Truist Financial (NYSE:TFC) Given New $58.00 Price Target at Argus

Truist Financial (NYSE:TFC) had its price target hoisted by equities research analysts at Argus from $54.00 to $58.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the insurance provider’s stock. Argus’ target price would suggest a potential upside of 15.07% from the stock’s current price.

TFC has been the subject of several other reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Truist Financial in a report on Monday, December 29th. Morgan Stanley lifted their target price on Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 17th. Barclays downgraded Truist Financial from an “equal weight” rating to an “underweight” rating and increased their price target for the company from $47.00 to $56.00 in a report on Monday, January 5th. Robert W. Baird lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a research note on Thursday, December 11th. Finally, TD Cowen increased their target price on Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday. Seven research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $54.20.

Truist Financial Trading Up 0.2%

Shares of Truist Financial stock traded up $0.10 during trading hours on Friday, reaching $50.40. 947,524 shares of the company’s stock were exchanged, compared to its average volume of 9,385,217. The company has a fifty day moving average of $48.65 and a 200-day moving average of $46.14. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. Truist Financial has a 52-week low of $33.56 and a 52-week high of $51.51. The firm has a market capitalization of $64.48 billion, a price-to-earnings ratio of 13.22, a price-to-earnings-growth ratio of 0.95 and a beta of 0.89.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 EPS 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 company had revenue of $5.30 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same period in the prior year, the company earned $0.91 EPS. The company’s revenue was up 3.6% compared to the same quarter last year. Sell-side analysts forecast that Truist Financial will post 4 EPS for the current fiscal year.

Truist Financial declared that its Board of Directors has initiated a stock buyback program on Tuesday, December 16th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the insurance provider to purchase up to 15.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

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

Institutional Trading of Truist Financial

Several hedge funds have recently made changes to their positions in the stock. Aspect Partners LLC increased its position in Truist Financial by 71.5% in the second quarter. Aspect Partners LLC now owns 643 shares of the insurance provider’s stock worth $28,000 after buying an additional 268 shares during the period. Valley Wealth Managers Inc. bought a new position in shares of Truist Financial during the third quarter worth about $28,000. Princeton Global Asset Management LLC acquired a new stake in shares of Truist Financial in the 2nd quarter worth about $30,000. Capital A Wealth Management LLC lifted its position in Truist Financial by 1,189.5% in the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 678 shares during the last quarter. Finally, Darwin Wealth Management LLC lifted its position in Truist Financial by 631.6% in the 3rd quarter. Darwin Wealth Management LLC now owns 695 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 600 shares during the last quarter. Institutional investors own 71.28% of the company’s stock.

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.