JPMorgan Chase & Co. Cuts Truist Financial (NYSE:TFC) Price Target to $51.50

Truist Financial (NYSE:TFC) had its price target decreased by analysts at JPMorgan Chase & Co. from $57.00 to $51.50 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the insurance provider’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 8.67% from the company’s current price.

A number of other research analysts have also recently issued reports on the stock. Evercore reaffirmed an “outperform” rating on shares of Truist Financial in a report on Thursday, February 5th. Robert W. Baird raised shares of Truist Financial from a “neutral” rating to an “outperform” rating and set a $52.00 target price for the company in a report on Monday, March 9th. Keefe, Bruyette & Woods raised their target price on shares of Truist Financial from $49.00 to $53.00 and gave the stock a “market perform” rating in a report on Wednesday, December 17th. The Goldman Sachs Group reissued a “buy” rating and set a $58.00 target price on shares of Truist Financial in a report on Tuesday, January 6th. Finally, Jefferies Financial Group assumed coverage on shares of Truist Financial in a report on Thursday, March 26th. They set an “underperform” rating and a $35.00 target price for the company. Nine equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.41.

Truist Financial Stock Performance

Shares of NYSE TFC traded down $0.25 during midday trading on Tuesday, reaching $47.39. The company had a trading volume of 3,139,051 shares, compared to its average volume of 9,873,131. The business’s 50-day simple moving average is $49.04 and its 200 day simple moving average is $47.64. The stock has a market cap of $58.81 billion, a P/E ratio of 12.45, a P/E/G ratio of 0.80 and a beta of 0.89. Truist Financial has a 1 year low of $33.82 and a 1 year high of $56.19. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last posted its quarterly earnings results on Wednesday, January 21st. The insurance provider reported $1.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.09). The company had revenue of $4.93 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Truist Financial had a return on equity of 9.03% and a net margin of 17.09%.The company’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.91 EPS. On average, analysts forecast that Truist Financial will post 4 earnings per share for the current fiscal year.

Truist Financial announced that its board has approved a stock buyback plan on Tuesday, December 16th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the insurance provider to buy up to 15.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Truist Financial

In related news, CAO Cynthia B. Powell sold 3,500 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction of $183,715.00. Following the sale, the chief accounting officer owned 667 shares in the company, valued at approximately $35,010.83. This trade represents a 83.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michael Baron Maguire sold 13,000 shares of the firm’s stock in a transaction on Monday, January 26th. The shares were sold at an average price of $50.13, for a total transaction of $651,690.00. Following the sale, the chief financial officer owned 74,323 shares in the company, valued at approximately $3,725,811.99. This represents a 14.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.15% of the stock is currently owned by company insiders.

Institutional Trading of Truist Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TFC. Kemnay Advisory Services Inc. acquired a new position in Truist Financial during the fourth quarter worth $25,000. Swiss RE Ltd. acquired a new position in Truist Financial during the fourth quarter worth $26,000. Valley Wealth Managers Inc. acquired a new stake in shares of Truist Financial in the third quarter valued at about $28,000. McMillan Office Inc. acquired a new stake in shares of Truist Financial in the fourth quarter valued at about $31,000. Finally, Capital A Wealth Management LLC grew its position in shares of Truist Financial by 1,189.5% in the second quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 678 shares during the period. Institutional investors and hedge funds own 71.28% of the company’s stock.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.