggest a potential upside of 4.86% from the company’s previous close.

Several other equities analysts have also commented on the company. TheStreet lowered Truist Financial from a “b-” rating to a “c” rating in a research note on Tuesday, February 20th. UBS Group boosted their price objective on shares of Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Wells Fargo & Company boosted their price target on Truist Financial from $39.00 to $45.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Citigroup lifted their target price on Truist Financial from $42.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, April 24th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Truist Financial presently has an average rating of “Moderate Buy” and a consensus price target of $42.70.

Get Our Latest Stock Analysis on TFC

Truist Financial Trading Up 0.6 %

TFC opened at $39.10 on Wednesday. Truist Financial has a one year low of $26.49 and a one year high of $40.35. 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 stock has a market cap of $52.18 billion, a price-to-earnings ratio of -29.62, a P/E/G ratio of 2.03 and a beta of 1.07. The stock’s 50 day moving average price is $37.43 and its 200-day moving average price is $35.42.

Truist Financial (NYSE:TFC – Get Free Report) last released its 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. The business had revenue of $4.87 billion for the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The business’s revenue was down 8.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.09 earnings per share. On average, equities analysts forecast that Truist Financial will post 3.3 EPS for the current year.

Insider Activity at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 3,764 shares of Truist Financial stock in a transaction that occurred on Thursday, March 7th. The shares were 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 approximately $604,627.36. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.17% of the stock is owned by insiders.

Hedge Funds Weigh In On Truist Financial

Several institutional investors and hedge funds have recently modified their holdings of TFC. Mackenzie Financial Corp raised its position in shares of Truist Financial by 10.3% in the third quarter. Mackenzie Financial Corp now owns 152,687 shares of the insurance provider’s stock worth $4,152,000 after acquiring an additional 14,230 shares during the period. NBT Bank N A NY raised its holdings in Truist Financial by 2.9% in the 3rd quarter. NBT Bank N A NY now owns 12,781 shares of the insurance provider’s stock worth $366,000 after purchasing an additional 366 shares during the period. Advisor Partners II LLC boosted its position in Truist Financial by 87.0% during the third quarter. Advisor Partners II LLC now owns 43,040 shares of the insurance provider’s stock worth $1,231,000 after purchasing an additional 20,029 shares in the last quarter. Conning Inc. increased its position in shares of Truist Financial by 5.0% in the third quarter. Conning Inc. now owns 7,815 shares of the insurance provider’s stock valued at $224,000 after buying an additional 370 shares in the last quarter. Finally, Gratus Capital LLC increased its position in shares of Truist Financial by 10.4% in the third quarter. Gratus Capital LLC now owns 10,670 shares of the insurance provider’s stock valued at $305,000 after buying an additional 1,002 shares in the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Company Profile

(Get Free Report)

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.

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