Truist Financial (NYSE:TFC) Price Target Lowered to $50.00 at Wells Fargo & Company

Truist Financial (NYSE:TFC) had its price target decreased by equities research analysts at Wells Fargo & Company from $52.00 to $50.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the insurance provider’s stock. Wells Fargo & Company‘s price target points to a potential upside of 22.59% from the company’s previous close.

A number of other brokerages also recently commented on TFC. Keefe, Bruyette & Woods boosted their price objective on Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 21st. Citigroup dropped their target price on Truist Financial from $51.00 to $44.00 and set a “neutral” rating on the stock in a report on Monday. Stephens upped their target price on Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Tuesday, January 21st. Morgan Stanley lifted their price objective on shares of Truist Financial from $55.00 to $56.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 21st. Finally, Baird R W raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Nine analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.68.

Truist Financial Trading Down 1.5 %

TFC stock traded down $0.61 during midday trading on Friday, hitting $40.79. 382,910 shares of the company’s stock were exchanged, compared to its average volume of 7,355,160. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $53.24 billion, a PE ratio of 12.26, a P/E/G ratio of 1.63 and a beta of 1.08. The business has a 50-day simple moving average of $44.93 and a two-hundred day simple moving average of $44.41. Truist Financial has a 1-year low of $35.09 and a 1-year high of $49.06.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. The company had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.81 EPS. On average, sell-side analysts predict that Truist Financial will post 4 EPS for the current fiscal year.

Institutional Trading of Truist Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. grew its holdings in Truist Financial by 48.7% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,963 shares of the insurance provider’s stock valued at $129,000 after purchasing an additional 971 shares during the period. Principal Financial Group Inc. increased its stake in Truist Financial by 3.5% during the third quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider’s stock worth $64,638,000 after acquiring an additional 50,637 shares during the last quarter. Country Club Bank raised its holdings in shares of Truist Financial by 719.8% in the 4th quarter. Country Club Bank now owns 45,499 shares of the insurance provider’s stock worth $1,973,000 after purchasing an additional 39,949 shares during the period. David Wealth Management LLC purchased a new stake in shares of Truist Financial during the 4th quarter worth about $2,354,000. Finally, Glass Wealth Management Co LLC lifted its position in Truist Financial by 9.5% during the fourth quarter. Glass Wealth Management Co LLC now owns 67,978 shares of the insurance provider’s stock valued at $2,949,000 after buying an additional 5,900 shares in 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.