Morgan Stanley Issues Positive Forecast for Truist Financial (NYSE:TFC) Stock Price

Truist Financial (NYSE:TFC) had its price objective boosted by equities researchers at Morgan Stanley from $55.00 to $56.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s price objective would suggest a potential upside of 11.86% from the company’s previous close.

Other research analysts have also issued research reports about the company. Robert W. Baird reaffirmed a “neutral” rating and set a $52.00 price target on shares of Truist Financial in a research report on Thursday, December 11th. Keefe, Bruyette & Woods boosted their target price on shares of Truist Financial from $48.00 to $49.00 and gave the stock a “market perform” rating in a report on Monday, October 20th. TD Cowen upgraded shares of Truist Financial from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research note on Tuesday, October 21st. Weiss Ratings lowered shares of Truist Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday. Finally, UBS Group set a $55.00 target price on shares of Truist Financial in a research note on Tuesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $49.67.

Truist Financial Stock Up 0.7%

TFC traded up $0.35 during trading hours on Wednesday, hitting $50.06. 1,848,367 shares of the company’s stock were exchanged, compared to its average volume of 8,361,895. The stock has a market cap of $64.04 billion, a price-to-earnings ratio of 13.46, a PEG ratio of 1.08 and a beta of 0.90. Truist Financial has a 1-year low of $33.56 and a 1-year high of $50.43. The stock’s 50-day moving average is $45.30 and its two-hundred day moving average is $44.50. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.70.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, October 17th. The insurance provider reported $1.04 EPS for the quarter, topping the consensus estimate of $0.99 by $0.05. The firm had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.20 billion. Truist Financial had a net margin of 16.84% and a return on equity of 8.73%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.97 EPS. Sell-side analysts predict that Truist Financial will post 4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director K. David Jr. Boyer sold 5,160 shares of the company’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $46.45, for a total transaction of $239,682.00. Following the completion of the sale, the director directly owned 10,153 shares in the company, valued at $471,606.85. This represents a 33.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.14% of the stock is owned by insiders.

Institutional Investors Weigh In On Truist Financial

A number of institutional investors have recently added to or reduced their stakes in the business. Aprio Wealth Management LLC raised its stake in Truist Financial by 2.7% during the third quarter. Aprio Wealth Management LLC now owns 8,564 shares of the insurance provider’s stock worth $392,000 after buying an additional 226 shares during the last quarter. Leisure Capital Management lifted its stake in shares of Truist Financial by 1.2% in the third quarter. Leisure Capital Management now owns 19,985 shares of the insurance provider’s stock valued at $914,000 after buying an additional 230 shares in the last quarter. Smith Thornton Advisors LLC boosted its stake in Truist Financial by 4.1% during the 3rd quarter. Smith Thornton Advisors LLC now owns 5,900 shares of the insurance provider’s stock valued at $270,000 after purchasing an additional 231 shares during the last quarter. Gries Financial LLC grew its stake in shares of Truist Financial by 4.4% in the 3rd quarter. Gries Financial LLC now owns 5,507 shares of the insurance provider’s stock worth $252,000 after acquiring an additional 233 shares in the last quarter. Finally, TD Waterhouse Canada Inc. lifted its position in shares of Truist Financial by 6.8% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 3,730 shares of the insurance provider’s stock worth $170,000 after buying an additional 237 shares in the last quarter. 71.28% of the stock is owned by institutional investors.

About Truist Financial

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.