Morgan Stanley Cuts Truist Financial (NYSE:TFC) Price Target to $62.00

Truist Financial (NYSE:TFC) had its price target decreased by Morgan Stanley from $63.00 to $62.00 in a research note released on Monday, MarketBeat reports. Morgan Stanley currently has an overweight rating on the insurance provider’s stock.

TFC has been the topic of a number of other research reports. TD Cowen raised their price target on Truist Financial from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. The Goldman Sachs Group reaffirmed a “buy” rating and set a $58.00 price target on shares of Truist Financial in a research report on Tuesday, January 6th. Raymond James Financial raised their price target on Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Citigroup raised their price target on Truist Financial from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, December 31st. Finally, Argus lifted their target price on Truist Financial from $54.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Ten analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.41.

Truist Financial Trading Down 0.3%

NYSE TFC opened at $50.93 on Monday. The firm has a market cap of $63.20 billion, a P/E ratio of 12.64, a P/E/G ratio of 0.88 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. The stock’s 50-day moving average is $48.21 and its 200-day moving average is $47.98. Truist Financial has a one year low of $36.83 and a one year high of $56.19.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. Truist Financial had a return on equity of 9.55% and a net margin of 18.14%.Truist Financial’s revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.87 earnings per share. Sell-side analysts anticipate that Truist Financial will post 4.5 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 2nd. Investors of record on Friday, February 13th were given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is currently 51.61%.

Insider Buying and Selling

In other Truist Financial news, CFO Michael Baron Maguire sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $50.13, for a total transaction of $651,690.00. Following the transaction, the chief financial officer owned 74,323 shares of the company’s stock, valued at $3,725,811.99. The trade was a 14.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Cynthia B. Powell sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $52.49, for a total value of $183,715.00. Following the transaction, the chief accounting officer directly owned 667 shares in the company, valued at $35,010.83. This trade represents a 83.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Kemnay Advisory Services Inc. acquired a new position in shares of Truist Financial during the 4th quarter worth approximately $25,000. Swiss RE Ltd. acquired a new position in shares of Truist Financial during the 4th quarter worth approximately $26,000. Valley Wealth Managers Inc. acquired a new position in shares of Truist Financial during the 3rd quarter worth approximately $28,000. McMillan Office Inc. acquired a new position in shares of Truist Financial during the 4th quarter worth approximately $31,000. Finally, Maseco LLP increased its position in shares of Truist Financial by 53.8% during the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 228 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

About Truist Financial

Truist Financial Corporation is an American bank holding company that provides a broad range of financial services through its primary subsidiary, Truist Bank, and other operating units. The company offers traditional retail banking products and services such as deposit accounts, consumer and residential mortgage lending, and credit and debit card services. Truist also serves commercial clients with middle-market and corporate lending, treasury and payment solutions, and specialty finance products.

Beyond core banking, Truist operates wealth management, asset management, insurance and capital markets businesses.