Stephens Cuts Truist Financial (NYSE:TFC) Price Target to $46.00

Truist Financial (NYSE:TFC) had its target price cut by equities research analysts at Stephens from $48.00 to $46.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the insurance provider’s stock. Stephens’ price objective points to a potential upside of 31.13% from the company’s current price.

TFC has been the topic of a number of other reports. Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $48.00 to $52.00 in a research report on Wednesday, March 5th. Wells Fargo & Company reduced their price objective on Truist Financial from $52.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. Keefe, Bruyette & Woods upped their target price on Truist Financial from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, January 21st. JPMorgan Chase & Co. cut their price target on Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Finally, Piper Sandler lowered their price objective on shares of Truist Financial from $45.00 to $41.00 and set a “neutral” rating for the company in a research note on Monday. 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 currently has an average rating of “Moderate Buy” and an average target price of $48.83.

Truist Financial Trading Down 2.3 %

Shares of NYSE:TFC traded down $0.82 during trading hours on Monday, hitting $35.08. 1,965,106 shares of the company’s stock traded hands, compared to its average volume of 8,136,729. The firm has a market capitalization of $45.79 billion, a P/E ratio of 10.53, a price-to-earnings-growth ratio of 1.63 and a beta of 0.91. The business has a fifty day moving average price of $41.21 and a 200-day moving average price of $43.81. Truist Financial has a 1 year low of $33.56 and a 1 year high of $49.06. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data 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 return on equity of 9.32% and a net margin of 15.59%. During the same quarter in the previous year, the business earned $0.90 EPS. Equities analysts expect that Truist Financial will post 4 earnings per share for the current year.

Hedge Funds Weigh In On Truist Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. Capital International Investors boosted its stake in shares of Truist Financial by 26.0% in the fourth quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider’s stock valued at $3,930,983,000 after purchasing an additional 18,712,246 shares during the period. Geode Capital Management LLC grew its stake in shares of Truist Financial by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 27,975,691 shares of the insurance provider’s stock worth $1,210,348,000 after acquiring an additional 534,740 shares in the last quarter. Amundi increased its position in shares of Truist Financial by 6.5% during the fourth quarter. Amundi now owns 23,683,345 shares of the insurance provider’s stock worth $1,040,718,000 after acquiring an additional 1,450,323 shares during the period. Northern Trust Corp raised its stake in shares of Truist Financial by 20.5% in the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider’s stock valued at $626,154,000 after acquiring an additional 2,452,239 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Truist Financial by 13.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,738,289 shares of the insurance provider’s stock valued at $465,827,000 after purchasing an additional 1,307,252 shares during the period. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

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.