Truist Financial’s (TFC) “Equal Weight” Rating Reaffirmed at Morgan Stanley

Morgan Stanley restated their equal weight rating on shares of Truist Financial (NYSE:TFC) in a research report sent to investors on Monday, Benzinga reports. Morgan Stanley currently has a $43.00 price objective on the insurance provider’s stock.

Other equities research analysts also recently issued reports about the stock. Piper Sandler lifted their price target on shares of Truist Financial from $37.00 to $38.00 and gave the company a neutral rating in a research note on Friday, January 19th. HSBC upped their price target on Truist Financial from $37.00 to $39.00 and gave the stock a hold rating in a research note on Thursday, March 28th. Raymond James lifted their price target on Truist Financial from $34.00 to $41.00 and gave the company an outperform rating in a research note on Friday, January 5th. Bank of America raised Truist Financial from a neutral rating to a buy rating and set a $43.00 price objective for the company in a research note on Thursday, January 4th. Finally, Keefe, Bruyette & Woods lifted their target price on Truist Financial from $44.00 to $45.00 and gave the company an outperform rating in a research report on Friday, April 5th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $41.56.

Truist Financial Stock Performance

Shares of Truist Financial stock opened at $38.04 on Monday. The company has a market cap of $50.77 billion, a P/E ratio of -35.22, a PEG ratio of 2.27 and a beta of 1.08. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.74. The business has a 50-day moving average price of $36.68 and a two-hundred day moving average price of $34.62. Truist Financial has a 1-year low of $25.56 and a 1-year high of $39.29.

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

Insider Transactions at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $37.48, for a total transaction of $141,074.72. Following the sale, the director now owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Truist Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Truist Financial during the 4th quarter valued at about $307,787,000. Parnassus Investments LLC purchased a new stake in Truist Financial in the fourth quarter valued at approximately $95,049,000. North Reef Capital Management LP bought a new stake in Truist Financial during the third quarter valued at approximately $66,804,000. Azora Capital LP purchased a new position in Truist Financial in the 4th quarter worth approximately $72,498,000. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Truist Financial by 342.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 2,526,939 shares of the insurance provider’s stock worth $72,296,000 after buying an additional 1,955,448 shares during the last quarter. 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.