JPMorgan Chase & Co. Reiterates “Underweight” Rating for Truist Financial (NYSE:TFC)

Truist Financial (NYSE:TFC)‘s stock had its “underweight” rating reissued by JPMorgan Chase & Co. in a research note issued to investors on Monday, Marketbeat reports. They currently have a $53.00 price target on the insurance provider’s stock, down from their previous price target of $53.50. JPMorgan Chase & Co.‘s price target points to a potential upside of 3.24% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Morgan Stanley reiterated an “equal weight” rating and issued a $54.00 price objective (down from $62.00) on shares of Truist Financial in a research report on Monday, July 6th. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $63.00 to $54.00 in a report on Tuesday, June 30th. Bank of America restated a “neutral” rating and issued a $56.00 target price (up from $54.00) on shares of Truist Financial in a research note on Wednesday, July 8th. Evercore reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Truist Financial in a report on Monday, July 6th. Finally, Stephens began coverage on shares of Truist Financial in a research report on Monday, June 15th. They set an “overweight” rating and a $59.00 price target on the stock. Seven investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $54.61.

Truist Financial Stock Performance

NYSE TFC opened at $51.34 on Monday. Truist Financial has a 1-year low of $40.78 and a 1-year high of $56.19. The company has a 50 day moving average of $49.53 and a 200-day moving average of $49.52. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.73. The firm has a market cap of $63.96 billion, a price-to-earnings ratio of 11.77, a PEG ratio of 0.89 and a beta of 0.89.

Truist Financial (NYSE:TFC) last announced its earnings results on Friday, July 17th. The insurance provider reported $1.23 EPS for the quarter, topping the consensus estimate of $1.08 by $0.15. The business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.24 billion. Truist Financial had a return on equity of 10.06% and a net margin of 19.13%.Truist Financial’s revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.91 EPS. On average, equities analysts forecast that Truist Financial will post 4.53 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Merit Financial Group LLC boosted its position in Truist Financial by 10.9% in the 2nd quarter. Merit Financial Group LLC now owns 98,933 shares of the insurance provider’s stock valued at $4,929,000 after buying an additional 9,749 shares during the last quarter. Intergy Private Wealth LLC bought a new stake in shares of Truist Financial during the second quarter worth $222,000. Diversified Trust Co. lifted its stake in shares of Truist Financial by 1.0% during the second quarter. Diversified Trust Co. now owns 169,518 shares of the insurance provider’s stock valued at $8,445,000 after acquiring an additional 1,703 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of Truist Financial by 14.1% during the second quarter. Farther Finance Advisors LLC now owns 58,090 shares of the insurance provider’s stock valued at $2,896,000 after acquiring an additional 7,191 shares during the period. Finally, Cidel Asset Management Inc. boosted its holdings in Truist Financial by 2.0% in the second quarter. Cidel Asset Management Inc. now owns 14,423 shares of the insurance provider’s stock valued at $719,000 after acquiring an additional 288 shares during the last quarter. Institutional investors and hedge funds own 71.28% of the company’s stock.

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.