Morgan Stanley Lowers Truist Financial (NYSE:TFC) Price Target to $43.00

Truist Financial (NYSE:TFC) had its target price cut by research analysts at Morgan Stanley from $50.00 to $43.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s price objective suggests a potential upside of 22.32% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Citigroup decreased their price objective on Truist Financial from $51.00 to $44.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Stephens lifted their price objective on Truist Financial from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Wells Fargo & Company lowered their target price on shares of Truist Financial from $52.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. Raymond James downgraded shares of Truist Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Finally, Barclays raised their target price on Truist Financial from $47.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $49.74.

Truist Financial Stock Performance

NYSE:TFC traded up $0.36 during trading hours on Monday, hitting $35.15. 13,229,727 shares of the company traded hands, compared to its average volume of 7,871,995. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $45.89 billion, a price-to-earnings ratio of 10.56, a P/E/G ratio of 1.63 and a beta of 0.91. The firm has a 50-day moving average of $43.97 and a 200 day moving average of $44.34. Truist Financial has a twelve month low of $32.12 and a twelve month high of $49.06.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.03. The firm had revenue of $5.11 billion for the quarter, compared to analyst estimates of $5.05 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.81 earnings per share. On average, analysts forecast that Truist Financial will post 4 EPS for the current year.

Hedge Funds Weigh In On Truist Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TFC. Janus Henderson Group PLC lifted its stake in Truist Financial by 7.5% in the 3rd quarter. Janus Henderson Group PLC now owns 176,817 shares of the insurance provider’s stock valued at $7,558,000 after purchasing an additional 12,400 shares during the last quarter. Quantinno Capital Management LP lifted its stake in shares of Truist Financial by 25.2% in the 3rd quarter. Quantinno Capital Management LP now owns 72,647 shares of the insurance provider’s stock valued at $3,107,000 after acquiring an additional 14,645 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Truist Financial by 1.4% during the 3rd quarter. Wellington Management Group LLP now owns 267,463 shares of the insurance provider’s stock valued at $11,439,000 after acquiring an additional 3,796 shares in the last quarter. EP Wealth Advisors LLC grew its position in Truist Financial by 61.8% during the 3rd quarter. EP Wealth Advisors LLC now owns 14,419 shares of the insurance provider’s stock worth $617,000 after acquiring an additional 5,505 shares during the last quarter. Finally, iA Global Asset Management Inc. increased its holdings in Truist Financial by 220.2% in the 3rd quarter. iA Global Asset Management Inc. now owns 48,197 shares of the insurance provider’s stock worth $2,061,000 after purchasing an additional 33,145 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, 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.