Morgan Stanley Forecasts Strong Price Appreciation for Truist Financial (NYSE:TFC) Stock

Truist Financial (NYSE:TFC) had its target price increased by investment analysts at Morgan Stanley from $55.00 to $56.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the insurance provider’s stock. Morgan Stanley’s target price would suggest a potential upside of 11.86% from the company’s current price.

Several other equities research analysts also recently issued reports on TFC. Keefe, Bruyette & Woods lifted their price target on shares of Truist Financial from $48.00 to $49.00 and gave the stock a “market perform” rating in a research note on Monday, October 20th. Wall Street Zen downgraded Truist Financial from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $47.00 price target on shares of Truist Financial in a report on Thursday, August 21st. Robert W. Baird restated a “neutral” rating and set a $52.00 price objective on shares of Truist Financial in a research note on Thursday, December 11th. Finally, Evercore ISI raised their price target on shares of Truist Financial from $48.00 to $50.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $49.67.

Truist Financial Stock Up 0.7%

NYSE TFC traded up $0.35 during trading hours on Wednesday, hitting $50.06. The company had a trading volume of 1,848,367 shares, compared to its average volume of 8,361,895. The firm’s 50 day moving average is $45.30 and its 200 day moving average is $44.50. The company has a market capitalization of $64.04 billion, a price-to-earnings ratio of 13.46, a P/E/G ratio of 1.08 and a beta of 0.90. Truist Financial has a fifty-two week low of $33.56 and a fifty-two week high of $50.43. 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 (NYSE:TFC) last announced its earnings results on Friday, October 17th. The insurance provider reported $1.04 EPS for the quarter, beating the consensus estimate of $0.99 by $0.05. Truist Financial had a return on equity of 8.73% and a net margin of 16.84%.The business had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.20 billion. During the same period last year, the business posted $0.97 EPS. The company’s revenue was up 1.9% on a year-over-year basis. Sell-side analysts anticipate that Truist Financial will post 4 earnings per share for the current fiscal year.

Insider Buying and Selling at Truist Financial

In other news, Director K. David Jr. Boyer sold 5,160 shares of Truist Financial stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $46.45, for a total value of $239,682.00. Following the completion of the transaction, the director owned 10,153 shares in the company, valued at approximately $471,606.85. The trade was a 33.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Truist Financial

A number of institutional investors and hedge funds have recently modified their holdings of TFC. Brighton Jones LLC increased its holdings in shares of Truist Financial by 148.5% in the fourth quarter. Brighton Jones LLC now owns 23,581 shares of the insurance provider’s stock worth $1,023,000 after acquiring an additional 14,093 shares in the last quarter. Brooklyn Investment Group increased its position in shares of Truist Financial by 39.1% during the first quarter. Brooklyn Investment Group now owns 3,568 shares of the insurance provider’s stock worth $147,000 after acquiring an additional 1,003 shares in the last quarter. Korea Investment CORP raised its holdings in shares of Truist Financial by 0.4% during the first quarter. Korea Investment CORP now owns 581,021 shares of the insurance provider’s stock worth $23,909,000 after acquiring an additional 2,589 shares during the period. Texas Capital Bank Wealth Management Services Inc bought a new stake in Truist Financial in the 1st quarter valued at $243,000. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its stake in Truist Financial by 3.9% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 70,496 shares of the insurance provider’s stock worth $2,901,000 after purchasing an additional 2,657 shares during the period. 71.28% of the stock is owned by institutional investors.

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.