Truist Financial (NYSE:TFC) Coverage Initiated at TD Cowen

Analysts at TD Cowen assumed coverage on shares of Truist Financial (NYSE:TFC) in a note issued to investors on Thursday, Marketbeat reports. The brokerage set a “hold” rating and a $44.00 price target on the insurance provider’s stock. TD Cowen’s price objective suggests a potential upside of 6.26% from the stock’s current price.

A number of other brokerages also recently weighed in on TFC. Wells Fargo & Company lowered their target price on Truist Financial from $52.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, March 28th. Baird R W upgraded Truist Financial from a “hold” rating to a “strong-buy” rating in a report on Wednesday, March 5th. JPMorgan Chase & Co. decreased their price target on Truist Financial from $48.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Morgan Stanley cut their price objective on Truist Financial from $50.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Monday, April 7th. Finally, Raymond James cut Truist Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Nine research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Truist Financial presently has a consensus rating of “Moderate Buy” and an average target price of $47.83.

Truist Financial Price Performance

Shares of TFC opened at $41.41 on Thursday. Truist Financial has a 1 year low of $33.56 and a 1 year high of $49.06. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market capitalization of $54.23 billion, a price-to-earnings ratio of 12.43, a price-to-earnings-growth ratio of 1.63 and a beta of 0.83. The business has a 50-day moving average of $38.82 and a 200-day moving average of $43.23.

Truist Financial (NYSE:TFC) last issued its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.87. The company had revenue of $4.95 billion during the quarter, compared to the consensus estimate of $4.99 billion. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. During the same period last year, the company earned $0.90 earnings per share. As a group, equities research analysts anticipate that Truist Financial will post 4 earnings per share for the current year.

Hedge Funds Weigh In On Truist Financial

Several institutional investors and hedge funds have recently bought and sold shares of the stock. PBMares Wealth Management LLC raised its stake in Truist Financial by 0.8% in the 4th quarter. PBMares Wealth Management LLC now owns 29,270 shares of the insurance provider’s stock worth $1,270,000 after acquiring an additional 224 shares during the last quarter. Koshinski Asset Management Inc. grew its position in shares of Truist Financial by 2.1% during the 4th quarter. Koshinski Asset Management Inc. now owns 10,825 shares of the insurance provider’s stock valued at $470,000 after acquiring an additional 225 shares during the period. Aaron Wealth Advisors LLC grew its position in shares of Truist Financial by 3.0% during the 4th quarter. Aaron Wealth Advisors LLC now owns 7,712 shares of the insurance provider’s stock valued at $335,000 after acquiring an additional 227 shares during the period. FWG Holdings LLC boosted its holdings in Truist Financial by 4.3% in the 4th quarter. FWG Holdings LLC now owns 5,694 shares of the insurance provider’s stock worth $267,000 after buying an additional 234 shares during the last quarter. Finally, Klingman & Associates LLC boosted its holdings in Truist Financial by 2.2% in the 1st quarter. Klingman & Associates LLC now owns 11,756 shares of the insurance provider’s stock worth $484,000 after buying an additional 248 shares during the last quarter. 71.28% of the stock is currently 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.