Truist Financial (NYSE:TFC) Price Target Raised to $60.00

Truist Financial (NYSE:TFC) had its target price boosted by analysts at The Goldman Sachs Group from $50.00 to $60.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the insurance provider’s stock. The Goldman Sachs Group’s target price indicates a potential upside of 25.21% from the company’s current price.

Several other equities analysts have also commented on the company. Citigroup upped their target price on Truist Financial from $47.00 to $51.00 and gave the company a “neutral” rating in a research note on Monday. Wells Fargo & Company increased their price objective on shares of Truist Financial from $48.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. UBS Group boosted their target price on shares of Truist Financial from $47.00 to $49.00 and gave the company a “buy” rating in a report on Friday, October 18th. Wolfe Research upgraded Truist Financial from an “underperform” rating to a “peer perform” rating in a report on Friday, August 9th. Finally, Compass Point lifted their target price on Truist Financial from $46.00 to $47.00 in a report on Wednesday, October 16th. Twelve equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $47.17.

Truist Financial Price Performance

Shares of NYSE:TFC opened at $47.92 on Tuesday. The firm has a market capitalization of $63.61 billion, a price-to-earnings ratio of -33.64, a price-to-earnings-growth ratio of 1.97 and a beta of 1.05. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.85 and a quick ratio of 0.85. The business’s 50 day simple moving average is $43.80 and its 200-day simple moving average is $41.61. Truist Financial has a 12 month low of $31.23 and a 12 month high of $49.06.

Truist Financial (NYSE:TFC) last released 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. The firm had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.05 billion. Truist Financial had a negative net margin of 4.89% and a positive return on equity of 9.35%. As a group, equities analysts forecast that Truist Financial will post 3.7 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Truist Financial

Institutional investors have recently modified their holdings of the stock. State Street Corp boosted its holdings in Truist Financial by 4.6% in the third quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock worth $2,645,964,000 after purchasing an additional 2,720,223 shares during the period. Geode Capital Management LLC lifted its position in shares of Truist Financial by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 27,440,951 shares of the insurance provider’s stock worth $1,169,350,000 after buying an additional 456,412 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Truist Financial by 1.0% in the 2nd quarter. Legal & General Group Plc now owns 10,338,802 shares of the insurance provider’s stock valued at $401,663,000 after buying an additional 103,565 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Truist Financial by 3.2% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,431,037 shares of the insurance provider’s stock valued at $403,365,000 after buying an additional 288,306 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Truist Financial by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,932,261 shares of the insurance provider’s stock valued at $346,957,000 after buying an additional 299,196 shares during the last quarter. 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.