Truist Financial (NYSE:TFC) Stock Price Expected to Rise, Argus Analyst Says

Truist Financial (NYSE:TFC) had its price target boosted by investment analysts at Argus from $54.00 to $58.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. Argus’ price target would suggest a potential upside of 15.07% from the company’s current price.

TFC has been the topic of a number of other research reports. TD Cowen increased their price target on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday. Robert W. Baird lowered Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 11th. UBS Group set a $55.00 price target on shares of Truist Financial in a report on Tuesday, October 21st. The Goldman Sachs Group reissued a “buy” rating and set a $58.00 target price on shares of Truist Financial in a research note on Tuesday, January 6th. Finally, Barclays lowered shares of Truist Financial from an “equal weight” rating to an “underweight” rating and raised their price target for the company from $47.00 to $56.00 in a research note on Monday, January 5th. Seven equities 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 MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $54.20.

Truist Financial Stock Performance

TFC stock traded up $0.10 during midday trading on Friday, hitting $50.40. 947,524 shares of the stock traded hands, compared to its average volume of 9,385,217. Truist Financial has a 1-year low of $33.56 and a 1-year high of $51.51. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.87 and a quick ratio of 0.86. The stock’s fifty day simple moving average is $48.65 and its 200-day simple moving average is $46.14. The firm has a market cap of $64.48 billion, a P/E ratio of 13.22, a PEG ratio of 0.95 and a beta of 0.89.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The firm had revenue of $5.30 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same quarter last year, the company posted $0.91 EPS. The company’s revenue was up 3.6% on a year-over-year basis. On average, analysts expect that Truist Financial will post 4 earnings per share for the current year.

Truist Financial announced that its Board of Directors has initiated a stock buyback plan on Tuesday, December 16th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 15.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, Director K. David Jr. Boyer sold 5,160 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the sale, the director directly owned 10,153 shares in the company, valued at approximately $471,606.85. This trade represents a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.17% of the company’s stock.

Institutional Trading of Truist Financial

Large investors have recently made changes to their positions in the company. Brighton Jones LLC increased its position in Truist Financial by 148.5% during the 4th 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 period. Woodline Partners LP boosted its stake in shares of Truist Financial by 39.5% in the first quarter. Woodline Partners LP now owns 111,177 shares of the insurance provider’s stock valued at $4,575,000 after buying an additional 31,454 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in Truist Financial during the second quarter worth $575,000. Accurate Wealth Management LLC raised its position in Truist Financial by 7.6% in the second quarter. Accurate Wealth Management LLC now owns 8,266 shares of the insurance provider’s stock worth $376,000 after acquiring an additional 584 shares in the last quarter. Finally, Ballentine Partners LLC boosted its position in shares of Truist Financial by 8.5% during the 2nd quarter. Ballentine Partners LLC now owns 31,482 shares of the insurance provider’s stock worth $1,353,000 after purchasing an additional 2,454 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

About Truist Financial

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.