Truist Financial (NYSE:TFC) Stock Price Target Lowered at JPMorgan Chase & Co.

Truist Financial (NYSE:TFC) had its target price reduced by JPMorgan Chase & Co. from $54.00 to $50.50 in a report issued on Friday, Benzinga reports. The brokerage presently has an “underweight” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 8.92% from the company’s current price.

A number of other research analysts also recently weighed in on the company. Bank of America reissued a “neutral” rating and issued a $56.00 target price (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Wall Street Zen upgraded Truist Financial from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings reiterated a “buy (b)” rating on shares of Truist Financial in a research report on Wednesday, July 29th. UBS Group downgraded Truist Financial from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $58.00 to $55.00 in a research report on Tuesday, July 7th. Finally, Keefe, Bruyette & Woods increased their target price on Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. Eight investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $55.25.

Truist Financial Stock Up 0.2%

Shares of TFC stock traded up $0.09 during mid-day trading on Friday, reaching $46.37. 2,466,981 shares of the company’s stock traded hands, compared to its average volume of 8,748,002. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.73. The company’s 50-day moving average price is $50.51 and its 200-day moving average price is $49.52. The company has a market cap of $56.64 billion, a P/E ratio of 10.63, a P/E/G ratio of 0.98 and a beta of 0.92. Truist Financial has a 12 month low of $40.78 and a 12 month high of $56.19.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, July 17th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.15. The company had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.24 billion. Truist Financial had a net margin of 19.13% and a return on equity of 10.06%. Truist Financial’s revenue was up 5.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.91 EPS. On average, equities analysts expect that Truist Financial will post 4.62 earnings per share for the current fiscal year.

Insider Transactions at Truist Financial

In other news, CEO William Rogers, Jr. sold 13,250 shares of the stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $52.36, for a total transaction of $693,770.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Lyons bought 21,000 shares of the business’s stock in a transaction that occurred on Thursday, September 17th. The stock was acquired at an average cost of $48.36 per share, with a total value 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 $1,015,560. This represents a ? increase in their position. The SEC filing for this purchase provides additional information. Insiders sold 30,516 shares of company stock valued at $1,584,428 over the last 90 days. Insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in TFC. BlackRock Inc. bought a new position in Truist Financial during the 2nd quarter valued at about $4,959,834,000. Auto Owners Insurance Co boosted its position in shares of 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. Bank of New York Mellon Corp purchased a new position in shares of Truist Financial during the second quarter valued at approximately $338,855,000. Deutsche Bank AG bought a new position in shares of Truist Financial during the second quarter valued at approximately $257,208,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Truist Financial in the second quarter worth approximately $151,526,000. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Truist Financial Company Profile

Truist Financial Corporation (NYSE:TFC) is a financial services company headquartered in Charlotte, North Carolina. Through its principal banking subsidiary, Truist Bank, the company provides a broad range of financial products and services to consumers, small businesses, commercial clients, and institutional customers.

Its offerings include deposit accounts, consumer and small-business lending, mortgages, credit cards, payments, treasury management, commercial and corporate banking, investment banking, wealth management, and asset management.