Citigroup Increases Truist Financial (NYSE:TFC) Price Target to $45.00

Truist Financial (NYSE:TFC) had its price target boosted by equities researchers at Citigroup from $42.00 to $45.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. Citigroup’s target price suggests a potential upside of 18.48% from the company’s previous close.

A number of other equities analysts have also recently weighed in on TFC. Jefferies Financial Group boosted their price target on Truist Financial from $40.00 to $41.00 and gave the stock a “hold” rating in a report on Monday, April 8th. Morgan Stanley reiterated an “equal weight” rating and issued a $43.00 target price on shares of Truist Financial in a research note on Monday. Compass Point upgraded Truist Financial from a “neutral” rating to a “buy” rating and upped their target price for the company from $34.00 to $42.00 in a research note on Tuesday. UBS Group upped their target price on Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a research note on Friday, April 5th. Finally, HSBC upped their target price on Truist Financial from $37.00 to $39.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. One research analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $41.97.

Truist Financial Stock Performance

NYSE TFC opened at $37.98 on Wednesday. Truist Financial has a fifty-two week low of $25.56 and a fifty-two week high of $39.29. The stock has a market cap of $50.69 billion, a price-to-earnings ratio of -28.77, a price-to-earnings-growth ratio of 2.45 and a beta of 1.08. The business has a fifty day moving average of $36.86 and a 200-day moving average of $34.75. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. The company had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the previous year, the firm posted $1.09 earnings per share. The business’s revenue for the quarter was down 8.8% compared to the same quarter last year. As a group, analysts predict that Truist Financial will post 3.26 earnings per share for the current fiscal year.

Insider Transactions at Truist Financial

In other news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $37.48, for a total value of $141,074.72. Following the completion of the sale, the director now owns 16,132 shares of the company’s stock, valued at $604,627.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Truist Financial

Institutional investors and hedge funds have recently modified their holdings of the stock. Bleakley Financial Group LLC boosted its position in shares of Truist Financial by 6.1% in the fourth quarter. Bleakley Financial Group LLC now owns 29,890 shares of the insurance provider’s stock worth $1,104,000 after buying an additional 1,731 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Truist Financial by 53.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 338,972 shares of the insurance provider’s stock worth $12,515,000 after buying an additional 117,524 shares during the period. International Assets Investment Management LLC boosted its position in shares of Truist Financial by 3,359.6% in the fourth quarter. International Assets Investment Management LLC now owns 1,045,560 shares of the insurance provider’s stock worth $38,602,000 after buying an additional 1,015,338 shares during the period. Loudon Investment Management LLC boosted its position in shares of Truist Financial by 18.5% in the third quarter. Loudon Investment Management LLC now owns 131,398 shares of the insurance provider’s stock worth $3,759,000 after buying an additional 20,490 shares during the period. Finally, Pathstone Family Office LLC boosted its holdings in Truist Financial by 84.8% in the third quarter. Pathstone Family Office LLC now owns 97,317 shares of the insurance provider’s stock valued at $2,786,000 after purchasing an additional 44,659 shares during the last quarter. Hedge funds and other 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.