Bank of America Reiterates Neutral Rating for Truist Financial (NYSE:TFC)

Truist Financial (NYSE:TFC)‘s stock had its “neutral” rating restated by research analysts at Bank of America in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $56.00 target price on the insurance provider’s stock, up from their previous target price of $54.00. Bank of America‘s target price suggests a potential upside of 8.92% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the company. Wall Street Zen lowered Truist Financial from a “hold” rating to a “sell” rating in a research report on Monday, June 29th. JPMorgan Chase & Co. lowered their price objective on Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. Jefferies Financial Group restated a “mixed” rating and issued a $45.00 target price on shares of Truist Financial in a report on Friday, April 17th. Weiss Ratings raised Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Finally, Royal Bank Of Canada lifted their price target on Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. Seven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Truist Financial has an average rating of “Hold” and a consensus target price of $54.47.

Truist Financial Stock Performance

NYSE:TFC opened at $51.41 on Wednesday. The company’s 50-day moving average price is $49.18 and its 200-day moving average price is $49.41. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The company has a market cap of $64.05 billion, a P/E ratio of 12.76, a P/E/G ratio of 0.88 and a beta of 0.89. Truist Financial has a twelve month low of $40.78 and a twelve month high of $56.19.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter in the prior year, the company earned $0.87 EPS. Truist Financial’s revenue was up 5.0% compared to the same quarter last year. On average, sell-side analysts forecast that Truist Financial will post 4.52 earnings per share for the current fiscal year.

Institutional Trading of Truist Financial

Several institutional investors and hedge funds have recently bought and sold shares of the stock. 3Chopt Investment Partners LLC boosted its stake in Truist Financial by 1.3% during the fourth quarter. 3Chopt Investment Partners LLC now owns 14,713 shares of the insurance provider’s stock worth $724,000 after buying an additional 193 shares during the period. IFP Advisors Inc lifted its holdings in shares of Truist Financial by 2.4% in the 4th quarter. IFP Advisors Inc now owns 8,205 shares of the insurance provider’s stock worth $404,000 after acquiring an additional 194 shares during the last quarter. PCB Capital LLC lifted its holdings in shares of Truist Financial by 3.0% in the 1st quarter. PCB Capital LLC now owns 6,744 shares of the insurance provider’s stock worth $310,000 after acquiring an additional 198 shares during the last quarter. AlphaCore Capital LLC boosted its position in shares of Truist Financial by 8.3% during the 4th quarter. AlphaCore Capital LLC now owns 2,609 shares of the insurance provider’s stock worth $128,000 after purchasing an additional 199 shares during the period. Finally, CYBER HORNET ETFs LLC increased its holdings in Truist Financial by 5.5% in the 4th quarter. CYBER HORNET ETFs LLC now owns 3,820 shares of the insurance provider’s stock valued at $188,000 after purchasing an additional 199 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 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.