Truist Financial (NYSE:TFC) Earns “Equal Weight” Rating from Morgan Stanley

Truist Financial (NYSE:TFC)‘s stock had its “equal weight” rating reiterated by stock analysts at Morgan Stanley in a report issued on Monday, Benzinga reports. They presently have a $43.00 price objective on the insurance provider’s stock. Morgan Stanley’s target price suggests a potential upside of 10.68% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Raymond James upped their target price on shares of Truist Financial from $34.00 to $41.00 and gave the company an “outperform” rating in a research report on Friday, January 5th. Bank of America upgraded shares of Truist Financial from a “neutral” rating to a “buy” rating and set a $43.00 price objective on the stock in a report on Thursday, January 4th. TheStreet cut shares of Truist Financial from a “b-” rating to a “c” rating in a research report on Tuesday, February 20th. Jefferies Financial Group boosted their target price on Truist Financial from $40.00 to $41.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Finally, UBS Group raised their price target on Truist Financial from $45.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. One analyst has rated the stock with a sell rating, six have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $41.59.

Truist Financial Stock Performance

NYSE:TFC opened at $38.85 on Monday. The company’s 50-day moving average is $36.76 and its two-hundred day moving average is $34.70. Truist Financial has a 1-year low of $25.56 and a 1-year high of $39.29. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $51.85 billion, a price-to-earnings ratio of -35.97, a PEG ratio of 2.27 and a beta of 1.08.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Monday, April 22nd. The insurance provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.12. Truist Financial had a positive return on equity of 9.64% and a negative net margin of 3.28%. The company had revenue of $4.87 billion during the quarter, compared to analyst estimates of $5.70 billion. During the same period in the prior year, the business posted $1.09 earnings per share. The firm’s revenue for the quarter was down 8.8% compared to the same quarter last year. Analysts forecast that Truist Financial will post 3.33 EPS for the current year.

Insider Buying and Selling

In other news, Director K. David Jr. Boyer sold 3,764 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $37.48, for a total value of $141,074.72. Following the transaction, the director now owns 16,132 shares in the company, valued at approximately $604,627.36. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.17% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TFC. Godsey & Gibb Inc. lifted its position in Truist Financial by 5.5% in the first quarter. Godsey & Gibb Inc. now owns 447,087 shares of the insurance provider’s stock valued at $17,427,000 after acquiring an additional 23,158 shares during the last quarter. Iowa State Bank increased its position in shares of Truist Financial by 59.2% during the first quarter. Iowa State Bank now owns 91,739 shares of the insurance provider’s stock worth $3,576,000 after purchasing an additional 34,129 shares in the last quarter. Eads & Heald Wealth Management purchased a new stake in shares of Truist Financial in the 1st quarter valued at about $233,000. Global Retirement Partners LLC boosted its position in shares of Truist Financial by 9.8% in the 1st quarter. Global Retirement Partners LLC now owns 40,380 shares of the insurance provider’s stock valued at $1,574,000 after purchasing an additional 3,603 shares during the period. Finally, Venturi Wealth Management LLC grew its stake in Truist Financial by 23.7% during the 1st quarter. Venturi Wealth Management LLC now owns 9,142 shares of the insurance provider’s stock worth $356,000 after buying an additional 1,750 shares during the last quarter. 71.28% of the stock is owned by hedge funds and other institutional investors.

Truist Financial Company Profile

Truist Financial Corporation, a financial services 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.