Truist Financial (NYSE:TFC) Given New $63.00 Price Target at Morgan Stanley

Truist Financial (NYSE:TFC) had its price objective cut by Morgan Stanley from $69.00 to $63.00 in a research report report published on Tuesday,Benzinga reports. They currently have an overweight rating on the insurance provider’s stock.

TFC has been the subject of several other research reports. Weiss Ratings downgraded shares of Truist Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, March 12th. Raymond James Financial raised their price target on shares of Truist Financial from $50.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, January 7th. The Goldman Sachs Group reiterated a “buy” rating and set a $58.00 price objective on shares of Truist Financial in a report on Tuesday, January 6th. Piper Sandler raised their target price on Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Thursday, January 22nd. Finally, Argus upped their price target on Truist Financial from $54.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, January 23rd. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Truist Financial has an average rating of “Moderate Buy” and an average target price of $54.75.

Truist Financial Stock Performance

TFC stock opened at $45.90 on Tuesday. The firm has a market cap of $56.96 billion, a PE ratio of 12.05, a price-to-earnings-growth ratio of 0.76 and a beta of 0.87. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The stock has a 50-day moving average price of $49.27 and a 200-day moving average price of $47.58. Truist Financial has a 1-year low of $33.56 and a 1-year high of $56.19.

Truist Financial (NYSE:TFC) last announced its earnings results on Wednesday, January 21st. The insurance provider reported $1.00 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.09). Truist Financial had a net margin of 17.09% and a return on equity of 9.03%. The business had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $5.32 billion. During the same quarter in the previous year, the company earned $0.91 EPS. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. As a group, equities research analysts expect that Truist Financial will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were issued a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date was Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is currently 54.59%.

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

Insider Activity

In related news, CFO Michael Baron Maguire sold 13,000 shares of the company’s stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $50.13, for a total value of $651,690.00. Following the sale, the chief financial officer owned 74,323 shares in the company, valued at $3,725,811.99. This represents a 14.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Cynthia B. Powell sold 3,500 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $52.49, for a total transaction of $183,715.00. Following the completion of the transaction, the chief accounting officer directly owned 667 shares in the company, valued at approximately $35,010.83. The trade was a 83.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Kemnay Advisory Services Inc. bought a new stake in Truist Financial during the fourth quarter worth $25,000. Swiss RE Ltd. bought a new position in Truist Financial during the 4th quarter valued at $26,000. Valley Wealth Managers Inc. purchased a new position in Truist Financial during the 3rd quarter worth $28,000. McMillan Office Inc. purchased a new position in Truist Financial during the 4th quarter worth $31,000. Finally, Capital A Wealth Management LLC grew its stake in shares of Truist Financial by 1,189.5% in the 2nd quarter. Capital A Wealth Management LLC now owns 735 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 678 shares in the last quarter. Institutional investors 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.