Truist Financial (NYSE:TFC) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Truist Financial (NYSE:TFC) had its price objective lifted by investment analysts at Morgan Stanley from $55.00 to $56.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s target price points to a potential upside of 12.11% from the stock’s previous close.

A number of other research firms have also recently issued reports on TFC. Weiss Ratings cut Truist Financial from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday. Piper Sandler set a $48.00 price objective on Truist Financial in a research report on Monday, October 20th. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. UBS Group set a $55.00 target price on Truist Financial in a research report on Tuesday, October 21st. Finally, Raymond James Financial reaffirmed an “outperform” rating on shares of Truist Financial in a research report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, Truist Financial currently has an average rating of “Hold” and an average target price of $49.93.

Truist Financial Stock Performance

Shares of TFC stock opened at $49.95 on Wednesday. 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 has a 52 week low of $33.56 and a 52 week high of $50.50. The company’s 50 day moving average price is $45.54 and its two-hundred day moving average price is $44.58. The company has a market capitalization of $63.90 billion, a P/E ratio of 13.43, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90.

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

Truist Financial declared that its Board of Directors has approved a stock repurchase plan on Tuesday, December 16th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the insurance provider to purchase up to 15.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Truist Financial

In other Truist Financial news, Director K. David Jr. Boyer sold 5,160 shares of the business’s stock in a transaction that occurred 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 transaction, the director owned 10,153 shares of the company’s stock, valued at $471,606.85. The trade was a 33.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.17% of the stock is owned by company insiders.

Hedge Funds Weigh In On Truist Financial

Several hedge funds and other institutional investors have recently made changes to their positions in TFC. Norges Bank bought a new stake in Truist Financial in the second quarter valued at approximately $487,401,000. Wellington Management Group LLP increased its holdings in shares of Truist Financial by 13,511.7% during the 3rd quarter. Wellington Management Group LLP now owns 10,386,831 shares of the insurance provider’s stock worth $474,886,000 after acquiring an additional 10,310,523 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Truist Financial by 203.1% during the 3rd quarter. Jennison Associates LLC now owns 3,918,994 shares of the insurance provider’s stock worth $179,176,000 after acquiring an additional 2,625,847 shares during the last quarter. Azora Capital LP bought a new stake in Truist Financial in the 3rd quarter valued at $115,417,000. Finally, Laurel Wealth Advisors LLC lifted its holdings in Truist Financial by 4,121.3% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 2,335,991 shares of the insurance provider’s stock valued at $100,424,000 after purchasing an additional 2,280,653 shares during 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.