Evercore ISI analyst John Pancari maintained a Buy rating on Truist Financial (TFC – Research Report) on July 13 and set a price target of $56.00. The company’s shares closed last Thursday at $48.35, close to its 52-week low of $44.68.
According to TipRanks.com, Pancari is a 3-star analyst with an average return of 1.8% and a 46.5% success rate. Pancari covers the Financial sector, focusing on stocks such as Zions Bancorporation National Association, Discover Financial Services, and Bread Financial Holdings.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Truist Financial with a $56.97 average price target, implying a 19.1% upside from current levels. In a report issued on July 1, Wells Fargo also maintained a Buy rating on the stock with a $59.00 price target.
Based on Truist Financial’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $5.66 billion and net profit of $1.53 billion. In comparison, last year the company earned revenue of $5.65 billion and had a net profit of $1.66 billion.
Based on the recent corporate insider activity of 72 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of TFC in relation to earlier this year.
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Truist Financial Corporation was formed in December 2019 following the merger of BB&T and SunTrust banks. It is the sixth largest commercial bank in the United States. The firm has three operating business segments: Consumer Banking and Wealth (CB&W), Corporate and Commercial Banking (C&CB) and Insurance Holdings (IH). The CB&W unit offers retail community banking, wealth, mortgage banking and dealer retail services. Under the C&CB division, it provides services such as corporate, investment and commercial community banking. The IH segment offers property and casualty insurance, life insurance surety coverage, employee benefits, title insurance, commercial and retail insurance premium finance.
Read More on TFC:
- Zions Bancorporation National Association (ZION) Receives a Buy from Evercore ISI
- Susquehanna Maintains Their Buy Rating on Maxlinear (MXL)
- Evercore ISI Reaffirms Their Buy Rating on Independent Bank Group (IBTX)
- Comerica (CMA) Receives a Hold from Evercore ISI
- Marvell (MRVL) Receives a Buy from Susquehanna