JPMorgan Chase & Co. Reaffirms Underweight Rating for Truist Financial (NYSE:TFC)

Truist Financial (NYSE:TFC)‘s stock had its “underweight” rating reiterated by equities research analysts at JPMorgan Chase & Co. in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $53.00 target price on the insurance provider’s stock, down from their prior target price of $53.50. JPMorgan Chase & Co.‘s target price indicates a potential upside of 0.95% from the stock’s current price.

A number of other equities research analysts have also issued reports on TFC. Jefferies Financial Group reaffirmed a “mixed” rating and set a $45.00 target price on shares of Truist Financial in a research report on Friday, April 17th. Wall Street Zen cut Truist Financial from a “hold” rating to a “sell” rating in a research note on Monday, June 29th. Morgan Stanley restated an “equal weight” rating and set a $54.00 price objective (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Citigroup lowered shares of Truist Financial from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $63.00 to $54.00 in a research note on Tuesday, June 30th. Finally, Bank of America reiterated a “neutral” rating and issued a $56.00 target price (up from $54.00) on shares of Truist Financial in a report on Wednesday, July 8th. Seven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $54.61.

Truist Financial Trading Up 0.0%

Truist Financial stock opened at $52.50 on Monday. The firm has a market cap of $65.41 billion, a price-to-earnings ratio of 12.04, a price-to-earnings-growth ratio of 0.92 and a beta of 0.89. Truist Financial has a 1 year low of $40.78 and a 1 year high of $56.19. The firm’s 50 day moving average price is $49.40 and its two-hundred day moving average price is $49.50. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last announced its quarterly earnings data on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The company’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.91 EPS. On average, research analysts predict that Truist Financial will post 4.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Truist Financial

Several institutional investors and hedge funds have recently bought and sold shares of TFC. Kemnay Advisory Services Inc. purchased a new stake in shares of Truist Financial in the fourth quarter worth approximately $25,000. Swiss RE Ltd. purchased a new position in Truist Financial during the fourth quarter valued at approximately $26,000. McMillan Office Inc. purchased a new position in Truist Financial during the fourth quarter valued at approximately $31,000. Maseco LLP increased its stake in Truist Financial by 53.8% in the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after buying an additional 228 shares during the period. Finally, Mowery & Schoenfeld Wealth Management LLC increased its stake in Truist Financial by 190.7% in the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 657 shares of the insurance provider’s stock valued at $32,000 after buying an additional 431 shares during the period. Hedge funds and other institutional investors 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.