Barclays Boosts Truist Financial (NYSE:TFC) Price Target to $51.00

Truist Financial (NYSE:TFC) had its price target lifted by research analysts at Barclays from $47.00 to $51.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the insurance provider’s stock. Barclays‘s target price would indicate a potential upside of 14.38% from the stock’s current price.

Several other brokerages have also recently commented on TFC. JPMorgan Chase & Co. increased their target price on Truist Financial from $43.50 to $47.00 and gave the stock a “neutral” rating in a report on Wednesday, October 16th. Piper Sandler raised their price objective on shares of Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Compass Point lifted their price objective on shares of Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. StockNews.com upgraded Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, Stephens reaffirmed an “overweight” rating and issued a $54.00 target price on shares of Truist Financial in a research note on Thursday. Twelve investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $49.39.

Truist Financial Stock Up 1.1 %

TFC stock traded up $0.49 during midday trading on Monday, reaching $44.59. The company had a trading volume of 2,790,644 shares, compared to its average volume of 4,235,065. The company has a 50 day moving average of $45.30 and a two-hundred day moving average of $43.14. The company has a market capitalization of $59.19 billion, a P/E ratio of -31.18, a PEG ratio of 1.88 and a beta of 1.08. Truist Financial has a 1 year low of $34.23 and a 1 year high of $49.06. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.62.

Truist Financial (NYSE:TFC) last announced its earnings results on Thursday, October 17th. The insurance provider reported $0.97 EPS for the quarter, topping the consensus estimate of $0.89 by $0.08. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. The firm had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.05 billion. On average, equities research analysts expect that Truist Financial will post 3.7 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO William H. Rogers, Jr. acquired 34,180 shares of Truist Financial stock in a transaction on Monday, November 25th. The stock was purchased at an average cost of $48.56 per share, with a total value of $1,659,780.80. Following the purchase, the chief executive officer now directly owns 691,451 shares in the company, valued at approximately $33,576,860.56. The trade was a 5.20 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director K. David Jr. Boyer sold 4,966 shares of Truist Financial stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $46.20, for a total value of $229,429.20. Following the transaction, the director now directly owns 11,246 shares of the company’s stock, valued at $519,565.20. This trade represents a 30.63 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.17% of the company’s stock.

Institutional Trading of Truist Financial

Several institutional investors have recently added to or reduced their stakes in TFC. Valley Wealth Managers Inc. acquired a new position in Truist Financial during the 3rd quarter worth $26,000. MidAtlantic Capital Management Inc. purchased a new position in Truist Financial during the 3rd quarter worth approximately $32,000. Y.D. More Investments Ltd purchased a new stake in shares of Truist Financial in the second quarter worth approximately $31,000. Fortitude Family Office LLC boosted its position in Truist Financial by 376.7% during the third quarter. Fortitude Family Office LLC now owns 858 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 678 shares during the last quarter. Finally, Ashton Thomas Securities LLC acquired a new position in Truist Financial in the third quarter worth approximately $45,000. Institutional investors own 71.28% of the company’s stock.

About Truist Financial

Truist Financial Corporation, a financial services 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.