Truist Financial (NYSE:TFC) Receives Neutral Rating from UBS Group

Truist Financial (NYSE:TFC)‘s stock had its “neutral” rating restated by UBS Group in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $55.00 target price on the insurance provider’s stock, down from their previous target price of $58.00. UBS Group’s price objective indicates a potential upside of 6.90% from the stock’s current price.

A number of other brokerages have also recently commented on TFC. Citigroup cut Truist Financial from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $63.00 to $54.00 in a research note on Tuesday, June 30th. JPMorgan Chase & Co. reduced their target price 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. Raymond James Financial reaffirmed a “market perform” rating on shares of Truist Financial in a research report on Wednesday, July 1st. Royal Bank Of Canada increased their price objective on shares of Truist Financial from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Finally, Robert W. Baird cut Truist Financial from an “outperform” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a research report on Friday, May 1st. Seven equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $54.38.

Truist Financial Stock Performance

Shares of TFC stock opened at $51.45 on Tuesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial has a one year low of $40.78 and a one year high of $56.19. The business’s 50 day simple moving average is $49.17 and its 200 day simple moving average is $49.39. The stock has a market capitalization of $64.10 billion, a PE ratio of 12.77, a PEG ratio of 0.87 and a beta of 0.89.

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

Hedge Funds Weigh In On Truist Financial

Several hedge funds have recently made changes to their positions in the stock. Auto Owners Insurance Co lifted its stake 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 worth $697,428,000 after purchasing an additional 13,884,480 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Truist Financial by 13,511.7% during the third 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 in the last quarter. Norges Bank purchased a new position in Truist Financial in the 4th quarter worth approximately $502,340,000. American Assets Investment Management LLC boosted its stake in shares of Truist Financial by 781.2% during the fourth quarter. American Assets Investment Management LLC now owns 3,384,000 shares of the insurance provider’s stock valued at $166,527,000 after purchasing an additional 3,000,000 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Truist Financial by 37.6% in the fourth quarter. Bank of New York Mellon Corp now owns 10,500,542 shares of the insurance provider’s stock worth $516,732,000 after purchasing an additional 2,867,449 shares during the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.

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.