HSBC Boosts Truist Financial (NYSE:TFC) Price Target to $41.00

Truist Financial (NYSE:TFC) had its price target lifted by stock analysts at HSBC from $40.00 to $41.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the insurance provider’s stock. HSBC’s price objective suggests a potential upside of 3.80% from the company’s current price.

Several other equities research analysts also recently issued reports on TFC. Keefe, Bruyette & Woods upped their price objective on shares of Truist Financial from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday. UBS Group upped their price objective on shares of Truist Financial from $45.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Piper Sandler increased their price target on shares of Truist Financial from $37.00 to $38.00 and gave the stock a “neutral” rating in a research report on Friday, January 19th. Citigroup increased their price target on shares of Truist Financial from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Wednesday, April 24th. Finally, Compass Point raised shares of Truist Financial from a “neutral” rating to a “buy” rating and increased their price target for the stock from $34.00 to $42.00 in a research report on Tuesday, April 23rd. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.06.

Truist Financial Stock Performance

TFC traded up $0.39 on Wednesday, hitting $39.50. 3,088,835 shares of the company’s stock were exchanged, compared to its average volume of 9,383,068. The firm has a market cap of $52.72 billion, a PE ratio of -29.85, a P/E/G ratio of 2.03 and a beta of 1.07. The stock has a fifty day moving average of $37.34 and a two-hundred day moving average of $35.39. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.75. Truist Financial has a twelve month low of $26.49 and a twelve month high of $40.35.

Truist Financial (NYSE:TFC) last released its earnings results on Monday, April 22nd. The insurance provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.78 by $0.12. The business had revenue of $4.87 billion during the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a negative net margin of 4.28% and a positive return on equity of 9.15%. The business’s quarterly revenue was down 8.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.09 earnings per share. On average, research analysts anticipate that Truist Financial will post 3.3 earnings per share for the current fiscal year.

Insider Buying and Selling at Truist Financial

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in TFC. Bleakley Financial Group LLC raised its position in shares of Truist Financial by 13.4% in the first quarter. Bleakley Financial Group LLC now owns 33,902 shares of the insurance provider’s stock valued at $1,322,000 after purchasing an additional 4,012 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Truist Financial by 0.3% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 292,796 shares of the insurance provider’s stock worth $11,413,000 after buying an additional 740 shares during the last quarter. Avantax Advisory Services Inc. raised its position in Truist Financial by 1.6% in the 1st quarter. Avantax Advisory Services Inc. now owns 119,318 shares of the insurance provider’s stock worth $4,651,000 after purchasing an additional 1,860 shares during the period. Russell Investments Group Ltd. boosted its holdings in Truist Financial by 10.6% during the 1st quarter. Russell Investments Group Ltd. now owns 230,604 shares of the insurance provider’s stock valued at $8,965,000 after acquiring an additional 22,182 shares during the period. Finally, Headlands Technologies LLC boosted its stake in shares of Truist Financial by 132.6% during the first quarter. Headlands Technologies LLC now owns 14,054 shares of the insurance provider’s stock valued at $548,000 after purchasing an additional 8,011 shares during the period. 71.28% of the stock is owned by institutional investors.

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.