Morgan Stanley Lowers Truist Financial (NYSE:TFC) Price Target to $43.00

Truist Financial (NYSE:TFC) had its target price reduced by equities research analysts at Morgan Stanley from $50.00 to $43.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s price objective would indicate a potential upside of 22.32% from the company’s previous close.

Several other brokerages have also recently issued reports on TFC. HSBC raised Truist Financial from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Tuesday, January 7th. JPMorgan Chase & Co. decreased their target price on shares of Truist Financial from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday. Compass Point raised their price objective on Truist Financial from $47.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Stephens increased their target price on Truist Financial from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. Finally, Robert W. Baird upgraded Truist Financial from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $48.00 to $52.00 in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $49.74.

Truist Financial Stock Performance

TFC traded up $0.36 on Monday, reaching $35.15. The company had a trading volume of 13,229,727 shares, compared to its average volume of 7,871,995. The stock has a 50-day moving average price of $43.97 and a 200-day moving average price of $44.34. The stock has a market capitalization of $45.89 billion, a PE ratio of 10.56, a P/E/G ratio of 1.63 and a beta of 0.91. Truist Financial has a 1 year low of $32.12 and a 1 year high of $49.06. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61.

Truist Financial (NYSE:TFC) last released its earnings results on Friday, January 17th. The insurance provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company had revenue of $5.11 billion during the quarter, compared to analysts’ expectations of $5.05 billion. During the same quarter last year, the business earned $0.81 EPS. The business’s revenue was up 3.4% on a year-over-year basis. As a group, research analysts forecast that Truist Financial will post 4 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TFC. Thurston Springer Miller Herd & Titak Inc. increased its position in Truist Financial by 48.7% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,963 shares of the insurance provider’s stock worth $129,000 after purchasing an additional 971 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Truist Financial by 3.5% in the third quarter. Principal Financial Group Inc. now owns 1,511,299 shares of the insurance provider’s stock valued at $64,638,000 after purchasing an additional 50,637 shares during the period. Country Club Bank lifted its stake in shares of Truist Financial by 719.8% in the fourth quarter. Country Club Bank now owns 45,499 shares of the insurance provider’s stock worth $1,973,000 after buying an additional 39,949 shares during the last quarter. David Wealth Management LLC bought a new stake in shares of Truist Financial during the 4th quarter worth $2,354,000. Finally, Glass Wealth Management Co LLC grew its stake in Truist Financial by 9.5% in the 4th quarter. Glass Wealth Management Co LLC now owns 67,978 shares of the insurance provider’s stock valued at $2,949,000 after buying an additional 5,900 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.