Truist Financial (NYSE:TFC) Stock Picked Up by Analysts at Wolfe Research

Stock analysts at Wolfe Research assumed coverage on shares of Truist Financial (NYSE:TFC) in a note issued to investors on Tuesday. The firm set a “peer perform” rating on the insurance provider’s stock.

Several other equities research analysts have also issued reports on TFC. Wells Fargo & Company set a $52.00 price target on Truist Financial in a report on Thursday, October 8th. Wall Street Zen raised Truist Financial from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. UBS Group dropped their price objective on Truist Financial from $55.00 to $50.00 and set a “neutral” rating on the stock in a report on Monday, October 5th. Raymond James Financial reaffirmed a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Finally, Royal Bank Of Canada reduced their target price on shares of Truist Financial from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Monday, October 19th. Seven investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Truist Financial currently has an average rating of “Hold” and an average price target of $53.87.

Truist Financial Price Performance

TFC opened at $48.87 on Tuesday. The stock has a market cap of $59.71 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 1.08 and a beta of 0.92. Truist Financial has a 1 year low of $43.13 and a 1 year high of $56.19. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.95. The stock has a fifty day moving average price of $48.70 and a 200 day moving average price of $49.55.

Truist Financial (NYSE:TFC) last issued its earnings results on Friday, October 16th. The insurance provider reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.17 by ($0.01). Truist Financial had a net margin of 18.01% and a return on equity of 10.37%. The firm had revenue of $5.30 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter last year, the firm earned $1.04 EPS. The business’s revenue for the quarter was up 1.3% compared to the same quarter last year. Analysts forecast that Truist Financial will post 4.66 EPS for the current fiscal year.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, insider Donta L. Wilson sold 13,280 shares of the stock in a transaction on Friday, July 31st. The shares were sold at an average price of $51.85, for a total transaction of $688,568.00. Following the transaction, the insider directly owned 56,009 shares of the company’s stock, valued at $2,904,066.65. This represents a 19.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Lyons bought 21,000 shares of the business’s stock in a transaction on Thursday, September 17th. The shares were bought at an average price of $48.36 per share, for a total transaction of $1,015,560.00. Following the completion of the acquisition, the chief executive officer owned 21,000 shares of the company’s stock, valued at approximately $1,015,560. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Oppenheimer & Co. Inc. lifted its holdings in Truist Financial by 10.3% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 160,835 shares of the insurance provider’s stock worth $7,447,000 after purchasing an additional 15,065 shares during the last quarter. Park Avenue Securities LLC grew its holdings in Truist Financial by 15.1% during the third quarter. Park Avenue Securities LLC now owns 72,207 shares of the insurance provider’s stock valued at $3,334,000 after purchasing an additional 9,446 shares during the last quarter. Hedeker Wealth LLC grew its holdings in Truist Financial by 1.5% during the third quarter. Hedeker Wealth LLC now owns 105,748 shares of the insurance provider’s stock valued at $4,896,000 after purchasing an additional 1,576 shares during the last quarter. Provident Investment Management Inc. raised its position in shares of Truist Financial by 13.3% in the third quarter. Provident Investment Management Inc. now owns 26,600 shares of the insurance provider’s stock valued at $1,232,000 after purchasing an additional 3,125 shares during the period. Finally, Signaturefd LLC raised its position in shares of Truist Financial by 2.8% in the third quarter. Signaturefd LLC now owns 48,122 shares of the insurance provider’s stock valued at $2,228,000 after purchasing an additional 1,308 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Company Profile

Truist Financial Corporation is a financial services company headquartered in Charlotte, North Carolina, operating through its principal subsidiary, Truist Bank. The company provides banking, lending, investment, insurance and wealth management services to consumers, small businesses, commercial clients and institutional customers.

Its offerings include checking and savings accounts, mortgages, consumer loans, credit cards, commercial and industrial lending, treasury and payment services, investment banking, brokerage, asset management and insurance products.