TD Cowen Boosts Truist Financial (NYSE:TFC) Price Target to $60.00

by · The Cerbat Gem

Truist Financial (NYSE:TFC – Get Free Report) had its price target raised by equities research analysts at TD Cowen from $59.00 to $60.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the insurance provider’s stock. TD Cowen’s target price would suggest a potential upside of 17.43% from the stock’s previous close.

Several other research analysts have also commented on the stock. Morgan Stanley upped their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 17th. UBS Group set a $55.00 price target on shares of Truist Financial in a research report on Tuesday, October 21st. Evercore ISI upgraded shares of Truist Financial from a “hold” rating to an “outperform” rating and raised their price objective for the stock from $49.00 to $58.00 in a report on Tuesday, January 6th. Piper Sandler lifted their price objective on Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Thursday. Finally, Keefe, Bruyette & Woods increased their target price 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. Six research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Truist Financial presently has a consensus rating of “Hold” and a consensus target price of $53.20.

View Our Latest Stock Analysis on Truist Financial

Truist Financial Trading Up 2.1%

NYSE TFC traded up $1.07 on Thursday, hitting $51.09. The company’s stock had a trading volume of 3,546,948 shares, compared to its average volume of 9,440,495. The firm has a market cap of $65.36 billion, a P/E ratio of 13.73, a PEG ratio of 0.94 and a beta of 0.89. Truist Financial has a 52-week low of $33.56 and a 52-week high of $51.51. The company’s 50-day simple moving average is $48.55 and its 200 day simple moving average is $46.12. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC – Get Free Report) last announced its earnings results 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 16.84% and a return on equity of 8.73%. The business had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.32 billion. During the same quarter in the prior year, the company earned $0.91 EPS. Truist Financial’s 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 fiscal year.

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

Insiders Place Their Bets

In related news, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total value of $239,682.00. Following the transaction, the director directly owned 10,153 shares of the company’s stock, valued at approximately $471,606.85. This represents a 33.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TFC. Brighton Jones LLC boosted its position in Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after purchasing an additional 14,093 shares during the last quarter. Woodline Partners LP lifted its stake in shares of Truist Financial by 39.5% in the 1st quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock worth $4,575,000 after purchasing an additional 31,454 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of Truist Financial in the second quarter worth approximately $575,000. Farther Finance Advisors LLC boosted its holdings in shares of Truist Financial by 4.9% in the second quarter. Farther Finance Advisors LLC now owns 21,474 shares of the insurance provider’s stock worth $923,000 after buying an additional 1,010 shares during the last quarter. Finally, U.S. Capital Wealth Advisors LLC grew its position in Truist Financial by 7.2% during the second quarter. U.S. Capital Wealth Advisors LLC now owns 19,545 shares of the insurance provider’s stock valued at $840,000 after buying an additional 1,320 shares during the period. Hedge funds and other institutional investors own 71.28% of the company’s stock.

About Truist Financial

(Get Free Report)

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.

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