Truist Financial (NYSE:TFC) Given New $33.00 Price Target at Evercore ISI

Truist Financial (NYSE:TFC) had its target price increased by equities research analysts at Evercore ISI from $31.00 to $33.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an “in-line” rating on the insurance provider’s stock. Evercore ISI’s price target suggests a potential upside of 3.32% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Piper Sandler cut their price target on Truist Financial from $32.00 to $31.00 and set a “neutral” rating for the company in a report on Friday, October 20th. Raymond James lowered their price target on shares of Truist Financial from $36.00 to $34.00 and set an “outperform” rating for the company in a report on Thursday, October 5th. Jefferies Financial Group decreased their target price on shares of Truist Financial from $31.00 to $28.00 in a research report on Tuesday, October 10th. Royal Bank of Canada reiterated an “outperform” rating and issued a $40.00 price target on shares of Truist Financial in a report on Tuesday, September 12th. Finally, StockNews.com began coverage on Truist Financial in a research report on Thursday, October 5th. They issued a “hold” rating for the company. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Truist Financial has an average rating of “Hold” and an average price target of $37.51.

Truist Financial Price Performance

TFC traded down $0.03 on Monday, hitting $31.94. 1,861,989 shares of the company were exchanged, compared to its average volume of 11,625,640. The business’s fifty day moving average is $28.89 and its 200 day moving average is $30.22. Truist Financial has a fifty-two week low of $25.56 and a fifty-two week high of $53.34. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market capitalization of $42.60 billion, a P/E ratio of 8.05, a price-to-earnings-growth ratio of 1.87 and a beta of 1.09.

Truist Financial (NYSE:TFC) last posted its earnings results on Thursday, October 19th. The insurance provider reported $0.80 earnings per share for the quarter, missing the consensus estimate of $0.82 by ($0.02). Truist Financial had a net margin of 17.59% and a return on equity of 10.74%. The firm had revenue of $5.73 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same period last year, the company posted $1.24 EPS. The firm’s revenue for the quarter was down 2.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Truist Financial will post 3.76 EPS for the current year.

Insider Activity at Truist Financial

In other news, CEO William H. Rogers, Jr. acquired 10,000 shares of the business’s stock in a transaction on Friday, October 20th. The shares were purchased at an average price of $28.05 per share, for a total transaction of $280,500.00. Following the acquisition, the chief executive officer now directly owns 412,924 shares of the company’s stock, valued at approximately $11,582,518.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Truist Financial

Several hedge funds and other institutional investors have recently modified their holdings of TFC. Fairfield Bush & CO. bought a new position in shares of Truist Financial during the first quarter valued at approximately $25,000. United Bank grew its stake in Truist Financial by 4.1% during the 1st quarter. United Bank now owns 74,457 shares of the insurance provider’s stock worth $4,222,000 after buying an additional 2,938 shares during the last quarter. Panagora Asset Management Inc. increased its position in Truist Financial by 33.3% in the first quarter. Panagora Asset Management Inc. now owns 26,365 shares of the insurance provider’s stock worth $1,495,000 after buying an additional 6,593 shares during the period. Vontobel Holding Ltd. increased its position in Truist Financial by 3.3% in the first quarter. Vontobel Holding Ltd. now owns 22,951 shares of the insurance provider’s stock worth $1,348,000 after buying an additional 738 shares during the period. Finally, Blair William & Co. IL lifted its stake in Truist Financial by 8.1% in the first quarter. Blair William & Co. IL now owns 56,690 shares of the insurance provider’s stock valued at $3,214,000 after buying an additional 4,234 shares during the last quarter. Institutional investors own 71.11% of the company’s stock.

Truist Financial Company Profile

Truist Financial Corporation, a holding 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.