Truist Financial (NYSE:TFC) Coverage Initiated by Analysts at Stephens

Stephens assumed coverage on shares of Truist Financial (NYSE:TFC) in a research report issued on Monday. The brokerage set an “overweight” rating on the insurance provider’s stock.

Several other analysts have also issued reports on TFC. Weiss Ratings upgraded shares of Truist Financial from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 1st. Royal Bank Of Canada boosted their price target on shares of Truist Financial from $51.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Morgan Stanley cut their price target on shares of Truist Financial from $63.00 to $62.00 and set an “overweight” rating on the stock in a research note on Monday, April 20th. JPMorgan Chase & Co. decreased their price target on shares of Truist Financial from $57.00 to $51.50 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Finally, Wall Street Zen cut shares of Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday. Ten research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Truist Financial has a consensus rating of “Moderate Buy” and an average target price of $55.59.

Truist Financial Price Performance

Truist Financial stock traded down $2.03 during trading on Monday, reaching $49.63. The company had a trading volume of 8,322,014 shares, compared to its average volume of 9,223,662. The firm’s 50-day simple moving average is $49.10 and its 200 day simple moving average is $49.18. Truist Financial has a 1-year low of $38.88 and a 1-year high of $56.19. The firm has a market capitalization of $61.84 billion, a PE ratio of 12.32, a price-to-earnings-growth ratio of 0.88 and a beta of 0.89. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.86 and a current ratio of 0.86.

Truist Financial (NYSE:TFC) last released its quarterly earnings results on Friday, April 17th. The insurance provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. Truist Financial had a net margin of 18.14% and a return on equity of 9.55%. The firm had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.18 billion. During the same quarter last year, the company earned $0.87 EPS. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Truist Financial will post 4.52 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Truist Financial

Several large investors have recently modified their holdings of TFC. Pinnacle Financial Partners Inc. boosted its position in shares of Truist Financial by 30.0% in the 3rd quarter. Pinnacle Financial Partners Inc. now owns 174,839 shares of the insurance provider’s stock valued at $7,994,000 after purchasing an additional 40,393 shares during the period. Equitable Trust Co. boosted its stake in Truist Financial by 48.9% in the 3rd quarter. Equitable Trust Co. now owns 118,261 shares of the insurance provider’s stock worth $5,407,000 after purchasing an additional 38,850 shares during the period. Legal & General Group Plc grew its position in Truist Financial by 9.0% during the 3rd quarter. Legal & General Group Plc now owns 7,902,804 shares of the insurance provider’s stock worth $361,316,000 after purchasing an additional 655,542 shares in the last quarter. Cadence Bank grew its position in Truist Financial by 8.0% during the 3rd quarter. Cadence Bank now owns 335,969 shares of the insurance provider’s stock worth $15,361,000 after purchasing an additional 24,745 shares in the last quarter. Finally, Ritholtz Wealth Management grew its position in Truist Financial by 91.9% during the 4th quarter. Ritholtz Wealth Management now owns 45,749 shares of the insurance provider’s stock worth $2,251,000 after purchasing an additional 21,903 shares in the last quarter. 71.28% of the stock is owned by institutional investors and hedge funds.

Truist Financial Company Profile

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.