Truist Financial (NYSE:TFC) Price Target Cut to $62.00 by Analysts at Morgan Stanley

Truist Financial (NYSE:TFC) had its price target lowered by Morgan Stanley from $63.00 to $62.00 in a research report released on Monday, MarketBeat Ratings reports. Morgan Stanley currently has an overweight rating on the insurance provider’s stock.

Other analysts have also recently issued reports about the company. The Goldman Sachs Group reissued a “buy” rating and issued a $58.00 price target on shares of Truist Financial in a report on Tuesday, January 6th. Piper Sandler raised their price target on Truist Financial from $50.00 to $53.00 and gave the company a “neutral” rating in a report on Thursday, January 22nd. Jefferies Financial Group reissued a “mixed” rating and issued a $45.00 price target on shares of Truist Financial in a report on Friday. Weiss Ratings raised Truist Financial from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday. Finally, TD Cowen raised their price target on Truist Financial from $59.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Ten investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Truist Financial has a consensus rating of “Moderate Buy” and a consensus target price of $55.41.

Truist Financial Stock Up 0.6%

Truist Financial stock opened at $50.85 on Monday. Truist Financial has a twelve month low of $35.00 and a twelve month high of $56.19. The stock has a 50 day moving average of $48.35 and a two-hundred day moving average of $47.92. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $63.11 billion, a price-to-earnings ratio of 12.62, a PEG ratio of 0.88 and a beta of 0.89.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data 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 company had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.18 billion. During the same period last year, the firm earned $0.87 EPS. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. As a group, research analysts expect that Truist Financial will post 4.44 earnings per share for the current year.

Truist Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 2nd. Stockholders of record on Friday, February 13th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Friday, February 13th. Truist Financial’s dividend payout ratio (DPR) is currently 51.61%.

Insider Activity at Truist Financial

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

Hedge Funds Weigh In On Truist Financial

Hedge funds have recently bought and sold shares of the company. Kemnay Advisory Services Inc. purchased a new position in Truist Financial in the 4th quarter valued at approximately $25,000. Swiss RE Ltd. purchased a new position in Truist Financial in the 4th quarter valued at approximately $26,000. Valley Wealth Managers Inc. purchased a new position in Truist Financial in the 3rd quarter valued at approximately $28,000. McMillan Office Inc. purchased a new position in Truist Financial in the 4th quarter valued at approximately $31,000. Finally, Maseco LLP increased its stake in Truist Financial by 53.8% in the 4th quarter. Maseco LLP now owns 652 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 228 shares in the last quarter. 71.28% of the stock is 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.