Truist Financial (NYSE:TFC) Given New $42.00 Price Target at JPMorgan Chase & Co.

Truist Financial (NYSE:TFC) had its target price dropped by JPMorgan Chase & Co. from $48.00 to $42.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 0.96% from the stock’s previous close.

TFC has been the subject of several other research reports. Wells Fargo & Company reduced their price target on shares of Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, March 28th. Keefe, Bruyette & Woods increased 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. HSBC raised Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 7th. Hsbc Global Res upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $48.00 to $52.00 in a research note on Wednesday, March 5th. Ten research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.42.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $41.60 on Thursday. Truist Financial has a 12 month low of $35.09 and a 12 month high of $49.06. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $54.30 billion, a PE ratio of 12.49, a PEG ratio of 1.63 and a beta of 1.08. The stock’s fifty day simple moving average is $44.41 and its 200 day simple moving average is $44.41.

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

Institutional Trading of Truist Financial

A number of hedge funds have recently made changes to their positions in the business. Edgestream Partners L.P. bought a new stake in Truist Financial in the 3rd quarter valued at $962,000. Ascent Group LLC acquired a new position in shares of Truist Financial in the third quarter valued at $210,000. Hilltop Holdings Inc. raised its position in shares of Truist Financial by 33.8% in the third quarter. Hilltop Holdings Inc. now owns 24,435 shares of the insurance provider’s stock valued at $1,045,000 after purchasing an additional 6,174 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Truist Financial by 7.5% during the 3rd quarter. Janus Henderson Group PLC now owns 176,817 shares of the insurance provider’s stock worth $7,558,000 after buying an additional 12,400 shares during the period. Finally, Integrated Wealth Concepts LLC grew its stake in Truist Financial by 43.2% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 34,490 shares of the insurance provider’s stock valued at $1,475,000 after buying an additional 10,402 shares during the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

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.