Truist Financial (NYSE:TFC) Given New $48.00 Price Target at Morgan Stanley

Truist Financial (NYSE:TFC) had its price target boosted by equities research analysts at Morgan Stanley from $47.00 to $48.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s price target would indicate a potential upside of 5.67% from the stock’s current price.

A number of other brokerages have also commented on TFC. TD Cowen assumed coverage on shares of Truist Financial in a report on Thursday, May 15th. They issued a “hold” rating and a $44.00 price target on the stock. Wells Fargo & Company cut their price objective on shares of Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, March 28th. Citigroup raised shares of Truist Financial from a “neutral” rating to a “buy” rating and increased their price target for the company from $44.00 to $55.00 in a research report on Thursday, June 26th. Stephens dropped their target price on shares of Truist Financial from $48.00 to $46.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. Finally, Wall Street Zen upgraded shares of Truist Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, May 7th. Eight investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.72.

Truist Financial Stock Performance

TFC traded up $1.17 during midday trading on Monday, reaching $45.42. The company had a trading volume of 2,658,131 shares, compared to its average volume of 8,338,205. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market cap of $59.48 billion, a PE ratio of 12.37, a P/E/G ratio of 1.66 and a beta of 0.85. Truist Financial has a 12-month low of $33.56 and a 12-month high of $49.06. The business has a 50-day moving average price of $41.67 and a two-hundred day moving average price of $42.04.

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

Institutional Trading of Truist Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Preservation Advisors LLC acquired a new stake in shares of Truist Financial during the 1st quarter worth about $25,000. Navigoe LLC acquired a new stake in shares of Truist Financial during the 4th quarter worth about $26,000. Centennial Bank AR increased its position in shares of Truist Financial by 360.2% during the 1st quarter. Centennial Bank AR now owns 741 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 580 shares during the last quarter. Motco increased its position in shares of Truist Financial by 435.6% during the 1st quarter. Motco now owns 798 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 649 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its position in Truist Financial by 115.3% in the 1st quarter. Meeder Asset Management Inc. now owns 874 shares of the insurance provider’s stock valued at $36,000 after acquiring an additional 468 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

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.