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Wells Fargo & Company Cuts Truist Financial (NYSE:TFC) Price Target to $59.00 – MarketBeat

Written by Amanda

Wells Fargo & Company Cuts Truist Financial (NYSE:TFC) Price Target to $59.00  MarketBeat

Truist Financial (NYSE:TFCGet Rating) had its target price dropped by research analysts at Wells Fargo & Company from $69.00 to $59.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the insurance provider’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 24.39% from the stock’s current price.

Several other analysts also recently weighed in on the stock. Wolfe Research dropped their target price on shares of Truist Financial from $57.00 to $41.00 and set an “underperform” rating for the company in a report on Thursday, May 26th. Bank of America downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and set a $58.00 target price for the company. in a report on Friday, April 8th. The Goldman Sachs Group dropped their target price on shares of Truist Financial from $68.00 to $57.00 and set a “buy” rating for the company in a report on Tuesday, May 31st. Morgan Stanley dropped their target price on shares of Truist Financial from $72.00 to $63.00 and set an “equal weight” rating for the company in a report on Monday, March 28th. Finally, Stephens dropped their target price on shares of Truist Financial from $74.00 to $64.00 and set an “overweight” rating for the company in a report on Tuesday, June 7th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $62.19.

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Shares of NYSE TFC opened at $47.43 on Friday. The company has a 50 day simple moving average of $48.10 and a 200-day simple moving average of $55.80. The company has a market capitalization of $63.15 billion, a P/E ratio of 10.59, a P/E/G ratio of 1.81 and a beta of 1.17. The company has a debt-to-equity ratio of 0.58, a current ratio of 0.76 and a quick ratio of 0.75. Truist Financial has a 1 year low of $44.75 and a 1 year high of $68.95.

Truist Financial (NYSE:TFCGet Rating) last announced its quarterly earnings results on Tuesday, April 19th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.11. The business had revenue of $5.33 billion during the quarter, compared to the consensus estimate of $5.48 billion. Truist Financial had a net margin of 27.89% and a return on equity of 12.70%. The business’s revenue was down 2.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.18 EPS. As a group, research analysts expect that Truist Financial will post 4.96 EPS for the current year.

In other news, Director Steven C. Voorhees acquired 20,000 shares of the firm’s stock in a transaction dated Wednesday, May 4th. The stock was acquired at an average cost of $49.82 per share, with a total value of $996,400.00. Following the transaction, the director now owns 60,873 shares in the company, valued at $3,032,692.86. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.31% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Truist Financial by 1.2% in the first quarter. Vanguard Group Inc. now owns 117,904,719 shares of the insurance provider’s stock valued at $6,685,197,000 after acquiring an additional 1,410,643 shares during the last quarter. BlackRock Inc. lifted its position in Truist Financial by 0.8% in the first quarter. BlackRock Inc. now owns 96,437,111 shares of the insurance provider’s stock valued at $5,467,984,000 after acquiring an additional 755,657 shares during the last quarter. State Street Corp lifted its position in Truist Financial by 2.7% in the fourth quarter. State Street Corp now owns 63,687,255 shares of the insurance provider’s stock valued at $3,728,889,000 after acquiring an additional 1,687,751 shares during the last quarter. Bank of America Corp DE lifted its position in Truist Financial by 0.5% in the fourth quarter. Bank of America Corp DE now owns 47,279,159 shares of the insurance provider’s stock valued at $2,768,196,000 after acquiring an additional 226,170 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in Truist Financial by 1.9% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 25,188,265 shares of the insurance provider’s stock valued at $1,474,773,000 after acquiring an additional 473,472 shares during the last quarter. 72.79% of the stock is owned by hedge funds and other institutional investors.

About Truist Financial (Get Rating)

Truist Financial Corporation, a holding 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.

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Source: marketbeat.com

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Amanda

Hi there, I am Amanda and I work as an editor at impactinvesting.ai;  if you are interested in my services, please reach me at amanda.impactinvesting.ai

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