JPMorgan Chase & Co. Issues Positive Forecast for Truist Financial (NYSE:TFC) Stock Price

Truist Financial (NYSE:TFC) had its target price hoisted by stock analysts at JPMorgan Chase & Co. from $53.00 to $54.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “underweight” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 2.65% from the company’s current price.

Several other equities analysts have also commented on the company. Weiss Ratings upgraded Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Bank of America restated a “neutral” rating and issued a $56.00 target price (up from $54.00) on shares of Truist Financial in a research report on Wednesday, July 8th. Stephens cut their target price on Truist Financial from $59.00 to $57.00 and set an “overweight” rating for the company in a research note on Tuesday, July 21st. Wall Street Zen downgraded shares of Truist Financial from a “hold” rating to a “sell” rating in a research note on Monday, June 29th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $54.00 price objective (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Seven equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $54.67.

Truist Financial Price Performance

Shares of TFC traded down $0.39 during midday trading on Wednesday, hitting $52.60. 3,594,425 shares of the company traded hands, compared to its average volume of 9,346,314. Truist Financial has a one year low of $40.78 and a one year high of $56.19. The firm has a market cap of $65.54 billion, a P/E ratio of 12.06, a PEG ratio of 0.95 and a beta of 0.89. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a 50-day moving average of $50.04 and a 200-day moving average of $49.58.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.24 billion. During the same quarter last year, the company earned $0.91 earnings per share. The firm’s quarterly revenue was up 5.6% on a year-over-year basis. As a group, sell-side analysts predict that Truist Financial will post 4.59 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director K. David Jr. Boyer sold 3,986 shares of the business’s stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $50.70, for a total transaction of $202,090.20. Following the transaction, the director owned 10,270 shares in the company, valued at $520,689. The trade was a 27.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William H. Rogers, Jr. sold 13,250 shares of Truist Financial stock in a transaction that occurred on Monday, July 20th. The shares were sold at an average price of $52.36, for a total value of $693,770.00. The SEC filing for this sale provides additional information. 0.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Truist Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Auto Owners Insurance Co lifted its position in Truist Financial by 4,821.0% during the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after buying an additional 13,884,480 shares during the period. Wellington Management Group LLP grew its position in shares of Truist Financial by 13,511.7% in the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after buying an additional 10,310,523 shares during the period. Norges Bank bought a new position in shares of Truist Financial in the 4th quarter worth about $502,340,000. American Assets Investment Management LLC lifted its position in Truist Financial by 781.2% during the 4th quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock valued at $166,527,000 after acquiring an additional 3,000,000 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Truist Financial by 37.6% during the 4th quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock valued at $516,732,000 after acquiring an additional 2,867,449 shares during the period. 71.28% of the stock is owned by hedge funds and other institutional investors.

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.