Raymond James Boosts Truist Financial (NYSE:TFC) Price Target to $65.00


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Truist Financial (NYSE:TFC) had its target price lifted by stock analysts at Raymond James from $58.00 to $65.00 in a report issued on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the insurance provider’s stock. Raymond James’ price objective points to a potential upside of 9.70% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the stock. Stephens upped their price objective on shares of Truist Financial from $54.00 to $66.00 in a report on Tuesday, March 30th. Credit Suisse Group upped their price objective on shares of Truist Financial from $52.00 to $53.00 and gave the stock a “neutral” rating in a report on Friday, January 22nd. Bank of America upped their price target on shares of Truist Financial from $58.00 to $59.00 and gave the company a “buy” rating in a report on Friday, January 22nd. Robert W. Baird reissued a “neutral” rating and issued a $53.00 price target on shares of Truist Financial in a report on Thursday, January 7th. Finally, Morgan Stanley upped their target price on Truist Financial from $65.00 to $68.00 and gave the company an “equal weight” rating in a report on Tuesday, March 30th. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Truist Financial has a consensus rating of “Buy” and a consensus price target of $52.39.

TFC stock traded down $0.94 during trading on Tuesday, hitting $59.25. The company had a trading volume of 249,690 shares, compared to its average volume of 5,983,640. The firm has a market capitalization of $79.66 billion, a price-to-earnings ratio of 20.09, a P/E/G ratio of 1.75 and a beta of 1.36. The business has a 50 day moving average of $58.67 and a 200 day moving average of $49.99. Truist Financial has a fifty-two week low of $29.24 and a fifty-two week high of $61.26. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.66.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Wednesday, January 20th. The insurance provider reported $1.18 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.19. The business had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.42 billion. Truist Financial had a net margin of 16.95% and a return on equity of 7.76%. During the same quarter in the prior year, the company posted $1.04 earnings per share. As a group, equities analysts predict that Truist Financial will post 3.54 EPS for the current year.

In related news, COO William H. Rogers, Jr. sold 176,379 shares of the firm’s stock in a transaction on Friday, January 22nd. The stock was sold at an average price of $50.22, for a total value of $8,857,753.38. Following the completion of the transaction, the chief operating officer now directly owns 849,506 shares of the company’s stock, valued at $42,662,191.32. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Cynthia B. Powell sold 2,201 shares of the firm’s stock in a transaction on Tuesday, March 16th. The stock was sold at an average price of $58.31, for a total value of $128,340.31. Following the completion of the transaction, the vice president now directly owns 2,133 shares of the company’s stock, valued at $124,375.23. The disclosure for this sale can be found here. Insiders sold 237,094 shares of company stock valued at $12,045,695 over the last three months. 0.35% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of the stock. Cozad Asset Management Inc. lifted its position in Truist Financial by 2.6% in the fourth quarter. Cozad Asset Management Inc. now owns 7,225 shares of the insurance provider’s stock worth $346,000 after purchasing an additional 185 shares during the period. Heron Financial Group LLC raised its stake in Truist Financial by 1.7% during the fourth quarter. Heron Financial Group LLC now owns 11,568 shares of the insurance provider’s stock worth $596,000 after acquiring an additional 190 shares in the last quarter. Radnor Capital Management LLC raised its stake in Truist Financial by 1.9% during the fourth quarter. Radnor Capital Management LLC now owns 10,219 shares of the insurance provider’s stock worth $490,000 after acquiring an additional 194 shares in the last quarter. Sunbelt Securities Inc. raised its stake in Truist Financial by 1.7% during the fourth quarter. Sunbelt Securities Inc. now owns 12,106 shares of the insurance provider’s stock worth $580,000 after acquiring an additional 203 shares in the last quarter. Finally, BKD Wealth Advisors LLC raised its stake in Truist Financial by 3.1% during the fourth quarter. BKD Wealth Advisors LLC now owns 6,731 shares of the insurance provider’s stock worth $323,000 after acquiring an additional 204 shares in the last quarter. 72.11% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Company Profile

Truist Financial Corporation, a holding company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.

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Analyst Recommendations for Truist Financial (NYSE:TFC)

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