Truist Financial’s (TFC) Hold Rating Reaffirmed at TD Cowen

Truist Financial (NYSE:TFC)‘s stock had its “hold” rating reiterated by stock analysts at TD Cowen in a report issued on Thursday, Benzinga reports. They presently have a $52.00 price objective on the insurance provider’s stock. TD Cowen’s target price would suggest a potential upside of 14.58% from the company’s current price.

TFC has been the topic of a number of other reports. Keefe, Bruyette & Woods lifted their target price on shares of Truist Financial from $53.00 to $55.00 and gave the company a “market perform” rating in a report on Monday, July 20th. JPMorgan Chase & Co. decreased their price target on shares of Truist Financial from $54.00 to $50.50 and set an “underweight” rating for the company in a research note on Friday, October 2nd. Weiss Ratings reissued a “buy (b)” rating on shares of Truist Financial in a research report on Wednesday, July 29th. Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Seven investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Truist Financial presently has an average rating of “Hold” and an average price target of $54.39.

Truist Financial Stock Performance

Shares of TFC stock opened at $45.38 on Thursday. The stock’s 50-day moving average is $50.01 and its two-hundred day moving average is $49.57. The firm has a market cap of $55.44 billion, a price-to-earnings ratio of 10.41, a PEG ratio of 0.97 and a beta of 0.92. Truist Financial has a 1 year low of $40.78 and a 1 year high of $56.19. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The business’s revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 EPS. Analysts predict that Truist Financial will post 4.66 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Truist Financial

Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Truist Financial in the second quarter worth $4,959,834,000. State Street Corp raised its holdings in Truist Financial by 0.9% during the second quarter. State Street Corp now owns 58,692,619 shares of the insurance provider’s stock worth $2,924,066,000 after purchasing an additional 501,026 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Truist Financial by 7.5% in the fourth quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock valued at $1,572,968,000 after buying an additional 2,226,288 shares in the last quarter. Auto Owners Insurance Co raised its stake in shares of Truist Financial by 4,821.0% during the 4th quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock worth $697,428,000 after buying an additional 13,884,480 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Truist Financial by 7.5% in the 1st quarter. Bank of New York Mellon Corp now owns 11,289,721 shares of the insurance provider’s stock worth $518,988,000 after buying an additional 789,179 shares in the last quarter. 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.