Truist Financial (NYSE:TFC) Stock Picked Up by Analysts at HSBC

Research analysts at HSBC initiated coverage on shares of Truist Financial (NYSE:TFC) in a note issued to investors on Monday, MarketBeat reports. The firm set a “buy” rating and a $61.00 price target on the insurance provider’s stock. HSBC’s price objective indicates a potential upside of 31.31% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Evercore reissued an “outperform” rating and issued a $57.00 price objective on shares of Truist Financial in a research note on Monday, July 6th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $54.00 price target (down from $62.00) on shares of Truist Financial in a report on Monday, July 6th. Keefe, Bruyette & Woods lifted their price target on Truist Financial from $53.00 to $55.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. Weiss Ratings reissued a “buy (b)” rating on shares of Truist Financial in a research note on Wednesday, July 29th. Finally, Raymond James Financial reaffirmed a “market perform” rating on shares of Truist Financial in a research note on Wednesday, July 1st. Eight research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $55.44.

Truist Financial Trading Down 1.3%

Shares of TFC stock opened at $46.45 on Monday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $56.75 billion, a price-to-earnings ratio of 10.65, a price-to-earnings-growth ratio of 0.98 and a beta of 0.88. Truist Financial has a 12-month low of $40.78 and a 12-month high of $56.19. The stock’s 50-day moving average price is $50.71 and its 200-day moving average price is $49.48.

Truist Financial (NYSE:TFC) last posted its earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.15. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.24 billion. During the same period in the prior year, the company earned $0.91 EPS. The company’s quarterly revenue was up 5.6% compared to the same quarter last year. Equities research analysts predict that Truist Financial will post 4.62 EPS for the current fiscal year.

Insiders Place Their Bets

In other Truist Financial news, CEO William H. Rogers, Jr. sold 13,250 shares of the stock in a transaction on Monday, July 20th. The stock was sold at an average price of $52.36, for a total value of $693,770.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael P. Lyons bought 21,000 shares of the firm’s stock in a transaction dated Thursday, September 17th. The shares were acquired at an average price of $48.36 per share, with a total value of $1,015,560.00. Following the completion of the transaction, the chief executive officer owned 21,000 shares of the company’s stock, valued at approximately $1,015,560. The trade was a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold 30,516 shares of company stock worth $1,584,428 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Truist Financial

Several large investors have recently added to or reduced their stakes in TFC. N.E.W. Advisory Services LLC bought a new stake in shares of Truist Financial during the second quarter valued at approximately $30,000. Navigoe LLC purchased a new position in Truist Financial during the 2nd quarter worth $30,000. Evolution Wealth Management Inc. increased its holdings in Truist Financial by 2,218.2% during the 1st quarter. Evolution Wealth Management Inc. now owns 765 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 732 shares during the period. Wilkerson Advisory Group LLC raised its position in Truist Financial by 104.0% during the 1st quarter. Wilkerson Advisory Group LLC now owns 826 shares of the insurance provider’s stock valued at $38,000 after purchasing an additional 421 shares in the last quarter. Finally, SHP Wealth Management bought a new stake in Truist Financial during the 4th quarter valued at $41,000. 71.28% of the stock is owned by hedge funds and other institutional investors.

About Truist Financial

Truist Financial Corporation (NYSE:TFC) is a financial services company headquartered in Charlotte, North Carolina. Through its principal banking subsidiary, Truist Bank, the company provides a broad range of financial products and services to consumers, small businesses, commercial clients, and institutional customers.

Its offerings include deposit accounts, consumer and small-business lending, mortgages, credit cards, payments, treasury management, commercial and corporate banking, investment banking, wealth management, and asset management.