Truist Financial (NYSE:TFC) Coverage Initiated by Analysts at Jefferies Financial Group

Analysts at Jefferies Financial Group began coverage on shares of Truist Financial (NYSE:TFC) in a research note issued to investors on Thursday. The firm set an “underperform” rating and a $35.00 price target on the insurance provider’s stock. Jefferies Financial Group’s target price would suggest a potential downside of 22.90% from the stock’s current price.

Several other equities analysts also recently weighed in on TFC. Morgan Stanley raised Truist Financial from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $56.00 to $69.00 in a research report on Tuesday, February 17th. Robert W. Baird upgraded shares of Truist Financial from a “neutral” rating to an “outperform” rating and set a $52.00 price objective for the company in a report on Monday, March 9th. JPMorgan Chase & Co. upped their target price on shares of Truist Financial from $51.50 to $57.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Piper Sandler raised their price target on shares of Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Thursday, January 22nd. Finally, Keefe, Bruyette & Woods upped their price objective on Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 17th. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $55.13.

Truist Financial Stock Up 0.2%

Shares of NYSE TFC opened at $45.40 on Thursday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.70. The business’s 50 day moving average is $49.66 and its two-hundred day moving average is $47.58. Truist Financial has a 52-week low of $33.56 and a 52-week high of $56.19. The firm has a market cap of $56.34 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 0.77 and a beta of 0.87.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The firm had revenue of $4.93 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 company’s quarterly revenue was up 3.6% compared to the same quarter last year. Research analysts predict that Truist Financial will post 4 EPS for the current year.

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

Insider Activity

In other Truist Financial news, CAO Cynthia B. Powell sold 3,500 shares of the 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 transaction, the chief accounting officer directly owned 667 shares in the company, valued at $35,010.83. This represents a 83.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the sale, the chief financial officer owned 74,323 shares of the company’s stock, valued at $3,725,811.99. This represents a 14.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Truist Financial

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Kemnay Advisory Services Inc. purchased a new position in shares of Truist Financial during the fourth quarter worth about $25,000. Swiss RE Ltd. purchased a new stake in shares of Truist Financial in the 4th quarter valued at about $26,000. Valley Wealth Managers Inc. acquired a new stake in shares of Truist Financial in the 3rd quarter valued at about $28,000. McMillan Office Inc. purchased a new position in Truist Financial during the 4th quarter worth approximately $31,000. Finally, Capital A Wealth Management LLC grew its stake in Truist Financial by 1,189.5% during the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after buying an additional 678 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors and hedge funds.

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.