Truist Financial (NYSE:TFC) Given “Equal Weight” Rating at Morgan Stanley

Morgan Stanley reiterated their equal weight rating on shares of Truist Financial (NYSE:TFC) in a research note released on Monday, Benzinga reports. They currently have a $43.00 target price on the insurance provider’s stock.

A number of other research firms have also weighed in on TFC. Keefe, Bruyette & Woods upped their target price on Truist Financial from $44.00 to $45.00 and gave the stock an outperform rating in a report on Friday, April 5th. TheStreet lowered Truist Financial from a b- rating to a c rating in a report on Tuesday, February 20th. Wells Fargo & Company upped their target price on Truist Financial from $39.00 to $45.00 and gave the stock an overweight rating in a report on Thursday, March 28th. Royal Bank of Canada upped their target price on Truist Financial from $40.00 to $42.00 and gave the stock an outperform rating in a report on Friday, January 19th. Finally, UBS Group upped their target price on Truist Financial from $45.00 to $49.00 and gave the stock a buy rating in a report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $41.97.

Truist Financial Stock Down 0.1 %

Shares of NYSE TFC opened at $38.79 on Monday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market capitalization of $51.77 billion, a price-to-earnings ratio of -29.39, a PEG ratio of 2.39 and a beta of 1.08. The stock has a 50 day moving average price of $36.83 and a 200 day moving average price of $34.73. Truist Financial has a 52-week low of $25.56 and a 52-week high of $39.29.

Truist Financial (NYSE:TFC) last announced its quarterly earnings results on Monday, April 22nd. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.12. The firm had revenue of $4.87 billion during the quarter, compared to analyst estimates of $5.70 billion. Truist Financial had a positive return on equity of 9.15% and a negative net margin of 4.28%. Truist Financial’s quarterly revenue was down 8.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.09 earnings per share. Sell-side analysts expect that Truist Financial will post 3.27 earnings per share for the current year.

Truist Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Friday, May 10th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 5.36%. The ex-dividend date is Thursday, May 9th. Truist Financial’s payout ratio is -157.58%.

Insider Activity at Truist Financial

In related news, Director K. David Jr. Boyer sold 3,764 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $37.48, for a total value of $141,074.72. Following the transaction, the director now directly owns 16,132 shares of the company’s stock, valued at approximately $604,627.36. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.17% of the stock is owned by insiders.

Institutional Investors Weigh In On Truist Financial

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Private Trust Co. NA grew its position in Truist Financial by 4.0% during the 1st quarter. Private Trust Co. NA now owns 17,687 shares of the insurance provider’s stock worth $689,000 after purchasing an additional 675 shares during the period. Patton Albertson Miller Group LLC grew its position in Truist Financial by 6.0% during the 1st quarter. Patton Albertson Miller Group LLC now owns 29,329 shares of the insurance provider’s stock worth $1,143,000 after purchasing an additional 1,661 shares during the period. V Square Quantitative Management LLC grew its position in Truist Financial by 23.9% during the 1st quarter. V Square Quantitative Management LLC now owns 28,047 shares of the insurance provider’s stock worth $1,093,000 after purchasing an additional 5,415 shares during the period. Newbridge Financial Services Group Inc. grew its position in Truist Financial by 19.3% during the 1st quarter. Newbridge Financial Services Group Inc. now owns 1,790 shares of the insurance provider’s stock worth $70,000 after purchasing an additional 290 shares during the period. Finally, Premier Path Wealth Partners LLC grew its position in Truist Financial by 7.0% during the 1st quarter. Premier Path Wealth Partners LLC now owns 11,831 shares of the insurance provider’s stock worth $461,000 after purchasing an additional 779 shares during the period. 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.