Fintel reports that on September 21, 2023, Keefe, Bruyette & Woods upgraded their outlook for Truist Financial (NYSE:TFC) from Market Perform to Outperform.

Analyst Price Forecast Suggests 32.40% Upside

As of August 31, 2023, the average one-year price target for Truist Financial is 37.56. The forecasts range from a low of 31.31 to a high of $47.25. The average price target represents an increase of 32.40% from its latest reported closing price of 28.37.

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The projected annual revenue for Truist Financial is 25,440MM, an increase of 13.91%. The projected annual non-GAAP EPS is 5.26.

What is the Fund Sentiment?

There are 2121 funds or institutions reporting positions in Truist Financial. This is a decrease of 163 owner(s) or 7.14% in the last quarter. Average portfolio weight of all funds dedicated to TFC is 0.30%, a decrease of 26.02%. Total shares owned by institutions decreased in the last three months by 2.32% to 1,100,231K shares. The put/call ratio of TFC is 0.63, indicating a bullish outlook.

What are Other Shareholders Doing?

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 41,560K shares representing 3.12% ownership of the company. In it’s prior filing, the firm reported owning 41,083K shares, representing an increase of 1.15%. The firm decreased its portfolio allocation in TFC by 16.93% over the last quarter.

Bank Of America holds 36,454K shares representing 2.74% ownership of the company. In it’s prior filing, the firm reported owning 32,713K shares, representing an increase of 10.26%. The firm increased its portfolio allocation in TFC by 296.85% over the last quarter.

VFINX – Vanguard 500 Index Fund Investor Shares holds 31,712K shares representing 2.38% ownership of the company. In it’s prior filing, the firm reported owning 30,960K shares, representing an increase of 2.37%. The firm decreased its portfolio allocation in TFC by 17.43% over the last quarter.

Dodge & Cox holds 30,392K shares representing 2.28% ownership of the company. In it’s prior filing, the firm reported owning 20,411K shares, representing an increase of 32.84%. The firm increased its portfolio allocation in TFC by 29.78% over the last quarter.

Amundi holds 27,754K shares representing 2.08% ownership of the company. In it’s prior filing, the firm reported owning 25,926K shares, representing an increase of 6.59%. The firm decreased its portfolio allocation in TFC by 2.44% over the last quarter.

Truist Financial Background Information
(This description is provided by the company.)

Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Formed by the historic merger of equals of BB&T and SunTrust, Truist has leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is the sixth-largest commercial bank in the U.S. with total assets of $509 billion as of December 31, 2020. Truist Bank, Member FDIC.

This article originally appeared on Fintel

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