Truist Financial (NYSE:TFC – Get Free Report)‘s stock had its “equal weight” rating reaffirmed by research analysts at Morgan Stanley in a note issued to investors on Monday,Benzinga reports. They presently have a $54.00 price objective on the insurance provider’s stock, down from their prior price objective of $62.00. Morgan Stanley’s price target suggests a potential upside of 5.99% from the company’s current price.
A number of other brokerages have also recently issued reports on TFC. JPMorgan Chase & Co. dropped their target price on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Raymond James Financial reaffirmed a “market perform” rating on shares of Truist Financial in a report on Wednesday, July 1st. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and dropped their price target for the company from $63.00 to $54.00 in a research report on Tuesday, June 30th. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a research note on Monday, June 29th. Finally, Weiss Ratings raised shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 1st. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $54.79.
Get Our Latest Stock Report on Truist Financial
Truist Financial Trading Down 0.1%
Truist Financial (NYSE:TFC – Get Free Report) last issued its 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. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.18 billion. During the same period in the previous year, the firm earned $0.87 EPS. The business’s revenue was up 5.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Truist Financial will post 4.52 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Truist Financial
Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Truist Financial by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 119,740,969 shares of the insurance provider’s stock worth $5,892,453,000 after purchasing an additional 701,049 shares during the last quarter. Capital International Investors lifted its position in Truist Financial by 0.7% during the fourth quarter. Capital International Investors now owns 108,358,164 shares of the insurance provider’s stock worth $5,332,835,000 after buying an additional 715,433 shares during the period. Victory Capital Management Inc. lifted its position in Truist Financial by 7.5% during the fourth quarter. Victory Capital Management Inc. now owns 31,964,393 shares of the insurance provider’s stock worth $1,572,968,000 after buying an additional 2,226,288 shares during the period. Morgan Stanley boosted its stake 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 buying an additional 597,255 shares during the last quarter. Finally, Auto Owners Insurance Co grew its holdings in Truist Financial by 4,821.0% in the 4th 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 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.
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