JPMorgan Chase & Co. Cuts Truist Financial (NYSE:TFC) Price Target to $50.50

Truist Financial (NYSE:TFC) had its price target dropped by analysts at JPMorgan Chase & Co. from $54.00 to $50.50 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “underweight” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 8.92% from the stock’s previous close.

Several other equities analysts have also issued reports on TFC. Stephens cut their price objective on shares of Truist Financial from $59.00 to $57.00 and set an “overweight” rating on the stock in a report on Tuesday, July 21st. UBS Group downgraded Truist Financial from a “buy” rating to a “neutral” rating and cut their price target for the company from $58.00 to $55.00 in a report on Tuesday, July 7th. Bank of America reissued a “neutral” rating and issued a $56.00 price target (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Raymond James Financial reaffirmed a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Truist Financial in a research note on Wednesday, July 29th. Eight analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Truist Financial presently has an average rating of “Hold” and an average price target of $55.25.

Truist Financial Trading Up 0.2%

TFC traded up $0.09 on Friday, reaching $46.37. 2,466,981 shares of the company traded hands, compared to its average volume of 8,748,002. The company has a market cap of $56.64 billion, a P/E ratio of 10.63, a price-to-earnings-growth ratio of 0.98 and a beta of 0.92. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. Truist Financial has a one year low of $40.78 and a one year high of $56.19. The firm has a fifty day simple moving average of $50.51 and a two-hundred day simple moving average of $49.52.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. The business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.91 EPS. As a group, equities research analysts expect that Truist Financial will post 4.62 earnings per share for the current year.

Insider Transactions at Truist Financial

In related news, Director K. Boyer, Jr. sold 3,986 shares of Truist Financial stock in a transaction dated Thursday, July 23rd. The stock was sold at an average price of $50.70, for a total transaction of $202,090.20. Following the completion of the sale, the director owned 10,270 shares of the company’s stock, valued at $520,689. The trade was a 27.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Dontá Wilson sold 13,280 shares of the stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $51.85, for a total transaction of $688,568.00. Following the completion of the transaction, the insider owned 56,009 shares in the company, valued at approximately $2,904,066.65. This trade represents a 19.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 30,516 shares of company stock worth $1,584,428 in the last 90 days. 0.15% of the stock is owned by company insiders.

Institutional Trading of Truist Financial

Hedge funds and other institutional investors have recently made changes to their positions in the business. N.E.W. Advisory Services LLC purchased a new position in shares of Truist Financial during the 2nd quarter valued at about $30,000. Navigoe LLC acquired a new stake in Truist Financial during the second quarter valued at $30,000. Evolution Wealth Management Inc. increased its holdings in Truist Financial by 2,218.2% in the first quarter. Evolution Wealth Management Inc. now owns 765 shares of the insurance provider’s stock valued at $35,000 after buying an additional 732 shares in the last quarter. Wilkerson Advisory Group LLC increased its holdings in Truist Financial by 104.0% in the first quarter. Wilkerson Advisory Group LLC now owns 826 shares of the insurance provider’s stock valued at $38,000 after buying an additional 421 shares in the last quarter. Finally, SHP Wealth Management acquired a new position in shares of Truist Financial in the fourth quarter worth about $41,000. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Company Profile

Truist Financial Corporation (NYSE:TFC) is a financial services company headquartered in Charlotte, North Carolina. Through its principal banking subsidiary, Truist Bank, the company provides a broad range of financial products and services to consumers, small businesses, commercial clients, and institutional customers.

Its offerings include deposit accounts, consumer and small-business lending, mortgages, credit cards, payments, treasury management, commercial and corporate banking, investment banking, wealth management, and asset management.