Wells Fargo & Company Has Lowered Expectations for Truist Financial (NYSE:TFC) Stock Price

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

TFC has been the subject of several other research reports. StockNews.com raised shares of Truist Financial from a “sell” rating to a “hold” rating in a report on Friday, January 17th. Citigroup decreased their target price on shares of Truist Financial from $51.00 to $44.00 and set a “neutral” rating for the company in a research report on Monday. Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $48.00 to $52.00 in a research note on Wednesday, March 5th. Hsbc Global Res upgraded shares of Truist Financial from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Baird R W upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, March 5th. Nine research 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. According to data from MarketBeat.com, Truist Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.68.

Truist Financial Stock Down 1.5 %

TFC stock traded down $0.61 during mid-day trading on Friday, hitting $40.79. 382,910 shares of the company were exchanged, compared to its average volume of 7,355,160. The company has a market capitalization of $53.24 billion, a PE ratio of 12.26, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. The firm has a fifty day simple moving average of $44.93 and a 200 day simple moving average of $44.41. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. Truist Financial has a twelve month low of $35.09 and a twelve month high of $49.06.

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

Institutional Trading of Truist Financial

A number of hedge funds have recently modified their holdings of TFC. Capital International Investors raised 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 in the last quarter. State Street Corp increased its stake in Truist Financial by 4.6% in the third quarter. State Street Corp now owns 61,864,957 shares of the insurance provider’s stock valued at $2,645,964,000 after acquiring an additional 2,720,223 shares during the period. Geode Capital Management LLC boosted its holdings in Truist Financial by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 27,975,691 shares of the insurance provider’s stock valued at $1,210,348,000 after purchasing an additional 534,740 shares in the last quarter. Amundi raised its stake in 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 in the last quarter. Finally, Northern Trust Corp boosted its position in 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 buying an additional 2,452,239 shares in the last quarter. 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.