Truist Financial (NYSE:TFC) Price Target Raised to $60.00 at TD Cowen

Truist Financial (NYSE:TFC) had its price target lifted by investment analysts at TD Cowen from $59.00 to $60.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. TD Cowen’s price objective indicates a potential upside of 17.43% from the company’s previous close.

TFC has been the topic of several other reports. The Goldman Sachs Group reaffirmed a “buy” rating and set a $58.00 price target on shares of Truist Financial in a report on Tuesday, January 6th. Robert W. Baird downgraded Truist Financial from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 11th. Wall Street Zen lowered Truist Financial from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. Evercore ISI upgraded Truist Financial from a “hold” rating to an “outperform” rating and lifted their target price for the company from $49.00 to $58.00 in a research report on Tuesday, January 6th. Finally, UBS Group set a $55.00 target price on shares of Truist Financial in a report on Tuesday, October 21st. Six equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $53.20.

Truist Financial Trading Up 2.1%

TFC traded up $1.07 during midday trading on Thursday, reaching $51.09. 3,546,948 shares of the company were exchanged, compared to its average volume of 9,440,495. The stock has a market capitalization of $65.36 billion, a P/E ratio of 13.73, a PEG ratio of 0.94 and a beta of 0.89. Truist Financial has a one year low of $33.56 and a one year high of $51.51. The stock’s 50-day simple moving average is $48.55 and its 200 day simple moving average is $46.12. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last posted its earnings results 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 16.84% and a return on equity of 8.73%. The business had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same period in the previous year, the firm posted $0.91 earnings per share. The firm’s revenue was up 3.6% on a year-over-year basis. As a group, analysts forecast that Truist Financial will post 4 earnings per share for the current fiscal year.

Truist Financial announced that its board has approved a stock buyback plan on Tuesday, December 16th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the insurance provider to buy up to 15.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the transaction, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. The trade was a 33.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Truist Financial

A number of hedge funds and other institutional investors have recently made changes to their positions in TFC. Vanguard Group Inc. increased its position in shares of Truist Financial by 1.3% during the second quarter. Vanguard Group Inc. now owns 120,440,153 shares of the insurance provider’s stock valued at $5,177,722,000 after buying an additional 1,529,478 shares during the period. Capital International Investors lifted its stake in Truist Financial by 0.3% in the 3rd quarter. Capital International Investors now owns 107,642,731 shares of the insurance provider’s stock worth $4,921,717,000 after purchasing an additional 346,423 shares in the last quarter. Geode Capital Management LLC lifted its stake in Truist Financial by 0.3% in the 2nd quarter. Geode Capital Management LLC now owns 28,191,122 shares of the insurance provider’s stock worth $1,205,855,000 after purchasing an additional 74,728 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Truist Financial by 0.9% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 17,566,519 shares of the insurance provider’s stock valued at $755,185,000 after purchasing an additional 164,034 shares during the period. Finally, Invesco Ltd. grew its position in shares of Truist Financial by 6.5% during the 2nd quarter. Invesco Ltd. now owns 13,995,108 shares of the insurance provider’s stock valued at $601,650,000 after purchasing an additional 854,826 shares in the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Company Profile

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.