Wells Fargo analyst Mike Mayo maintained a Buy rating on Truist Financial (TFC – Research Report) today and set a price target of $59.00. The company’s shares closed last Thursday at $47.43, close to its 52-week low of $44.75.
According to TipRanks.com, Mayo is a 5-star analyst with an average return of 9.6% and a 57.1% success rate. Mayo covers the Financial sector, focusing on stocks such as Bank of New York Mellon Corporation, JPMorgan Chase & Co., and Fifth Third Bancorp.
Truist Financial has an analyst consensus of Moderate Buy, with a price target consensus of $59.71.
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The company has a one-year high of $68.95 and a one-year low of $44.75. Currently, Truist Financial has an average volume of 7.71M.
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.
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