Truist Financial (NYSE:TFC) Given Equal Weight Rating at Wells Fargo & Company

Truist Financial (NYSE:TFC)‘s stock had its “equal weight” rating reiterated by analysts at Wells Fargo & Company in a research report issued to clients and investors on Thursday, MarketBeat Ratings reports. They presently have a $47.00 price objective on the insurance provider’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 2.42% from the stock’s current price.

TFC has been the topic of a number of other research reports. Morgan Stanley reiterated a “mixed” rating on shares of Truist Financial in a research report on Monday, July 21st. Citigroup upgraded Truist Financial from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Wall Street Zen upgraded Truist Financial from a “sell” rating to a “hold” rating in a research report on Wednesday, May 7th. TD Cowen assumed coverage on shares of Truist Financial in a research note on Thursday, May 15th. They issued a “hold” rating and a $44.00 price target on the stock. Finally, Raymond James Financial raised shares of Truist Financial from a “market perform” rating to an “outperform” rating and set a $50.00 target price for the company in a report on Tuesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Truist Financial presently has a consensus rating of “Moderate Buy” and an average price target of $48.47.

Truist Financial Price Performance

TFC opened at $45.8880 on Thursday. The stock has a market cap of $59.17 billion, a P/E ratio of 12.50, a PEG ratio of 1.64 and a beta of 0.87. The business has a fifty day moving average of $43.76 and a 200 day moving average of $41.81. Truist Financial has a 52-week low of $33.56 and a 52-week high of $49.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.75.

Truist Financial (NYSE:TFC) last released its quarterly earnings data on Friday, July 18th. The insurance provider reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.02). Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The business had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $5.04 billion. During the same period last year, the company earned $0.91 earnings per share. The firm’s revenue was down 406.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Truist Financial will post 4 EPS for the current year.

Insiders Place Their Bets

In related news, insider Bradley D. Bender sold 12,540 shares of the business’s stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $45.19, for a total transaction of $566,682.60. Following the sale, the insider owned 500 shares of the company’s stock, valued at approximately $22,595. The trade was a 96.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Truist Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Brighton Jones LLC lifted its position in Truist Financial by 148.5% during the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after buying an additional 14,093 shares during the period. TD Waterhouse Canada Inc. lifted its position in Truist Financial by 45.4% during the fourth quarter. TD Waterhouse Canada Inc. now owns 3,183 shares of the insurance provider’s stock worth $138,000 after buying an additional 994 shares during the period. OneDigital Investment Advisors LLC lifted its position in Truist Financial by 2.1% during the fourth quarter. OneDigital Investment Advisors LLC now owns 33,906 shares of the insurance provider’s stock worth $1,471,000 after buying an additional 697 shares during the period. IHT Wealth Management LLC lifted its position in Truist Financial by 2.2% during the fourth quarter. IHT Wealth Management LLC now owns 15,792 shares of the insurance provider’s stock worth $685,000 after buying an additional 344 shares during the period. Finally, MGO One Seven LLC lifted its position in Truist Financial by 4.0% during the fourth quarter. MGO One Seven LLC now owns 40,496 shares of the insurance provider’s stock worth $1,757,000 after buying an additional 1,571 shares during the period. 71.28% of the stock is currently 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.