Truist Financial (NYSE:TFC) Price Target Cut to $44.00 by Analysts at Citigroup

Truist Financial (NYSE:TFC) had its target price lowered by investment analysts at Citigroup from $51.00 to $44.00 in a report released on Monday,Benzinga reports. The firm currently has a “neutral” rating on the insurance provider’s stock. Citigroup’s price target points to a potential upside of 4.12% from the company’s current price.

A number of other equities analysts have also weighed in on TFC. HSBC upgraded Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 7th. Hsbc Global Res upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Piper Sandler increased their price target on shares of Truist Financial from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Baird R W raised shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. Finally, The Goldman Sachs Group increased their target price on Truist Financial from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Nine investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Truist Financial has a consensus rating of “Moderate Buy” and an average price target of $50.79.

Truist Financial Price Performance

TFC stock traded up $0.84 during mid-day trading on Monday, reaching $42.26. 2,130,377 shares of the company traded hands, compared to its average volume of 8,028,563. Truist Financial has a 52-week low of $35.09 and a 52-week high of $49.06. The company has a market capitalization of $55.17 billion, a P/E ratio of 12.69, a P/E/G ratio of 1.63 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The company has a fifty day moving average price of $45.12 and a 200-day moving average price of $44.46.

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

Institutional Investors Weigh In On Truist Financial

Several institutional investors and hedge funds have recently bought and sold shares of the business. Bangor Savings Bank raised its holdings in shares of Truist Financial by 92.5% during the fourth quarter. Bangor Savings Bank now owns 566 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 272 shares in the last quarter. Hopwood Financial Services Inc. purchased a new position in Truist Financial during the 4th quarter valued at $26,000. Navigoe LLC bought a new position in Truist Financial in the 4th quarter worth $26,000. Curio Wealth LLC purchased a new stake in shares of Truist Financial in the 4th quarter worth about $45,000. Finally, City State Bank boosted its stake in shares of Truist Financial by 158.1% during the 4th quarter. City State Bank now owns 1,169 shares of the insurance provider’s stock valued at $51,000 after purchasing an additional 716 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.