Barclays Cuts Truist Financial (NYSE:TFC) Price Target to $47.00

Truist Financial (NYSE:TFC) had its target price reduced by research analysts at Barclays from $51.00 to $47.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the insurance provider’s stock. Barclays‘s target price indicates a potential upside of 33.35% from the stock’s current price.

Several other equities research analysts have also commented on the stock. Hsbc Global Res upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Stephens increased their price target on shares of Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, January 21st. Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $48.00 to $52.00 in a research report on Wednesday, March 5th. JPMorgan Chase & Co. lowered their target price on Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, April 3rd. Finally, Wells Fargo & Company cut their price target on Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, March 28th. Nine research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $49.44.

Truist Financial Price Performance

Shares of NYSE:TFC traded down $0.65 on Monday, reaching $35.25. 1,653,653 shares of the company were exchanged, compared to its average volume of 8,135,677. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial has a 1-year low of $33.56 and a 1-year high of $49.06. The company has a 50-day moving average of $41.21 and a 200-day moving average of $43.81. The firm has a market cap of $46.01 billion, a price-to-earnings ratio of 10.58, a price-to-earnings-growth ratio of 1.63 and a beta of 0.91.

Truist Financial (NYSE:TFC) last issued its earnings results on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.87. The company had revenue of $4.95 billion during the quarter, compared to analysts’ expectations of $4.99 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. During the same period last year, the company posted $0.90 earnings per share. Equities analysts forecast that Truist Financial will post 4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Truist Financial

A number of institutional investors have recently modified their holdings of the stock. PBMares Wealth Management LLC raised its stake in Truist Financial by 0.8% during the fourth quarter. PBMares Wealth Management LLC now owns 29,270 shares of the insurance provider’s stock valued at $1,270,000 after buying an additional 224 shares in the last quarter. Koshinski Asset Management Inc. lifted its stake in Truist Financial by 2.1% during the fourth quarter. Koshinski Asset Management Inc. now owns 10,825 shares of the insurance provider’s stock worth $470,000 after purchasing an additional 225 shares during the last quarter. Aaron Wealth Advisors LLC boosted its holdings in Truist Financial by 3.0% in the fourth quarter. Aaron Wealth Advisors LLC now owns 7,712 shares of the insurance provider’s stock worth $335,000 after purchasing an additional 227 shares during the period. FWG Holdings LLC increased its stake in Truist Financial by 4.3% during the fourth quarter. FWG Holdings LLC now owns 5,694 shares of the insurance provider’s stock valued at $267,000 after purchasing an additional 234 shares during the last quarter. Finally, Ignite Planners LLC raised its holdings in shares of Truist Financial by 1.4% during the fourth quarter. Ignite Planners LLC now owns 17,499 shares of the insurance provider’s stock worth $772,000 after purchasing an additional 246 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

Truist Financial Company Profile

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.