Truist Financial (NYSE:TFC) Price Target Increased to $59.00 by Analysts at Morgan Stanley

Truist Financial (NYSE:TFCGet Rating) had its target price hoisted by Morgan Stanley from $55.00 to $59.00 in a research note issued to investors on Monday, Stock Target Advisor reports. Morgan Stanley currently has an equal weight rating on the insurance provider’s stock.

A number of other research firms have also recently weighed in on TFC. StockNews.com upgraded Truist Financial from a hold rating to a buy rating in a research note on Wednesday, November 16th. Royal Bank of Canada cut their price target on Truist Financial from $70.00 to $60.00 and set an outperform rating on the stock in a research note on Wednesday, October 19th. The Goldman Sachs Group cut their price target on Truist Financial from $57.00 to $51.00 and set a buy rating on the stock in a research note on Friday, September 30th. Evercore ISI cut Truist Financial from an outperform rating to a neutral rating and cut their price target for the company from $54.00 to $47.00 in a research note on Wednesday, October 19th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on Truist Financial from $70.00 to $61.00 and set a buy rating on the stock in a research note on Monday, September 12th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Truist Financial has a consensus rating of Hold and an average target price of $55.09.

Truist Financial Trading Up 1.0 %

NYSE:TFC opened at $46.13 on Monday. The firm has a market cap of $61.20 billion, a PE ratio of 10.58, a price-to-earnings-growth ratio of 1.16 and a beta of 1.07. The stock has a fifty day moving average price of $44.61 and a 200 day moving average price of $46.97. Truist Financial has a 12-month low of $40.01 and a 12-month high of $68.95. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.58.

Truist Financial (NYSE:TFCGet Rating) last released its earnings results on Tuesday, October 18th. The insurance provider reported $1.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.29 by ($0.05). The company had revenue of $5.90 billion during the quarter, compared to analysts’ expectations of $5.96 billion. Truist Financial had a net margin of 26.16% and a return on equity of 12.13%. The company’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter last year, the business posted $1.42 earnings per share. Sell-side analysts anticipate that Truist Financial will post 4.91 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Thursday, November 10th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 4.51%. The ex-dividend date is Wednesday, November 9th. Truist Financial’s dividend payout ratio (DPR) is presently 47.71%.

Institutional Investors Weigh In On Truist Financial

A number of institutional investors have recently added to or reduced their stakes in the business. Power Corp of Canada purchased a new stake in Truist Financial in the 3rd quarter valued at approximately $356,000. National Pension Service boosted its holdings in Truist Financial by 3.6% in the 3rd quarter. National Pension Service now owns 1,992,619 shares of the insurance provider’s stock valued at $87,615,000 after purchasing an additional 69,309 shares in the last quarter. CENTRAL TRUST Co boosted its holdings in Truist Financial by 5.3% in the 3rd quarter. CENTRAL TRUST Co now owns 32,092 shares of the insurance provider’s stock valued at $1,397,000 after purchasing an additional 1,610 shares in the last quarter. Montchanin Asset Management LLC boosted its holdings in Truist Financial by 21.6% in the 3rd quarter. Montchanin Asset Management LLC now owns 11,365 shares of the insurance provider’s stock valued at $495,000 after purchasing an additional 2,020 shares in the last quarter. Finally, Advisors Capital Management LLC boosted its holdings in Truist Financial by 66.6% in the 3rd quarter. Advisors Capital Management LLC now owns 446,413 shares of the insurance provider’s stock valued at $20,557,000 after purchasing an additional 178,400 shares in the last quarter. Hedge funds and other institutional investors own 73.31% of the company’s stock.

Truist Financial Company Profile

(Get Rating)

Truist Financial Corp. operates as a financial holding company, which engages in the provision of banking services to individuals, businesses, and municipalities. The firm operates through the following segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. The Consumer Banking and Wealth segment consists of Retail Community Banking, National Consumer Finance, Services, Payments, Wealth Management and Banking Products and Professional Services and Mortgage Banking.

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Analyst Recommendations for Truist Financial (NYSE:TFC)

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