Morgan Stanley Reiterates “Equal Weight” Rating for Truist Financial (NYSE:TFC)

Truist Financial (NYSE:TFC)‘s stock had its “equal weight” rating reiterated by investment analysts at Morgan Stanley in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $54.00 price objective on the insurance provider’s stock, down from their previous price objective of $62.00. Morgan Stanley’s price objective would suggest a potential upside of 5.99% from the company’s current price.

TFC has been the topic of a number of other reports. JPMorgan Chase & Co. reduced their price target on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Wall Street Zen lowered shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Monday, June 29th. Citigroup cut shares of Truist Financial from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $63.00 to $54.00 in a research report on Tuesday, June 30th. Robert W. Baird downgraded Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price target for the company. in a report on Friday, May 1st. Finally, Raymond James Financial reissued a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Truist Financial has an average rating of “Hold” and a consensus price target of $54.79.

Truist Financial Trading Down 0.1%

Shares of TFC opened at $50.95 on Monday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $63.47 billion, a P/E ratio of 12.64, a price-to-earnings-growth ratio of 0.87 and a beta of 0.89. The stock’s fifty day simple moving average is $49.17 and its 200 day simple moving average is $49.39. Truist Financial has a twelve month low of $40.78 and a twelve month high of $56.19.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 EPS for the quarter, topping the consensus estimate of $1.00 by $0.09. The company had revenue of $5.20 billion during 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%.The firm’s revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.87 earnings per share. On average, equities research analysts forecast that Truist Financial will post 4.52 earnings per share for the current year.

Hedge Funds Weigh In On Truist Financial

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Truist Financial by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock valued at $5,892,453,000 after purchasing an additional 701,049 shares during the last quarter. Capital International Investors boosted its stake in Truist Financial by 0.7% during the 4th quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock valued at $5,332,835,000 after purchasing an additional 715,433 shares during the period. Victory Capital Management Inc. grew its position in Truist Financial by 7.5% in the 4th quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock worth $1,572,968,000 after purchasing an additional 2,226,288 shares during the last quarter. Morgan Stanley grew its position in Truist Financial by 2.9% in the 4th quarter. Morgan Stanley now owns 20,931,279 shares of the insurance provider’s stock worth $1,030,028,000 after purchasing an additional 597,255 shares during the last quarter. Finally, Auto Owners Insurance Co raised its holdings in shares of Truist Financial by 4,821.0% during the fourth quarter. Auto Owners Insurance Co now owns 14,172,480 shares of the insurance provider’s stock valued at $697,428,000 after buying an additional 13,884,480 shares during the last quarter. 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.